Rideshare Rental, Inc. Announces Management Changes
February 04, 2021 at 08:30 am
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Rideshare Rental, Inc., formerly YayYo, Inc. announced that its Chief Executive Officer, Ramy El-Batrawi, acting through his holding company X, LLC, has entered into an agreement with Acuitas Group Holdings, LLC. The Board of Directors Mr. Terren Peizer, Acuitas' Sole Member will be nominated as Executive Chairman of the company. The Agreement also provides that current Board Chairman Mr. Stephen M. Sanchez will step down from that position in favor of Mr. Peizer but will be nominated to serve as the Company’s Chief Executive Officer. Mr. Sanchez currently serves as Chief Executive Officer of PDQ Pickup LLC, a company engaged in the moving and logistics industry. As part of the Agreement, XLLC will sell a portion of its minority stake in PDQ Pickup to Acuitas. In addition, Mr. Peizer will immediately, focus, and work to affect an uplisting of RSR’s common stock from the over-the-counter market. Mr. Sanchez is expected to work closely with Mr. Peizer to achieve this goal. The transactions contemplated by the Agreement are expected to close on or around February 15. Mr. El-Batrawi will resign as both CEO and a member of the Board, effective either February 15 or upon the Board’s action to appoint Messrs. Peizer and Sanchez to their new roles, whichever is sooner.
YayYo, Inc. is a holding company engaged in the ridesharing and transportation industry. The Company operates through its subsidiaries, Distinct Cars, LLC and Rideshare Car Rentals LLC, and is a provider of standard rental vehicles to drivers in the ridesharing industry. It operates in two business segments, Rideshare Platform, and Fleet Management. Through the Rideshare platform, the Company develops a peer-to-peer online booking platform to rent standard passenger vehicles to self-employed ridesharing drivers. It serves as a central marketplace that connects the Company's fleet management vehicles, other fleet owners and selected individual car owners with Rideshare drivers seeking rental vehicles. Through the Fleet Management segment, the Company focuses on the maintenance of a fleet of standard passenger vehicles that are commercially available through the Rideshare platform. The Company's subsidiaries also include Savvy LLC, and Rideyayyo LLC.