Driven Deliveries Founders Return 12.2M Shares To Co. Treasury To Avoid Future Dilution

Cannabis delivery company and online retailer Driven Deliveries Inc. DRVD announced Tuesday that some of its founders have returned 12,272,616 shares of outstanding common stock to the company’s treasury.

Effective Oct. 15, Driven Deliveries will have 42,083,024 shares of common stock issued and outstanding.

Click here for more information about the upcoming Benzinga Cannabis Capital Conference Oct. 22-23 in Chicago.

“Former founders had preferred equity, which was rescinded, meaning those shares are back in the treasury and can be issued to new investors or partners, rather than issuing new shares, which would dilute the shareholders,” a company representative told Benzinga.

Adding to this, CEO Christian Schenk told Benzinga, “This was a big accomplishment for the company. The immediate benefits to existing shareholders is substantial. We are excited to leverage our position to drive further growth and value for Driven's shareholders and customers.”

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CannabisNewsMarkets
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!
CCC-Oct-24-Banner-1

Click on the image for more info.

Cannabis rescheduling seems to be right around the corner

Want to understand what this means for the future of the industry?

Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. 

Get your tickets now before prices surge by following this link.