RideShare Rental CEO Ramy El-Batrawi increases his stock position by 5 million shares in the company
Rideshare Rental Inc (OTCMKTS:YAYO), formerly YayYo Inc, announced on Wednesday that its CEO Ramy El-Batrawi has increased his stock position in the firm by 5 million shares.
The Beverly Hills, California-based company said El-Batrawi received the shares through an exchange transaction valued at $3 a share for a total of $15 million with the company’s largest stockholder, the Gray Mars Venus Trust, Arizona 2015.
The shares will be held as an asset of X LLC, a Delaware limited liability company, of which El-Batrawi is managing member and he will have sole voting and dispositive power over the shares received from the Trust.
READ: Rideshare Rental receives $500K loan from staunch supporter and stockholder John Gray
In a statement, El-Batrawi said: “I feel our stock is undervalued at present. Given the company’s performance and the growing diversity of our product lines, I feel the intrinsic value of YAYO shares should be reflected in a higher market price.”
He added: “The transaction with the Gray Trust and my recent and continuing open market purchases of the company’s common stock has increased my ownership percentage to approximately 26%.”
The Rideshare Rental boss noted that he was committed to creating value for the company’s stockholders.
“We will endeavor to grow RSR organically using the capital at our disposal, and we intend to pursue attractive strategic alternatives,” added El-Batrawi. “We are also contemplating several steps in order to create more investment community exposure for YAYO, including a possible uplisting.”
The company 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.
Distinct Cars LLC, its other wholly-owned subsidiary, maintains a fleet of vehicles that are commercially available for rent by gig-economy drivers.
Contact the author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/938350/rideshare-rental-ceo-ramy-el-batrawi-increases-his-stock-position-by-5-million-shares-in-the-company-938350.html
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