M&A
confidence high
sentiment neutral
materiality 0.90
Creative Learning to acquire DriveItAway via share exchange; DIA shareholders to own 85% of combined company
Driveitaway Holdings, Inc.
- Acquires DriveItAway, a dealer-focused mobility platform, in a share exchange where DIA shareholders receive Series A Preferred convertible to 85% of CLCN common stock.
- Upon closing, current directors and officers resign; John Possumato becomes CEO, Adam Potash COO, and Paul Patrizio appointed to board.
- Separately, CLCN to sell its learning business (five subsidiaries) to StroomX LLC, controlled by current CEO Chris Rego, post-closing.
- A private offering of Units (common + warrant) at $0.20/Unit seeks minimum $700k, maximum $1.5M; proceeds for transaction costs and DIA working capital.
- Closing conditions include audit of DIA financials by Jan 31, 2022, completion of $700k offering, and SEC Rule 14f-1 information statement distribution.