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Shell Summary for April 5, 2021

2021-04-05 20:48 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange inched up a fraction to close at 961.25 Monday. Vernon Lobo has filed a preliminary prospectus to list his first capital pool shell, Rise Capital Corp. It plans to sell a larger-than-usual (for a shell) initial public offering, specifically between $1-million and $9-million, at 20 cents. The IPO agent is Hampton Securities Ltd.

Mr. Lobo, 56, is a software engineer in Toronto. In the early 1990s, he was a consultant with McKinsey & Company. Then in 1997, he took public an Internet marketing company called Cyberplex Inc. through a Ron Schmeichel shell, Newpath Capital Corp. Cyberplex spent its first two years trading on the Alberta Stock Exchange between 50 cents and $4, a satisfying result for Newpath Capital's IPO investors, who needed 30 cents to break even. In 2000, during the dot-com frenzy, Cyberplex shot up to a fantastic $34.95. By the end of 2001, however, it was down to 20 cents. Cyberplex continued to trade for another 11 years, including a move to the Toronto Stock Exchange, though it remained mostly under 90 cents. In 2013, Cyberplex rolled back 1 for 8 and remade itself into EQ Inc. (EQ: $1.58), a marketing data analytics software developer. Mr. Lobo remains on the board of EQ.

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