Getaround (NYSE: GETR) stock surged 16% in intraday trading Wednesday after the company announced it secured up to $50 million in additional financing.
Getaround (GETR), the peer-to-peer carsharing platform, has announced the expansion of its debt facility with Mudrick Capital Management, securing an additional $50 million in financing. The company accessed the initial tranche of $20 million on Sunday.
This strategic financial initiative comes as Getaround aims to revamp its business operations and foster sustainable growth.
Earlier this year, the company underwent a leadership transition and operational restructuring to create a sustainable business model. CEO Eduardo Iniguez emphasized that these initiatives, coupled with Mudrick Capital’s financial support, underscore Getaround’s commitment to its users and their evolving mobility needs.
Moreover, Jason Mudrick, Chief Investment Officer of Mudrick Capital Management and a member of Getaround’s board of directors, expressed confidence in Getaround’s strategic direction and potential for growth. He stated,
“As I work with Eduardo and the reconstituted management team on Getaround’s vision for the future, I’m increasingly confident in the company’s ability to execute against its strategic growth and profitability plans.”
He cited Getaround’s unique competitive advantages and untapped market opportunities as key drivers inspiring continued support for the business plan through 2024 and beyond.
Founded in 2011, Getaround offers a peer-to-peer carsharing platform that facilitates car rentals between owners and users. Operating in over 1,000 cities across 8 countries, including the U.S. and Europe, Getaround provides an efficient alternative to traditional car ownership and rental processes.
Getaround (NYSE: GETR) Stock Reaction
GETR stock soared 15.93% to close at $0.23 on Wednesday. Its value has risen by 12.44% this week. Trading activity has witnessed 60,441,597 (60.44 million) shares changing hands, well above the average daily volume of 478.13K.
