DriveItAway Holdings, Inc. announced that it expects to receive $0.675 million in funding from AJB Capital Investments LLC
February 23, 2022
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DriveItAway Holdings, Inc. announced that it has entered into a securities purchase agreement with AJB Capital Investments LLC and issued promissory note in the principal amount of $750,000, at a purchase price of $675,000 in its first tranche on February 24, 2022. The company issued promissory note at a original issue discount of 10%.The maturity date of the note is August 24, 2022, but it may be extended for six months upon written notice to investor by the company. The note bear interest rate of 10% per year, and principal and accrued interest is due on the maturity date. The company may prepay the note at any time without penalty. The offer and sale of the note was made in a private transaction exempt from the registration requirements of the Securities Act of 1933, as amended, in reliance on exemptions afforded by Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D promulgated thereunder. The company will also issue warrants to purchase 1,000,000 common share for $0.30 per share. The Warrant expires on February 24, 2027.
On August 4, 2022, pursuant to the terms the company provided notice to extend the maturity date to February 24, 2023.
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.
DRIVEITAWAY HOLDINGS, INC. 
