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Shell Summary for Nov. 19, 2020

2020-11-19 21:07 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 3.06 points to 729.44 Thursday. Brothers Nima and Kia Besharat have filed a preliminary prospectus to list their first shell, Gravitas One Capital Corp., with a $200,000 initial public offering at 20 cents. The IPO agent is Gravitas Securities Inc.

Nima Besharat, 39, is identified as the promoter and chief executive officer. He is a lawyer and a vice-president at Gravitas Securities in Toronto. Previously, from 2016 to 2018, he was a manager at Toronto-Dominion Bank (TD: $68.41). Before that, he was a project manager at Scotia Wealth Management for three years. He holds 500,000 escrow shares of Gravitas One, out of 3.7 million. The shell sold its escrow shares at 10 cents in September.

Kia Besharat, 37, lives in Vancouver and is a former professional tennis player. From 2008 to 2013, he was a managing director of Ubequity Capital Partners Inc., an investment and financial advisory firm. Since 2016, he has worked at Gravitas Securities, where he is now the head of capital markets origination. He is the largest escrow shareholder of Gravitas One, with one million escrow shares.

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