Cannabis delivery company and online retailer Driven Deliveries Inc. (OTC: 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.
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"Former founders had preferred equity, which was rescinded, meaning those shares are back in the treasury and can be issued to new investors or partners, rather than issuing new shares, which would dilute the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."
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