Getaround (NYSE: GETR) saw its stock value soar by over 76% on Wednesday following the acquisition of up to $20 million in financing from Mudrick Capital Management. This funding, provided through a new debt facility, is aimed at supporting the company’s operations in 2024.
Getaround (GETR) has secured a fresh debt facility from Mudrick Capital Management. This arrangement could inject up to $20 million of additional capital into Getaround’s coffers, bolstering its operating plan for 2024. The car-sharing company has already accessed the first tranche of this funding, drawing $5 million.
Sam Zaid, the CEO and founder of Getaround, recently shared his views on the company’s latest funding round. According to Zaid, this financing round signifies another milestone in their journey to redefine mobility.
He expressed gratitude towards Mudrick for their unwavering support and faith in Getaround’s unique strategy, proprietary technology, and commitment to driving profitable, sustainable growth.
Zaid said,
“This financing round marks another step in our mission to shape the future of mobility.”
He added,
“Getaround is grateful for Mudrick’s continued support and confidence in our innovative approach, patented technology, and our focus on delivering profitable, sustainable growth.”
Q3 Results Propel Getaround (NYSE: GETR) Upwards
The latest funding for Getaround follows the release of positive third-quarter 2023 results, featuring service revenue totaling $23.39 million. This reflects a year-over-year growth of 43%, up from $16.36 million in the same period.
GETR Stock Performance
GETR stock price skyrocketed by 76.28% on Wednesday. The trading volume for the day was a staggering 259.53 million shares, dwarfing the average daily volume of 3.66 million.
Mary Lee is a freelance writer and journalist based in Toronto, Canada. She holds an M.S. degree in business and economic journalism from Columbia University’s Graduate School of Journalism in New York and a certificate in digital marketing from the University of Toronto.
