Getaround Secures Additional $50 M Commitment

May 1, 2024

DENVER, Colo., May 01, 2024 (247marketnews.com)- Getaround (NYSE:GETR) reported that its existing Mudrick Capital Management debt facility was expanded to provide Getaround with up to $50 million in additional capital, of which $20 million was drawn down on April 29.

“Earlier this year we proactively transitioned our leadership team and began restructuring our operations to create what we believe is a long-term, sustainable business model in which we can confidently invest for profitable growth,” commented Eduardo Iniguez, CEO of Getaround. “These initiatives coupled with Mudrick Capital’s additional financial support underscore our commitment to car owners and renters who utilize our carsharing platform to meet society’s evolving mobility needs.”

“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,” stated Jason Mudrick, chief investment officer of Mudrick Capital Management and a member of the company’s board of directors. “Getaround’s unique competitive advantages and significant untapped market opportunities inspire my continuing support for the business plan through 2024 and beyond.”

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