Dropcar and ayro announce signing of merger agreement

Dropcar and ayro announce signing of merger agreement.dropcar inc - deal for an all-stock transaction.dropcar inc - combined company is expected to operate under name ayro, inc. and trade on nasdaq capital market.dropcar inc - current dropcar shareholders will own approximately 20% of combined company.dropcar inc - boards of directors of both dropcar and ayro have approved transaction.dropcar inc - dropcar has also entered into an asset purchase agreement with spencer richardson and david newman.dropcar inc - existing dropcar business is expected to continue to operate independently of merged company after consummation of merger.dropcar - dropcar to sell substantially all of assets of existing dropcar business to richardson & newman along with assumption of certain liabilities.dropcar inc - combined company will be led by rod keller, ceo of ayro.dropcar - board of combined company expected to be composed of 7 members, including 3 to be designated by dropcar, 3 by ayro.dropcar - one member of combined company's board will be designated by lead investor in pre-closing financing to be conducted by ayro.
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