Business
DrazCanna, Inc. announces Change of Control, Change of Business Direction, and Corporate Actions
DrazCanna, Inc. announces Change of Control, Change of Business Direction, and Corporate Actions.
About this update from Drazcanna Inc
[{"type":"text","content":"DEARBORN HEIGHTS, MI / ACCESSWIRE / November 2, 2023 / Discussions concerning the acquisition of DrazCanna, Inc. (OTC PINK:DZCA) began this summer with due diligence by the parties completed by early September. Members of the DrazCanna team visited EV Electra's R&D Center in Lebanon, reviewed and drove a pre-production model, performed financial due diligence,DrazCanna team member with extensive experience with two of the world's most recognized automotive OEM brands completed an engineering and safety review of vehicle models. EV Electra's review of DrazCanna, Inc. concluded in a clean shell for a reverse merger determination."I want to salute DrazCanna's prior leadership and team as they sought out a reverse merger opportunity for the benefit of the shareholders. From the beginning, the goal for us all was to create a win-win where DrazCanna shareholders and EV Electra shareholders could combine forces." stated Jihad Mohammad, "A reverse merger with a public company is part of the evolution of EV Electra's strategic plan to become a worldwide leading manufacturer of electric vehicles."Change of Control of DrazCanna, Inc.On September 20, 2023, Jihad Mohammad was appointed CEO and President of DrazCanna, Inc. with Mouktar Makouk appointed as Treasurer and CFO. Also, Jihad Mohammad was elected to the Board of Directors as sole member. On the same date, Hussein Anani resigned as DrazCanna. Inc.'s CEO, CFO, and member of Board of Directors. On October 27, 2023, the change of control processes with OTC Markets were completed.Name Change Filing to EV Electra LTDOn October 18, 2023, DrazCanna, Inc. filed with FINRA an application to change its name to EV Electra LTD in preparation for the reverse merger as well as to better reflect its business model within the electric vehicle industry going forward. The company's filing also includes a request for a new ticker symbol.Change of Business DirectionDrazCanna has abandoned its planned entry into the bio-pharmaceutical industry as part of the change in control and reverse merger at its final legal stage. The company's new business direction is within the emerging electric vehicle industry.The electric vehicle industry is experiencing robust growth as sales of internal combustion engine vehicles are expected to decline. Revenue in the Electric Vehicles market is pro...