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Shell Summary for March 2, 2021

2021-03-02 20:02 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 6.61 points to 1,027.75 Tuesday. Ian Slater's Abigail Capital Corp. (ACC: halted) plans to acquire an e-sports company, OverActive Media Corp., for the shell's qualifying transaction. The full terms are not yet available, but the shell will roll back 1 for 9, leaving it with 1,333,333 shares issued.

E-sports companies are involved in competitive video gaming. They typically manage professional video gamers, organize e-sports tournaments or operate websites that are all about e-sports (this way, they make money from ad revenue or website subscription fees). E-sports tournaments can be lucrative for players. For instance, Blizzard Entertainment Inc., the publisher of the Overwatch video game, runs the Overwatch League, which last year gave away $4.77-million (U.S.) in prizes. Twenty teams joined the tournament. OverActive owns the Toronto Defiant team that plays in the Overwatch League. The team placed ninth last year and won $20,000 (U.S.). OverActive also owns the Toronto Ultra team that plays in the Call of Duty League and the Madrid-based MAD Lions team that plays in the League of Legends European Championship. We should find out whether the company is profitable, when the shell submits a QT filing statement.

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