DriveItAway amends SPA with AJB Capital, waives defaults, issues 1M additional shares

Driveitaway Holdings, Inc.

Co. amended SPA with AJB, waived defaults for late 10-Q filing and temporary loss of bid price.
Issued 1,000,000 additional Commitment Fee Shares to AJB as consideration for the waiver.
Maturity of $750k AJB Note extended to Feb 24, 2023.
Original Note: $750k principal, 10% interest, net proceeds $641k for working capital.
AJB holds warrant for 1M shares at $0.30, expiring 2027.

item 1.01 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Driveitaway Holdings, Inc. amended First Amendment to the SPA with AJB Capital Investments, LLC (effective 2022-10-31).

Action: amendment
Agreement: equity purchase
Counterparty: AJB Capital Investments, LLC
Effective: 2022-10-31

Exact text from the filing

On October 31, 2022, the Company and ABJ entered into a First Amendment to the SPA (“Amended SPA”), whereby ABJ agreed to waive certain events of default under the SPA and AJB Note, specifically the failure of the Company to timely file a quarterly report on Form 10-Q for the period ended March 31, 2022, and for the temporary loss of the “bid” price of the Company’s common stock.

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Driveitaway Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001731122-22-001849

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