10:22 AM EDT, 05/23/2024 (MT Newswires) -- STEER Technologies Inc. ( STEEF ) , an integrated ESG technology platform, was at last look down 12.5% on Thursday after it reported the restructuring of several of its business units and assets.

As part of the initiative, the company has shuttered its electric vehicle subscription business operations in Canada and the US. Subsidiaries, including Steer EV Canada Inc. and Steer Holdings LLC, will be dissolved in the coming quarters.

Also, the company has shut down operations of all its rideshare and food delivery business units. The company has dissolved HiRide Share Ltd., and filings have been submitted to the applicable regulatory authorities to dissolve Facedrive Food Inc. and Facedrive Health Inc. The board has approved the dissolution of Facedrive USA LLC, the company said.

STEER is seeking buyers for the technical intellectual property related to the rideshare, food delivery, STEER EV, and EcoCRED services.

Additionally, the company is seeking buyers and is in active talks to sell its equity interest in Westbrook Inc., a multimedia and entertainment venture company founded by actor Will Smith and actress Jada Pinkett Smith.

Meanwhile, the company reported "strong" Q1 financial results for Foodsup Inc. restaurant supply platform, in which STEER holds a controlling indirect equity interest of 58.72%.

STEER said it will now focus its resources on the remaining operating business of contract delivery to drive cash flow into the vehicle for new investments. The business registered a 74% quarter-over-quarter revenue growth of $223,462 in the first quarter of 2024 from $128,446 in the fourth quarter of 2023.

STEER Technologies Inc. ( STEEF ) is expected to be the only remaining entity in the company's corporate structure following the completion of the restructuring initiative.

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