Mudrick Capital (GETR) funds convert notes into 100M Getaround shares at $0.25
Rhea-AI Filing Summary
Mudrick Capital–managed funds converted convertible notes into common stock of Getaround, Inc. (GETR). On June 16, 2026, entities associated with Mudrick Capital reported the conversion of 100,000,000 shares worth of convertible notes into common stock at a conversion rate of $0.25 per share.
The convertible notes were originally issued on December 8, 2022 and have been immediately exercisable, with maturity on December 8, 2027 unless earlier converted, redeemed or repurchased. Following the conversion, Mudrick-managed funds directly hold an aggregate 870,378,992 shares of common stock, including 141,940,459 shares by Global LP and 163,489,467 shares by Drawdown II, among other affiliated funds.
Positive
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Negative
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Insights
Mudrick entities convert notes into Getaround common stock at $0.25.
Funds managed by Mudrick Capital Management converted convertible notes into 100,000,000 shares of Getaround common stock at a $0.25 per share conversion rate. This is a derivative conversion, not an open-market purchase or sale, and shifts exposure from debt-like instruments into equity.
The notes, issued on December 8, 2022, are immediately exercisable and mature on December 8, 2027 if not earlier converted, redeemed or repurchased. After this conversion, Mudrick-managed funds directly hold 870,378,992 shares of common stock, indicating a substantial equity position. The filing reflects a capital-structure change rather than new cash entering or leaving Getaround.
Insider Trade Summary
Net Buyer: 100,000,000 shares
Net Buy
2 txns
Insider
Mudrick Capital Management, L.P., Mudrick Capital Management LLC, Mudrick Jason, Mudrick Distressed Opportunity Fund Global, LP, Mudrick GP, LLC, Mudrick Distressed Opportunity Drawdown Fund II, L.P., Mudrick Distressed Opportunity Drawdown Fund II SC, L.P., Mudrick Distressed Opportunity Drawdown Fund II GP, LLC, Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P., Mudrick Distressed Opportunity 2020 Dislocation Fund GP, LLC
Role
10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Convertible Notes | 100,000,000 | $0.00 | $0.00 |
| Conversion | Common Stock | 100,000,000 | $0.25 | $25.00M |
Holdings After Transaction:
Convertible Notes — 870,378,992 shares (Indirect, See Notes);
Common Stock — 100,266,156 shares (Indirect, See Notes)
Footnotes (9)
- F1. This statement is being filed by the following Reporting Persons: Mudrick Capital Management, L.P. ("MCM"), Mudrick Capital Management, LLC ("MCM GP"), Jason Mudrick, Mudrick Distressed Opportunity Fund Global, L.P. ("Global LP"), Mudrick Distressed Opportunity Drawdown Fund II, L.P. ("Drawdown II"), Mudrick Distressed Opportunity Drawdown Fund II SC, L.P. ("Drawdown II SC"), Mudrick GP, LLC ("Mudrick GP"), Mudrick Distressed Opportunity Drawdown Fund II GP, LLC ("Drawdown II GP"), Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P. ("DISL"), Mudrick Distressed Opportunity 2020 Dislocation Fund GP, LLC ("DISL GP"), Mudrick Distressed Opportunity SIF Master Fund, L.P. ("SIF"), Mudrick Distressed Opportunity SIF GP, LLC ("SIF GP"), Mudrick Stressed Credit Master Fund, L.P. ("MSC"), Mudrick Stressed Credit Fund GP, LLC ("MSC GP"), Mudrick Opportunity Co-Investment Fund, LP ("Co-Invest"), Mudrick Opportunity Co-Investment Fund GP, LLC ("Co-Invest GP").
- F2. The Subscription Agreement between MCM and the Issuer, dated as of September 8, 2023 (the "Subscription Agreement"), among other things, provided for the automatic adjustment of the Conversion Rate (as defined in the Convertible Notes Indenture) of the convertible notes originally issued on December 8, 2022 to $0.25 per share when the Issuer did not satisfy certain requirements by January 31, 2024, (the "Automatic Adjustment").
- F3. The amount of securities reported in this Form 4 reflects the Automatic Adjustment, the Issuer's reverse stock split on July 31, 2024 and applicable adjustments in accordance with the notes indenture, where applicable.
- F4. The convertible notes were immediately exercisable upon issuance and will mature on December 8, 2027, unless earlier converted, redeemed or repurchased.
- F5. Not applicable.
- F6. Represents shares of common stock directly held following the conversion of the convertible notes reported in this Form 4 as follows:141,940,459 by Global LP; 163,489,467 by Drawdown II; 15,991,834 by Drawdown II SC; 33,835,724 by SIF; 87,783,248 by MSC; 27,725,104 by Co-Invest; 41,049,802 by DISL; and 358,563,354 by certain affiliated funds managed by MCM.
- F7. Mudrick GP is the general partner of Global LP and may be deemed to beneficially own the number of securities of the Issuer directly held by Global LP. Drawdown II GP is the general partner of Drawdown II and Drawdown II SC and may be deemed to beneficially own the securities of the Issuer directly held by Drawdown II and Drawdown II SC. DISL GP is the general partner of DISL and may be deemed to beneficially own the number of securities of the Issuer held by DISL. SIF GP is the general partner of SIF and may be deemed to beneficially own the securities of the Issuer directly held by SIF. MSC GP is the general partner of MSC and may be deemed to beneficially own the securities of the Issuer directly held by MSC. Co-Invest GP is the general partner of Co-Invest and may be deemed to beneficially own the securities of the Issuer directly held by Co-Invest.
- F8. MCM is the investment manager to Drawdown II, Global LP, Drawdown II SC, DISL, SIF, MSC, Co-Invest and certain accounts managed by MCM. Mr. Mudrick is the sole member of Mudrick GP, Drawdown II GP, MCM GP, DISL GP, SIF GP, MSC GP and Co-Invest GP. Each of MCM, MCM GP and Mr. Mudrick may be deemed to beneficially own the securities held directly by Global LP, Drawdown II, Drawdown II SC, DISL, SIF, MSC, Co-Invest and certain accounts managed by MCM.
- F9. The Reporting Persons disclaim any beneficial ownership of the reported securities other than to the extent of any pecuniary interest they may have therein, directly or indirectly. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), this filing shall not be deemed an admission that the Reporting Persons are, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owners of any equity securities of the Issuer in excess of their respective pecuniary interests.
Key Figures
Shares converted: 100,000,000 shares
Conversion rate: $0.25 per share
Aggregate common shares held: 870,378,992 shares
+4 more
7 metrics
Shares converted
100,000,000 shares
Convertible notes converted into common stock on June 16, 2026
Conversion rate
$0.25 per share
Conversion Rate of Getaround convertible notes
Aggregate common shares held
870,378,992 shares
Directly held by Mudrick-managed funds following conversion
Global LP holding
141,940,459 shares
Common stock held by Global LP after conversion
Drawdown II holding
163,489,467 shares
Common stock held by Drawdown II after conversion
Notes maturity date
December 8, 2027
Maturity of convertible notes if not earlier converted, redeemed or repurchased
Convertible notes exercise status
Immediately exercisable
Status of Getaround convertible notes since issuance
Key Terms
Convertible notes, Subscription Agreement, Conversion Rate, reverse stock split, +1 more
5 terms
Convertible notes financial
"The convertible notes were immediately exercisable upon issuance and will mature on December 8, 2027"
Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.
Subscription Agreement financial
"The Subscription Agreement between MCM and the Issuer, dated as of September 8, 2023"
A subscription agreement is a legal contract in which an investor agrees to buy a specific number of a company’s shares or other securities under set terms, including price, payment method and conditions for closing the sale. It matters to investors because it legally locks in their purchase and the company’s obligations, determines ownership percentage and any investor rights, and can include conditions or promises that affect future control or returns—like signing a detailed purchase order for equity.
Conversion Rate financial
"provided for the automatic adjustment of the Conversion Rate of the convertible notes"
Conversion rate is the proportion of items, people or contracts that take a desired action out of the total possible — for example the share of website visitors who make a purchase, or the number of convertible bonds that are exchanged for shares. Investors care because it measures how effectively a business or financial instrument turns opportunity into real outcomes, like sales or share issuance, which directly affects revenue, cash flow and ownership dilution.
reverse stock split financial
"reflects the Automatic Adjustment, the Issuer's reverse stock split on July 31, 2024"
A reverse stock split reduces a company's number of outstanding shares while raising the price per share proportionally, so the total value of each investor's holding is unchanged; a 1-for-10 split turns 100 shares worth $1 each into 10 shares worth $10 each. Companies often do this to regain compliance with an exchange's minimum price rule or to attract investors who avoid very low-priced stocks.
pecuniary interest financial
"Reporting Persons disclaim any beneficial ownership of the reported securities other than to the extent of any pecuniary interest"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What did Mudrick Capital report in its latest Form 4 for Getaround (GETR)?
Mudrick Capital–managed funds reported converting Getaround convertible notes into 100,000,000 shares of common stock at a $0.25 per share conversion rate. This is a derivative conversion, not an open-market trade, and changes their exposure from notes into equity in the company.
What is the conversion price of Mudrick’s Getaround convertible notes?
The convertible notes held by Mudrick-managed funds convert into Getaround common stock at a $0.25 per share Conversion Rate. This rate reflects an automatic adjustment mechanism, as well as the impact of Getaround’s July 31, 2024 reverse stock split and related indenture adjustments.
When do Mudrick’s Getaround convertible notes mature if not converted?
The Getaround convertible notes held by Mudrick-managed funds mature on December 8, 2027 if they are not earlier converted, redeemed or repurchased. The notes have been immediately exercisable since issuance, allowing holders flexibility on when to convert into common stock.
Are Mudrick’s Getaround transactions open-market buys or sells?
The reported activity is a derivative conversion, not an open-market buy or sell. Mudrick Capital–managed funds converted existing convertible notes into 100,000,000 Getaround common shares at a fixed $0.25 conversion rate, shifting from note holdings to direct equity exposure.
Which Mudrick funds now directly hold Getaround common stock after the conversion?
After the conversion, Getaround shares are directly held by several Mudrick-managed funds, including Global LP, Drawdown II, Drawdown II SC, SIF, MSC, Co-Invest, DISL and certain affiliated funds. Together, these entities hold 870,378,992 Getaround common shares as disclosed.