- The Wall Street Journal sources report that Uber (Private:UBER) investor Benchmark has no plans to sell any of its shares to SoftBank (OTCPK:SFTBY, OTCPK:SFTBF).
- SoftBank reportedly wants an up to 22% stake for as much as $10B and two board seats. The financial details mean current investors would need to sell at about a 30% discount.
- Benchmark has a 13% holding and representative Matt Cohler sits on Uber’s board, where he was the only member to vote against SoftBank’s term sheet.
- Benchmark sued ex-CEO Travis Kalanick for expanding the board from 8 to 11 members last year then stepping into one of the empty board seats once he resigned.
- Two board seats remain open, but Benchmark wants the court to do away with the board expansion agreement, which would remove those seats.
- Back in court: An appeals court panel on Wednesday heard Uber’s consolidated appeal of nearly a dozen cases that relate to whether Uber drivers count as employees or contractors. If the court doesn’t side with Uber, the drivers become employees entitled to benefits.
- Previously: Axios: Benchmark Capital sues former Uber CEO (Aug. 10)
- Previously: CNBC: Benchmark threatened to block Uber investments over expanded board (Aug. 14)
- Previously: WSJ: SoftBank could buy up to 22% of Uber (Sept. 14)
- Previously: Axios: SoftBank's Uber investment has board complications (Sept. 18)
- Now read: Daily OTC Markets Round-Up - 9/19/2017
Original article