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Shell Summary for Feb. 2, 2018

2018-02-02 20:41 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange continued to plummet, losing 32.03 points to 811.68 Friday and ending the week down 79.12 points. A former Ron Schmeichel shell target now plans to go public through another shell. That target, HLS Therapeutics Inc., which holds Canadian and U.S. rights for a schizophrenia drug called Clozaril, previously intended to go public through Mr. Schmeichel's 18th capital pool shell, Mira VII Acquisition Corp. Mira VII would have rolled back a painful 1 for 94.7, leaving it with 131,995 shares issued, and then it would have issued 23,278,000 shares to the holders of HLS. In March, 2016, Mira VII and HLS announced that their deal was off. They did not provide a reason. In June, 2017, Mira VII closed its qualifying transaction by launching a Montreal food delivery company called Goodfood Market Corp. (FOOD: $2.97). The IPO shareholders of Mira VII, who paid 10 cents a share, were rolled back 1 for 22.2222 in connection with the Goodfood deal, so their break-even price is about $2.23. Goodfood traded mostly below this price in its first four months of trading, but the stock has since remained mostly above it, so any remaining IPO shareholders are doing all right.

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