Getaround Receives Continued Listing Standard Notice from NYSE
February 01 2023 - 8:00AM
Business Wire
Getaround (NYSE: GETR) (“Getaround” or “the Company”), the
world's first connected carsharing marketplace, today announced
that on January 30, 2023, it received notice from the New York
Stock Exchange (“NYSE”) indicating that Getaround is not in
compliance with NYSE’s continued listing standards because the
average closing price of Getaround's common stock was less than
$1.00 over a consecutive 30 trading-day period. The notice does not
result in the immediate delisting of Getaround’s common stock from
the NYSE.
Getaround intends to notify NYSE of its intent to cure the stock
price deficiency and return to compliance with the NYSE continued
listing standards. Under NYSE rules, Getaround has a period of six
months from receipt of the notice to cure the stock price
deficiency and regain compliance with the NYSE continued listing
standards. Getaround’s common stock will continue to be listed and
trade on the NYSE during this cure period, subject to Getaround’s
compliance with other NYSE continued listing standards.
About Getaround
Offering a 100% digital experience, Getaround makes sharing cars
and trucks simple through its proprietary cloud and in-car Connect®
technology. The company's mission is to empower people to carshare
everywhere and shift away from car ownership through instant and
convenient access to desirable, affordable, and safe cars from
entrepreneurial hosts. Getaround’s on-demand technology enables a
contactless experience — no waiting in line at a car rental
facility, manually completing paperwork, or meeting anyone to
collect or drop off car keys. Getaround aims to utilize its
peer-to-peer marketplace to help solve some of the most pressing
challenges facing the world today, including environmental
sustainability and access to economic opportunity. Launched in
2011, Getaround is available today in more than 1,000 cities across
the United States and Europe. For more information, please visit
https://www.getaround.com/.
Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the federal
securities laws. Forward-looking statements generally relate to
future events, such as any potential plans of the Company to cure
the stock price deficiency, including by action that would require
a stockholder vote. In some cases, you can identify forward-looking
statements by terminology such as “intends,” “plans,” and “will,”
or the negative of these terms or variations of them or similar
terminology. Such forward-looking statements are subject to risks,
uncertainties, and other factors which could cause actual results
to differ materially from those expressed or implied by such
forward-looking statements. We have based these forward-looking
statements on our current expectations and assumptions and analyses
made by us in light of our experience and our perception of
historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate
under the circumstances. However, whether actual results and
developments will conform with our expectations and predictions is
subject to a number of risks and uncertainties, many of which are
beyond our control, including the Company’s ability to regain
compliance with the continued listing standards of the NYSE within
the applicable cure period, the Company’s ability to continue to
comply with applicable listing standards of the NYSE, and the other
factors under the heading “Risk Factors” in our Current Report on
Form 8-K filed with the SEC on December 14, 2022, and in other
filings that the Company has made and may make with the SEC in the
future. All of the forward-looking statements made in this press
release are qualified by these cautionary statements. The actual
results or developments anticipated may not be realized or, even if
substantially realized, they may not have the expected consequences
to or effects on the Company or our business or operations. Such
statements are not intended to be a guarantee of future performance
and actual results or developments may differ materially from those
projected in the forward-looking statements. You should not place
undue reliance on these forward-looking statements, which are made
only as of the date of this press release. We undertake no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
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