Holmes Motors, Inc. agreed to acquire Substantially all the Assets of HyreCar Inc. on February 23, 2023. Holmes Motors, Inc. entered into an asset purchase agreement to acquire Substantially all the Assets of HyreCar Inc. for $7.8 million on March 2, 2023. The aggregate consideration includes (i) Assumption of the assumed liabilities;(ii) Full and final satisfaction of all Secured Obligations under, and as defined in, the DIP Credit Agreement including, for the avoidance of doubt, any and all inchoate obligations; and (iii) Cash at Closing in an amount equal to $7,750,000 minus (x) the aggregate amount of all liquidated, non-contingent amounts owed under the DIP Credit Agreement as of the Closing Date minus (y) the aggregate amount of Seller-Responsible Vendor Liabilities as of the Closing Date. The Acquisition is contingent upon the approval of a sale order of the Bankruptcy Court approving the Acquisition under Section 363 of the United States Bankruptcy Code and satisfaction of customary closing conditions. Sale Closing is No later than May 10, 2023. Geoffrey R. Morgan of Croke Fairchild Duarte & Beres LLC and Matthew McClintock of Goldstein & McClintock LLLP served as legal advisors to Holmes Motors. Brian L. Davidoff of Greenberg Glusker Fields Claman & Machtinger LLP and Cole Schotz served as legal advisors to HyreCar. Jim Zukin and Ari Schottenstein of Zukin Partners acted as financial advisors to HyreCar.

Holmes Motors, Inc. completed the acquisition of Substantially all the Assets of HyreCar Inc. on May 16, 2023. The Transaction was subject to a competitive bidding process pursuant to certain Bidding Procedures approved by the Bankruptcy Court and Holmes Motors, Inc. as the stalking horse purchaser under Section 363 of the United States Bankruptcy Code, bid for the Company?s assets at an auction held on May 8, 2023 in Los Angeles, California.