John Gray, principal of one of the largest shareholders of Rideshare Rental, Inc. (formerly YayYo, Inc.) (ticker symbol: YAYO) has loaned the Company $500,000 in return for a convertible n...
YAYYO INC (YAYO)
Company Research
Source: GlobeNewswire
BEVERLY HILLS, Calif., Jan. 12, 2021 (GLOBE NEWSWIRE) -- Rideshare Rental, Inc., formerly YayYo, Inc. ("RSR" or the "Company") (Other OTC:YAYO), which, acting through its wholly-owned subsidiary, Rideshare Car Rentals, LLC, is a leading provider of vehicles to the rideshare and delivery gig economy industry, today announced that John Gray, the principal of one of the Company's largest shareholders, the Gray Mars Venus Trust, Arizona 2015, has agreed to extend a loan to the Company in the amount of $500,000, in return for which he will receive a convertible note issued by RSR (the "Note"). The Note will mature after twelve (12) months and the loan will bear interest at a fixed rate of six percent (6%). If the debt represented by the Note is converted by Mr. Gray, either in whole or in part, into shares of YAYO common stock, those shares will have registration rights. The Company will apply the loan extended by Mr. Gray toward its growth strategy and working capital. In addition,
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