Getaround (NYSE: GETR), the pioneering connected carsharing marketplace, has received a written commitment from Mudrick Capital Management L.P. (“Mudrick Capital”) for an additional $20 million in capital. This new investment is expected on or before July 26, 2024, under the existing debt facility with Mudrick Capital. Additionally, Mudrick Capital has expressed its intention to convert at least $10 million of its outstanding 8.00%/9.50% Convertible Senior Secured PIK Toggle Notes due 2027 into common stock at an adjusted conversion price of $0.25 per share. This conversion is expected to take place within 45 days following Getaround’s 2024 Annual Stockholder Meeting, scheduled for July 31, 2024. The conversion price adjustment to $0.25 per share will require stockholder approval at the upcoming meeting, as stipulated by the terms of a previously disclosed super priority promissory note between Getaround and Mudrick Capital.
Eduardo Iniguez, Getaround’s Chief Executive Officer, stated, “We are grateful for the continued vote of confidence from Mudrick Capital reflected in this additional investment and their stated intention to convert a portion of the outstanding convertible debt as we continue to make significant progress on our path to profitability.”
About Getaround
Getaround offers a seamless, digital carsharing experience through its proprietary cloud technology and in-car Getaround Connect® system. This innovation allows consumers to enjoy the benefits of car use without the burdens of ownership, providing instant, convenient access to a wide range of vehicles. Hosts on Getaround can earn money by sharing their vehicles, while renters enjoy a contactless experience, free from the hassle of traditional car rentals.
Getaround’s mission is to address global challenges like environmental sustainability and economic opportunity through its peer-to-peer carsharing marketplace. Since its launch in 2011, Getaround has expanded to over 1,000 cities across eight countries, including the United States and Europe. For more information, visit Getaround.
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