DriveItAway Inc. completed the acquisition of Creative Learning Corporation in a reverse merger transaction.
February 23, 2022
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DriveItAway Inc. entered into a share exchange agreement to acquire Creative Learning Corporation (OTCPK:CLCN) in a reverse merger transaction on December 7, 2021. Under the terms of the transaction, Creative Learning Corporation will issue one share of Series A Convertible Preferred Stock of Creative Learning Corporation for each outstanding share of Driveitaway common stock. The shareholders of DriveItAway, Inc. will become the beneficial owners of approximately 85% of the Company's common stock following the closing. DriveItAway, will become the operating business of Creative Learning Corporation and will be led by the DriveItAway management team, which will focus exclusively on automotive mobility technologies and programs. Post-closing, all the existing members of the Board of Directors of Creative Learning Corporation have agreed to resign, and John Possumato, Adam Potash and Paul Patrizio will be appointed to the Creative Learning Corporation's Board. Christopher Rego and Rod Whiton have agreed to resign as officers, and upon their resignation John Possumato will be appointed as Chief Executive Officer and Adam Potash will be appointed as Chief Operating Officer. Mike Elkin has agreed to remain as Chief Financial Officer of Creative Learning Corporation. The closing of the share exchange is subject to a number of conditions. The transaction is expected to occur in January 2022.
DriveItAway Inc. completed the acquisition of Creative Learning Corporation (OTCPK:CLCN) in a reverse merger transaction on February 24, 2022. Upon closing of the transaction, Rod Whiton's resignation will not be effective until ten days after an information statement pursuant to Rule 14f-1 is mailed to shareholders. On March 10, 2022, the Board of Directors and the consenting shareholders approved an amendment which would change the name of Creative Learning Corporation to DriveItAway Holdings, Inc.
DriveItAway Holdings, Inc. is a dealer-focused mobility platform that enables car dealers to sell vehicles through e-commerce, with its Pay as You Go application-based subscription program. The Company provide a comprehensive turnkey, solutions driven program with proprietary mobile technology and driver app, insurance coverages and training to get dealerships. The Company has expanded its consumer application, subscription to ownership platform to enable entry level consumers to drive and acquire new electric vehicles. It has developed a consumer-facing application and Web-based platform that allows any automotive retailer the ability to provide a subscription to ownership model for any consumer for both the consumer and the retailer. It works with franchise and independent dealers and is primarily a turnkey subscription dealer platform. Any consumer, regardless of credit, can go on its application, select a vehicle, sign for and pick up a vehicle, and have the subscription deal.