Welcome to our dedicated page for Getaround news (Ticker: GETR), a resource for investors and traders seeking the latest updates and insights on Getaround stock.
Getaround, Inc. operates a connected carsharing marketplace that uses proprietary cloud and in-car Getaround Connect technology to support contactless vehicle access for hosts and guests. Company news covers financial results, marketplace performance metrics, expense reductions, funding activity, leadership and board changes, and updates on its trading status after the move from NYSE trading to OTC markets.
Recent developments also include restructuring and operating-continuity updates, including the company's announced focus on European carsharing markets and plans related to U.S. operations. Coverage centers on the business model, liquidity, governance, and public-company reporting status of GETR and its public warrants.
Summary not available.
Summary not available.
Getaround (NYSE: GETR) announced receiving a notice from the NYSE on April 18, 2023, regarding non-compliance with listing standards due to a delayed filing of its Annual Report on Form 10-K for fiscal year 2022. The company cited additional time needed for audit and accounting matters related to its merger with InterPrivate II. Getaround plans to notify the NYSE of its intention to remedy the filing delinquency within six months. Previously, it received warnings for low stock price and market capitalization, both under $1.00 and $50 million, respectively. Getaround is currently in a cure period to resolve these issues and aims to return to compliance with NYSE standards.
Getaround has announced preliminary unaudited financial results for 2022, projecting total revenues between $59 million and $60 million, with a gross margin from service revenue expected at 85%-86%. The company reported cash and cash equivalents of $64.3 million. Looking ahead, Getaround anticipates a gross booking value of $180 million to $200 million for 2023, while expecting an adjusted EBITDA loss of $45 million to $50 million. Additionally, Getaround received notification from the NYSE for not meeting listing requirements due to a market capitalization below $50 million.
Getaround (NYSE: GETR) has expanded its carsharing program in New York City by adding 83 new carshare locations, increasing the total to 111. These locations, part of the NYC DOT initiative, aim to enhance sustainable transportation by providing dedicated carshare parking spaces. The expansion includes 28 locations in Manhattan, 21 in the Bronx, 18 in Brooklyn, and 16 in Queens. The program is designed to improve air quality, reduce traffic, and provide affordable mobility options, particularly in underserved neighborhoods. Getaround's technology allows for contactless access to vehicles, promoting a shift away from traditional car ownership.
Getaround (NYSE: GETR) has partnered with the City of Las Vegas to enhance residents' access to carsharing, addressing urban challenges like traffic and pollution. This collaboration will provide Getaround vehicles in various parking lots near transit stops, facilitating instant bookings for locals and visitors. The initiative supports Las Vegas' 2050 Master Plan by increasing transportation choices and convenience. Getaround’s Connect® technology enables contactless access to vehicles, promoting sustainability by reducing idle cars—an average of one carsharing vehicle can replace 9 to 13 privately owned vehicles.
Getaround (NYSE: GETR) has announced a restructuring plan to streamline operations amid macroeconomic uncertainty, which affects technology companies significantly. The company expects to achieve annualized cost savings of $25 million to $30 million. This includes a workforce reduction impacting approximately 10% of its staff, alongside cuts to contract work and professional services. CEO Sam Zaid emphasized that these necessary changes aim to fortify Getaround’s path to profitability while maintaining a focus on innovation. The company continues to experience strong demand in both the location value="LC/us"U.S. and location value="LR/eur"Europe.
Getaround (NYSE: GETR) received notice from the New York Stock Exchange on January 30, 2023 for not meeting continued listing standards, as its stock closed below $1.00 for 30 consecutive trading days. Although this does not lead to immediate delisting, Getaround plans to address this deficiency within the six-month cure period provided by NYSE rules. The company will continue to trade on the NYSE during this time, provided it adheres to other listing standards.
Getaround is a digital carsharing platform using its proprietary technology to simplify car rentals and promote sustainability.
Getaround (NYSE: GETR) has appointed Brian Jackson as Senior Vice President of Engineering. Jackson brings over 35 years of experience, previously holding key engineering roles at Facebook and Google. He was instrumental at Facebook as Engineering Director for Growth Infrastructure and contributed $250 million annually to Google Apps. In his role at Getaround, Jackson will oversee global engineering efforts, focusing on enhancing its technology and expanding services. CEO Sam Zaid expressed enthusiasm for Jackson's expertise, highlighting its importance in advancing Getaround's digital carsharing marketplace and its mission to promote environmental sustainability.