According to TMZ, Ray J has just sold his much talked about Scoot-E-Bike business to a Canadian company called LOOPShare for a total in the high 7-figures.

Ray J and Raycon Global will apparently still maintain a presence with the company as they plan to expand their social ride program to include 3 new forms of transportation a traditional sit-down model, a Vespa style unit and stand-alone scooter. LOOPShare is an electronic scooter sharing service very similar to the controversial Bird Scooters. Lawmakers have been battling with urban areas and college campuses all over the nation to either invite or block the “scooter sharing” companies from their sidewalks. With Ray’s acquisition in Canada, he may have a lot easier transition into the market. Ray J also maintains that with this deal he will own 19 million shares of the company as well. Congrats Ray!