Driveitaway Holdings Files 8-K on Agreements and Equity Sales

TL;DR

Driveitaway Holdings (DWAY) filed an 8-K detailing new agreements, financial obligations, and equity sales.

AI Summary

Driveitaway Holdings, Inc. filed an 8-K on March 1, 2024, reporting a material definitive agreement, a direct financial obligation, and unregistered sales of equity securities. The filing also includes financial statements and exhibits. The company was formerly known as Creative Learning Corp and B2 Health, Inc.

Why It Matters

This 8-K filing indicates significant corporate actions, including new agreements and financial obligations, which could impact the company's financial health and future operations.

Risk Assessment

Risk Level: medium — The filing involves material definitive agreements, financial obligations, and unregistered equity sales, which can introduce financial and operational risks.

Key Players & Entities

• Driveitaway Holdings, Inc. (company) — Registrant
• Creative Learning Corp (company) — Former company name
• B2 Health, Inc. (company) — Former company name
• March 1, 2024 (date) — Earliest event reported date
• 20240507 (date) — Filing date

FAQ

Key Financial Figures

• $2,000,000 — tAway Holdings, Inc. ("DWAY"), closed a $2,000,000 line of credit facility (the "Credit Fa
• $250,000 — . The Lender committed to provide up to $250,000 of Loans and up to $2,000,000 of letter
• $2,000,000.00 — sum of Two Million Dollars and 00/100 ($2,000,000.00), or so much thereof as may be disburse
• $250,000.00 — dred Fifty Thousand Dollars and 00/100 ($250,000.00). The eight Draws may be taken at any t

Filing Documents

• e5649_8-k.htm (8-K) — 30KB
• e5649_ex4-1.htm (EX-4.1) — 103KB
• e5649_ex10-1.htm (EX-10.1) — 47KB
• e5649_ex10-2.htm (EX-10.2) — 14KB
• e5649_ex10-3.htm (EX-10.3) — 28KB
• 0001731122-24-000751.txt ( ) — 438KB
• dway-20240301.xsd (EX-101.SCH) — 3KB
• dway-20240301_lab.xml (EX-101.LAB) — 33KB
• dway-20240301_pre.xml (EX-101.PRE) — 22KB
• e5649_8-k_htm.xml (XML) — 3KB

01 Entry into a Material Definitive

Item 1.01 Entry into a Material Definitive Agreement. On March 1, 2024, DIA Leasing, LLC. (the "Borrower"), a direct wholly owned subsidiary of DriveitAway Holdings, Inc. ("DWAY"), closed a $2,000,000 line of credit facility (the "Credit Facility") with an investor (the "Lender"). In connection with the Credit Facility, a credit agreement, promissory note, security agreement and several related ancillary agreements were entered into by the parties. The following descriptions are not complete and are qualified in their entirety by reference to the respective agreements, copies of which are filed herewith as Exhibits 10.1, 10.2, 10.3 and 4.1, respectively, and are incorporated herein by reference. Credit Agreement Pursuant to the Credit Agreement dated May 1, 2024 (the "Credit Agreement"), among the Borrower and the Lender, the Lender agreed to make revolving loans (the "Loans") to the Borrower and to issue letters of credit on behalf of the Borrower. The Lender committed to provide up to $250,000 of Loans and up to $2,000,000 of letters of credit. The Borrower must use the letters of credit and the proceeds of Loans only for the purchase of motor vehicles to be used in the course of the Borrower's business. As of the date hereof, there are no Loans or letters of credit outstanding under the Credit Agreement. The Borrower will pay a commitment fee to the Lender equal to 2.0% of the available commitments. DWAY is a guarantor on the Loans. Promissory Note Pursuant to the Promissory Note (the "Note") dated May 1, 2024, Borrower promises to pay Lender the principal sum of Two Million Dollars and 00/100 ($2,000,000.00), or so much thereof as may be disbursed to, or for the benefit of the Borrower, for the sole purpose of purchasing new motor vehicles for use in Borrower's business. Disbursements shall be at the sole discretion of the Lender. The unpaid principal of this line of credit shall bear simple interest at the rate of fifteen percent (15%) per annum. Inter

03

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. To the extent applicable, the contents of Item 1.01 above are incorporated into this Item 2.03 by this reference.

02. Unregistered Sales of Equity Securities

Item 3.02. Unregistered Sales of Equity Securities To the extent applicable, the contents of Item 1.01 above are incorporated into this Item 3.02 by this reference. The Warrant was issued pursuant to the private placement exemption from registration provided by Section 4(a)(2) of the Securities Act and/or by Rule 506 of Regulation D promulgated thereunder.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit No. Description 4.1 Prefunded Warrant 10.1 Credit Agreement 10.2 Promissory Note 10.3 Security Agreement 104 Cover Page Interactive Data File (embedded within the Inline XBRL).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. DRIVEITAWAY HOLDINGS, INC. Dated: May 7, 2024 By: /s/ John Possumato Name: John Possumato Title: Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR