Getaround Receives Continued Listing Standard Notice from NYSE Related to Delayed Filing of Annual Report on Form 10-K
April 26 2023 - 2:55AM
Business Wire
Getaround (NYSE: GETR) (“Getaround” or “the Company”), the
world’s first connected carsharing marketplace, today announced
that on April 18, 2023, it received notice from the New York Stock
Exchange (“NYSE”) indicating that Getaround was not in compliance
with the continued listing standard set forth in Section 802.01E of
the NYSE Listed Company Manual, which requires timely filing of all
required periodic reports with the Securities and Exchange
Commission (the “SEC”), because of the Company’s failure to timely
file its Annual Report on Form 10-K for the fiscal year ended
December 31, 2022 (the “Annual Report”). As previously disclosed in
a Notification of Late Filing on Form 12b-25 filed with the SEC on
March 31, 2023, Getaround was unable to file its Annual Report by
the applicable due date as it requires additional time to certain
open audit and technical accounting matters, including items
related to preliminary purchase price allocation of the
InterPrivate II Merger and consolidation of Getaround’s results
into InterPrivate II’s financial statements. The April notice has
no immediate impact on the listing of Getaround’s common stock.
Getaround intends to notify NYSE of its intent to cure the
filing delinquency and return to compliance with the NYSE continued
listing standards. Under NYSE rules, Getaround can regain
compliance by filing the Annual Report within six months of the
Annual Report’s filing due date. If Getaround fails to file the
Annual Report by such date, Getaround may submit a request for the
NYSE’s consideration to allow Getaround’s securities to trade for
an additional six-month trading period. If the NYSE determines that
an additional six-month trading period is not appropriate,
suspension and delisting procedures will commence. If the NYSE
determines that an additional trading period of up to six months is
appropriate and Getaround fails to regain compliance by the end of
that period, suspension and delisting procedures will generally
commence.
As previously disclosed on February 1, 2023, and March 31, 2023,
Getaround also received written notices from the NYSE on January
30, 2023, and March 27, 2023, that it was not in compliance with
(i) Section 802.01C of the NYSE Listed Company Manual because the
average closing price of Getaround’s common stock was less than
$1.00 over a consecutive 30 trading-day period and (ii) Section
802.01B of the NYSE Listed Company Manual because Getaround’s
average global market capitalization over a consecutive 30
trading-day period was less than $50 million and, at the same time,
its last reported stockholders’ equity was less than $50 million.
In connection with each of these notices, Getaround notified the
NYSE that it intends to cure the respective deficiencies and return
to compliance with the applicable NYSE continued listing standards.
Getaround is currently within the six-month cure period following
receipt of the January notice for the stock price deficiency.
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 Getaround’s plan to notify the NYSE of its
intent to cure the continued listing requirement deficiency and any
potential plans to cure the deficiency. 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 Getaround’s ability to
regain compliance with the continued listing standards of the NYSE
within the applicable cure periods; Getaround’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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230425006149/en/
Investors investors@getaround.com Media press@getaround.com
Getaround (NYSE:GETR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Getaround (NYSE:GETR)
Historical Stock Chart
From Jul 2023 to Jul 2024