Getaround Inc GETR shares are trading higher by 139% to $0.44 Wednesday morning after the company secured a new debt facility with Mudrick Capital Management for up to $20 million.
What Happened?
The company says the funding will support Getaround’s 2024 operating plan, with an initial draw of $5 million. The financing comes after strong third-quarter 2023 financial results, including a 42% year-over-year revenue growth and a 52% trip contribution margin.
Getaround recently launched a new global app and website, improving the booking experience for users in the U.S. and Europe. Mudrick’s investment reflects confidence in Getaround’s growth potential, and Jason Mudrick joins Getaround’s Board of Directors.
The funding is seen as a step in Getaround’s mission to shape the future of mobility, with a focus on profitable, sustainable growth. Ahmed Fattouh, CEO of InterPrivate (Getaround’s SPAC sponsor), has stepped down from the board in connection with this funding.
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According to data from Benzinga Pro, GETR has a 52-week high of $0.81 and a 52-week low of $0.14.
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