Brief: Dropcar And Ayro Announce Signing Of Merger Agreement

Fabric.AI,

20/12/2019 14:05

Dec 20 (Reuters) - Dropcar Inc  DCAR.O :
    * DROPCAR AND AYRO ANNOUNCE SIGNING OF MERGER AGREEMENT
    * DROPCAR INC - DEAL FOR AN ALL-STOCK TRANSACTION
    * DROPCAR INC - COMBINED COMPANY IS EXPECTED TO OPERATE
UNDER NAME
AYRO, INC. AND TRADE ON NASDAQ CAPITAL MARKET
    * DROPCAR INC - CURRENT DROPCAR SHAREHOLDERS WILL OWN
APPROXIMATELY 20% OF COMBINED COMPANY
    * DROPCAR INC - BOARDS OF DIRECTORS OF BOTH DROPCAR AND AYRO
HAVE
APPROVED TRANSACTION
    * DROPCAR INC - DROPCAR HAS ALSO ENTERED INTO AN ASSET
PURCHASE
AGREEMENT WITH SPENCER RICHARDSON AND DAVID NEWMAN
    * DROPCAR INC - EXISTING DROPCAR BUSINESS IS EXPECTED TO
CONTINUE
TO OPERATE INDEPENDENTLY OF MERGED COMPANY AFTER CONSUMMATION OF
MERGER
    * DROPCAR - DROPCAR TO  SELL SUBSTANTIALLY ALL OF ASSETS OF
EXISTING DROPCAR BUSINESS TO RICHARDSON & NEWMAN ALONG WITH
ASSUMPTION OF CERTAIN LIABILITIES
    * DROPCAR INC - COMBINED COMPANY WILL BE LED BY ROD KELLER,
CEO OF
AYRO
    * DROPCAR - BOARD OF COMBINED COMPANY EXPECTED TO BE
COMPOSED OF 7
MEMBERS, INCLUDING 3 TO BE DESIGNATED BY DROPCAR, 3 BY AYRO
    * DROPCAR - ONE MEMBER OF COMBINED COMPANY'S BOARD WILL BE
DESIGNATED BY LEAD INVESTOR IN PRE-CLOSING FINANCING TO BE
CONDUCTED BY AYRO

Source text for Eikon:  ID:nBw8BWPhJa 
Further company coverage:  DCAR.O 

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