Item 1.01 Entry into Material Definitive Agreement

On July 28 2020, Driven Deliveries, Inc. (the" Company ") entered into a subscription agreement ("the Subscription Agreement") with one accredited investor pursuant to which it sold 2,600,000 shares of the Company's common stock and a warrant to purchase 2,600,000 shares of the company's common stock for $1,300,000. As part of this investment the Company also paid the investor a funding fee of $104,000 and issued the investor a warrant to purchase 208,000 shares of the Company's common stock. These warrants have an exercise price of $0.55 per share and a term of three years.

The Shares and Warrants was offered and sold pursuant to an exemption from the registration requirements under Section 4(a)(2) of the Securities Act since, among other things, the transactions did not involve a public offering..

Copies of the Subscription Agreement and the Warrants are attached as exhibits to this Current Report. The foregoing description of the material terms of the Subscription Agreement and Warrants is qualified in their entirety by reference by such exhibits.

Item 3.02 Unregistered Sales of Equity Securities

The information set forth under Item 1.01 is incorporated in its entirety herein by reference.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;


            Appointment of Certain Officers; Compensatory Arrangements of Certain
            Officers.

On August 7, 2020, Salvador Villanueva, the Company's president, was appointed to the Company's board of directors.

Mr. Villanueva is an entrepreneur with a track record of creating and building sustainable businesses. Mr. Villanueva founded Budee Inc. in 2015, which was acquired by the Company in February 2020. Mr. Villanueva's past enterprises span multiple industries, including heavy equipment, transportation, and gold industries. He founded California Gold Buyers in October 2009, a company he led through October 2016. Mr. Villanueva holds a B.S. in Economics from the University of California Santa Barbara.

There are no arrangements or understandings between Mr. Villanueva and any other person pursuant to which Mr. Villanueva was selected as an officer.

Also, there is no family relationship between Mr. Villanueva and any director or executive officer, of the Company.

Item 9.01 Financial Statements and Exhibits






(d)



Exhibit No.   Description

10.1            Subscription Agreement

10.2            Warrant

10.3            Warrant




                                       1

© Edgar Online, source Glimpses