DrivenIQ Corporation announced that it will issue 5,727,377 series A preferred shares at an issue price of $2.6190 per share for the gross proceeds $15,000,000.363000 on August 15, 2022. The preferred shares are non-redeemable and participating. The preferred shares will be convertible into common shares at a fixed conversion price of $2.6190 per share.

The preferred shares carry cumulative dividend at the rate of 9% per annum.