Carsharer Getaround has completed its previously announced business combination with InterPrivate II Acquisition Corp.
Getaround’s common stock and warrants started trading on the NYSE under the ticker symbols “GETR” (and “GETR.WS” respectively) on Dec. 9. The business combination was approved at a meeting of InterPrivate II shareholders on Dec. 7 and was unanimously approved by InterPrivate II’s board of directors.
Sam Zaid, Getaround’s CEO and co-founder, and Getaround’s current management team 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,” said Zaid. “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 rent and unlock nearby cars, we believe Getaround is poised to capitalize on an immense market opportunity. 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,” said Ahmed Fattouh, chairman and CEO of InterPrivate II, who is joining Getaround’s board of directors. “Getaround continues to position itself to capture market share in the burgeoning carsharing category, offering a fully digital and superior carsharing marketplace. 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.”
To memorialize the completion of the business combination, Getaround rang the Opening Bell at the NYSE on Dec. 9.