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STEER Technologies Inc. (TSXV: STER, OTCQX: STEEF) has obtained conditional approval from the TSX Venture Exchange for the sale of approximately 37.5% of its digital restaurant supply business to FoodsUp Inc., with a post-money valuation of about $47.14 million. The deal includes a $16.5 million private placement of FoodsUp shares and a $1.5 million share purchase agreement. STEER is expected to retain 62.5% ownership in FoodsUp after the transaction. The completion date is projected for March 28, 2023, subject to customary approvals and closing conditions.
STEER Technologies Inc. (TSXV: STER; OTCQX: STEEF) announced an update on the sale of approximately 37.5% of its digital restaurant supply business, currently held through Food Hwy Canada Inc., to a group of investors at a post-money valuation of $48 million. The agreement, outlined in a non-binding term sheet dated January 23, 2023, is pending definitive agreements and regulatory approvals, with a targeted closing date of March 17, 2023. The Company aims to create a unique ESG technology platform offering various services, with the transaction expected to enhance its business operations.
STEER Technologies Inc. (TSXV: STER; OTCQX: STEEF) announced a proposed transaction on January 16, 2023, to sell approximately 37.5% of its digital restaurant supply business to a syndicate of strategic investors at a post-money valuation of $48 million. The deal entails an $18 million cash investment, with $6 million allocated to Food Hwy Canada Inc. and $12 million going to a new entity, Newco. STEER will retain a 62.5% stake in Newco post-transaction. The restaurant supply business has demonstrated a 122% year-over-year growth, serving nearly 20% of Ontario's independent restaurants.
STEER Technologies Inc. (OTCQX: STEEF) announced significant growth in its Restaurant Supply Business, generating quarterly revenues surpassing $12MM by Q3 2022, marking a 122% increase from Q3 2021. The company attributes this success to high customer demand and a robust technology platform. STEER's commitment to 24/7 order processing and quality assurance enhances customer satisfaction. The business currently serves over 20% of independent restaurants in Ontario and focuses on environmentally friendly supply options while optimizing warehouse efficiency.
STEER Technologies Inc. (TSXV: STER, OTCQX: STEEF) announced the completion of its corporate name change and the transition to new ticker symbols, effective October 11, 2022. The new CUSIP number is 858335102, and the ISIN number is CA8583351025. There will be no changes in the company's capitalization, and existing shareholders are not required to take any action regarding their securities. STEER is focused on integrating ESG technology through subscription and on-demand services, primarily in the electric vehicle sector, while leveraging its EcoCRED data analytics engine.