Rideshare Rental Inc (OTC:YAYO), formerly YaYo Inc, has announced that CEO Ramy El-Batrawi, acting through his holding company X LLC, has agreed to sell 6 million shares of stock to Acuitas Group Holdings LLC, which will make the firm Rideshare Rental’s controlling stockholder and kick off a leadership change.
Acuitas, which will control more than 10 million shares after the sale, will nominate Terren Peizer, its sole member, to be executive chairman of the company. Peizer will replace Stephen Sanchez, who will resign to serve as the company’s new CEO, the company said.
Peizer is CEO of OnTrak Inc and BioVie Inc, where he has created approximately $2.5 billion in enterprise value. He also owns four private companies that possibly have greater value than the two public ones, the company said.
Sanchez currently serves as chief executive officer of PDQ Pickup LLC, a company engaged in the moving and logistics industry. As part of the deal, X LLC will sell a portion of its minority stake in PDQ Pickup to Acuitas.
“I am very pleased with this transaction, which I believe will provide RSR with a majority stockholder in Acuitas that shares our historic commitment to technology, customers and employees and can immediately add strategic and operational value,” El-Batrawi said in a statement.
The transactions are expected to close on or around February 15, 2021.
“Rideshare Rental is a solid business that is gaining operational momentum. I am excited by the future opportunities presented by all three of its operating segments: rideshare, logistics and electric vehicles,” Peizer said. “I look forward to helping nurture RSR’s core businesses, supporting and anticipating the diverse needs of the company’s customers and driving new opportunities for innovation. We are on a positive growth trajectory and are very well-positioned to continue building on our strong momentum.”
One of Peizer and Sanchez’s first priorities will be to uplist the company’s stock to the NYSE or Nasdaq exchange, the company said.
“We at Rideshare Rental are grateful to Ramy El-Batrawi for his role in founding the company and thankful for his service as CEO,” Sanchez said. “He has been an exemplary leader, with a steadfast commitment to driving RSR’s business and building on our strong foundation. We appreciate his effective stewardship. I look forward to leveraging our strategic advantages and helping the company continue its undeniable growth. I also share Terren Peizer’s commitment to enhance shareholder value.”
Rideshare rental acts through its wholly-owned subsidiary, Rideshare Car Rentals LLC, a leading provider of vehicles to the rideshare industry. It provides rental vehicles to drivers in the expanding gig economy. Rideshare Car Rentals is an online rideshare vehicle booking platform created to service the ridesharing and logistics marketplace, through its owned-fleet vehicles and third party fleet vehicles.
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