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Getaround announced at a press conference in New York City the implementation of the Peer-to-Peer Car Sharing Program Act, allowing broader access to its carsharing platform. This legislative change eliminates the prior requirement for commercial insurance, facilitating ease of use for residents. Getaround aims to enhance mobility in underserved areas, offering earnings of up to $2,000 monthly for car owners who participate. The company's Getaround Connect technology ensures convenient, contactless vehicle access. The business combination with InterPrivate II Acquisition Corp is expected to close in the second half of 2022.
Getaround announces its expansion into Seattle, enhancing local access to affordable carsharing. Collaborating with the Seattle Department of Transportation, designated parking for shared vehicles is established across the city. This initiative aligns with Seattle's goals to reduce car ownership and single-occupancy trips. Getaround’s Connect Cloud technology enables 24/7 vehicle access, allowing residents to book cars for short periods. The company aims to promote environmental sustainability while serving over 950 cities globally, anticipating significant operational growth post-merger with InterPrivate II Acquisition Corp (NYSE: IPVA).
Getaround has announced a definitive agreement to merge with InterPrivate II Acquisition Corp. (NYSE: IPVA), allowing the carsharing marketplace to go public. With a pro forma equity value of approximately $1.2 billion, the merger aims to accelerate Getaround’s growth in a digital carsharing market valued at $155 billion. The company recorded a Gross Booking Value of $167 million in 2021, emphasizing its strong market position with 66k vehicles across 950 cities. The merger is anticipated to enhance Getaround's competitive edge while reaching adjusted EBITDA profitability.
InterPrivate II Acquisition Corp. (NYSE: IPVA) received a notice from the NYSE for non-compliance due to its failure to file the Quarterly Report on Form 10-Q for Q1 2021 on time. This notice does not immediately affect the stock's listing. The company has until November 24, 2021, to regain compliance by filing the report. The delay is attributed to accounting considerations related to warrants issued by SPACs, as indicated by the SEC's recent guidance. The company is actively working to complete and file the report before the deadline.
InterPrivate has appointed Jeffrey Yager as Managing Director - Business Development, effective May 20, 2021. Yager will focus on capital formation and strategic relationships in the private investment and SPAC sectors. Previously, he raised over $2 billion at Salient Partners and has a robust background in business development, including roles at Lehman Brothers and Ascendant Capital Partners. His return is expected to strengthen investor outreach and diversify InterPrivate's capital base, which includes SPACs like IPVA, IPVF, and IPVI.
InterPrivate II Acquisition Corp. (NYSE: IPVA) announced that starting April 26, 2021, holders of its IPO units can separately trade shares of common stock and warrants. The stock will trade under the symbols 'IPVA' and 'IPVA WS' for common stock and warrants respectively, while units not separated will continue under 'IPVA.U'. The company aims to pursue mergers or acquisitions, specifically targeting businesses with an enterprise value of at least $1 billion across various sectors including auto-tech and e-commerce.
InterPrivate II Acquisition Corp. (NYSE: IPVA) successfully closed its upsized IPO of 25,875,000 units at $10.00 per unit, with trading starting on March 5, 2021. The offering includes 3,375,000 units from underwriters' over-allotment. Each unit contains one share of Class A common stock and a fifth of a redeemable warrant, which is exercisable at $11.50 per share. The Company focuses on merger opportunities in various sectors, particularly targeting businesses with an enterprise value exceeding $1 billion. Morgan Stanley and EarlyBirdCapital acted as joint book-running managers.
InterPrivate II Acquisition Corp. has successfully priced its upsized initial public offering (IPO) of 22,500,000 units at $10.00 per unit, amounting to a total offering of $225 million. The IPO will trade under the ticker symbol IPVA.U on the NYSE starting March 5, 2021. Each unit includes one share of Class A common stock and a fifth of a redeemable warrant, convertible at $11.50 per share. The offering is anticipated to close on March 9, 2021. The company targets businesses with an enterprise value of over $1 billion in sectors like auto-tech and consumer services.
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