Getaround common stock and warrants to list on
the NYSE today under the symbols “GETR” and “GETR.WS”
Getaround to ring the Opening Bell at the NYSE
on public market debut
The pioneer of the digital carsharing
transformation raises approximately $228 million1
Getaround (“Getaround” or “the Company”), the world's first
connected carsharing marketplace, today announced the Company has
completed its previously announced business combination (“the
Business Combination”) with InterPrivate II Acquisition Corp.
(NYSE: IPVA) (“InterPrivate II”).
In connection with the completion of the Business Combination,
Getaround’s common stock and warrants will begin trading on the
NYSE under the ticker symbols “GETR” and “GETR.WS,” respectively,
on December 9, 2022. The Business Combination was approved at a
Special Meeting of InterPrivate II shareholders on December 7,
2022, and was unanimously approved by InterPrivate II’s Board of
Directors. Getaround’s Chief Executive Officer and Co-Founder, Sam
Zaid, and the current management team of Getaround, will continue
to lead the Company.
“Today is a special day for the Getaround team that has worked
tirelessly to usher in an era of connected and digital carsharing.
We are excited to enter into a new chapter as a publicly traded
company. Getaround helped pioneer the carsharing category, and we
believe consumer adoption is still in its early stages of a large
addressable market with secular growth. With our unique and
patented technology that enables consumers to instantly book and
unlock nearby cars, we believe Getaround is poised to capitalize on
an immense market opportunity,” said Zaid. “With the capital raised
through this transaction and with exceptional partners in
InterPrivate and Mudrick Capital Management, we will continue
accelerating Getaround’s mission to lead the advancement of
carsharing through our innovative, proprietary technology. ”
“We are pleased to be able to partner with Mudrick Capital
Management, a leading global investment firm, to support
Getaround’s public market debut. Getaround continues to position
itself to capture market share in the burgeoning carsharing
category, offering a fully digital and superior carsharing
marketplace,” commented Ahmed Fattouh, Chairman & CEO of
InterPrivate II, who is joining Getaround’s Board of Directors.
“Utilizing its key fundamental technological advantage, Getaround
Connect, Getaround is able to provide a seamless and frictionless
carsharing experience to deliver enhanced value to its users.
InterPrivate II believes Getaround’s listing on the NYSE is just
the beginning of its journey, as the Company continues to execute
on key growth initiatives and lead its peer group as the worldwide
leader in asset-light digital carsharing.”
“Getaround has demonstrated a long term track record of growth,
and is well-positioned to continue to lead the carsharing category
with its superior economics and technology as a publicly traded
company,” commented Jason Mudrick, Founder and Chief Investment
Officer of Mudrick Capital Management, LP, a global investment
firm. "We are pleased to have played a key role in supporting this
transformative transaction for Getaround.”
To memorialize the completion of the Business Combination,
Getaround will be ringing the Opening Bell at the NYSE at 9:30 a.m.
ET on December 9, 2022. A live stream of the event and replay can
be accessed by visiting https://www.nyse.com/bell.
LionTree Advisors LLC served as financial advisor,
EarlyBirdCapital, Inc. acted as capital markets advisor and
Greenberg Traurig, P.A. served as lead legal advisor to
InterPrivate II. White & Case LLP also served as a legal
advisor to InterPrivate II. UBS Securities LLC acted as lead
capital markets advisor and Orrick, Herrington & Sutcliffe LLP
served as legal advisor to Getaround. Additionally, Latham &
Watkins LLP served as legal counsel to UBS Securities LLC.
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
empowers consumers to 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’s mission is 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/.
About InterPrivate II Acquisition Corp InterPrivate II
Acquisition Corp. is a blank check corporation led by Chairman and
CEO Ahmed Fattouh, Executive Vice Presidents Brian Pham and Alan
Pinto, General Counsel Brandon Bentley, and Vice President James
Pipe. InterPrivate is further guided by a group of notable
investors and operating executives who serve as board members and
senior advisors including: Jeffrey Harris, venture capitalist and
lead independent director at Chargepoint; Susan Decker, former
President of Yahoo! and lead independent director at Berkshire
Hathaway; Tracey Brophy Warson, former Chair of Citi Private Bank;
and Matthew Luckett, founder of Lampros Capital and former CIO of
Balestra Capital.
Forward-Looking Statements This document contains certain
forward-looking statements within the meaning of the federal
securities laws. In some cases, you can identify these
forward-looking statements by use of words such as “believe,”
“expect,” “anticipate,” “estimate,” “intend,” “plan,” “may,”
“should,” and “will,” and similar expressions. All statements other
than statements of historical fact are statements that could be
deemed forward-looking statements, including, but not limited to
statements regarding the benefits of the Business Combination and
becoming a public company and Getaround’s market opportunity and
prospects for success in the public markets. Forward-looking
statements are predictions, projections and other statements about
future events that are based on current expectations and
assumptions and, as a result, are subject to risks and
uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this
document, including, but not limited to: (i) the effect of the
Business Combination on Getaround’s business relationships,
performance, and business generally; (ii) the outcome of any legal
proceedings that may be instituted against Getaround or against
InterPrivate II following the completion of the Business
Combination; (iii) the ability to meet New York Stock Exchange
listing standards; (iv) changes in the competitive and highly
regulated industries in which Getaround operates, variations in
performance across competitors and changes in laws and regulations
affecting Getaround’s business; (v) the ability to implement
business plans, forecasts, and other expectations , gauge and adapt
to industry trends and changing host, guest and consumer
preferences, and identify and realize additional opportunities;
(vi) the failure to realize anticipated benefits of the transaction
or to realize estimated pro forma results and underlying
assumptions, (vii) the risk of adverse or changing economic
conditions, including the resulting effects on consumer spending,
and the possibility of rapid change in the highly competitive
industry in which Getaround operates; (xii) the risk that Getaround
and its current and future partners are unable to successfully
develop and scale Getaround’s products and offerings, or experience
significant delays in doing so; (xiii) the acceptance or adoption
of carsharing as an alternative to car ownership in the geographies
in which Getaround operates its business; and (xiv) risks
associated with increased competition among providers of carsharing
or other modes of transportation. The foregoing list of factors is
not exhaustive. You should carefully consider the foregoing factors
and the other risks and uncertainties described in the “Risk
Factors” section of the definitive proxy statement/prospectus filed
by InterPrivate II with the Securities and Exchange Commission (the
“SEC”) on November 16, 2022, and other documents filed by
InterPrivate II from time to time with the SEC. These filings
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and Getaround and InterPrivate II assume no obligation and do not
intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise. Neither Getaround nor InterPrivate II gives any
assurance that either Getaround or InterPrivate II will achieve its
expectations.
1 Approximately $228 million of gross proceeds includes amounts
retained in InterPrivate II’s trust account, the conversion of
approximately $37.5 million of bridge notes and the issuance of
$175 million of convertible notes. Getaround repaid its existing
credit facility at the closing.
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