Mudrick funds convert Getaround (GETR) notes, gaining 100M shares
Rhea-AI Filing Summary
Mudrick-managed funds reported converting convertible notes of Getaround, Inc. into 100,000,000 shares of Common Stock at a conversion rate of 0.25 per share. Following the conversion, they indirectly hold 100,266,156 shares of common stock and still hold 870,378,992 in Convertible Notes that remain outstanding. The notes are immediately exercisable and mature on December 8, 2027. Footnotes explain that multiple Mudrick funds hold these shares and notes, and the reporting persons disclaim beneficial ownership beyond their pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 100,000,000 shares
Net Buy
2 txns
Insider
Mudrick Capital Management, L.P., Mudrick Distressed Opportunity SIF Master Fund, L.P., Mudrick Distressed Opportunity SIF GP, LLC, Mudrick Stressed Credit Master Fund, L.P., Mudrick Stressed Credit Fund GP, LLC, Mudrick Opportunity Co-Investment Fund, LP, Mudrick Opportunity Co-Investment Fund GP, LLC
Role
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
Common shares after conversion: 100,266,156 shares
+2 more
5 metrics
Shares converted
100,000,000 shares
Common Stock received upon conversion on 2026-06-16
Conversion rate
0.25 per share
Conversion rate of the Convertible Notes into Common Stock
Common shares after conversion
100,266,156 shares
Indirectly held following the reported conversion
Convertible Notes remaining
870,378,992
Convertible Notes outstanding after the conversion
Notes maturity date
December 8, 2027
Maturity of the Convertible Notes unless earlier converted, redeemed or repurchased
Key Terms
Convertible Notes, Conversion Rate, reverse stock split, pecuniary interest, +1 more
5 terms
Convertible Notes financial
"Represents shares of common stock directly held following the conversion of the convertible notes reported in this Form 4"
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.
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
"disclaim any beneficial ownership of the reported securities other than to the extent of any pecuniary interest"
beneficial ownership financial
"may be deemed to beneficially own the securities of the Issuer directly held"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What did Mudrick Capital report in this Getaround (GETR) Form 4?
Mudrick-managed funds reported converting Convertible Notes into 100,000,000 shares of Getaround common stock at a conversion rate of 0.25 per share. The transaction reflects a derivative conversion, not an open-market purchase or sale of shares.
What is the size of the Convertible Notes position for Mudrick in Getaround (GETR)?
Following the reported transaction, Mudrick-managed funds still hold 870,378,992 in Convertible Notes linked to Getaround. These notes remain outstanding after the partial conversion into 100,000,000 common shares, as disclosed in the derivative section of the filing.
When do the Mudrick Convertible Notes tied to Getaround (GETR) mature?
The Convertible Notes are immediately exercisable and will mature on December 8, 2027, unless earlier converted, redeemed, or repurchased. This maturity date is specified in the filing’s footnotes describing the original issuance terms of the notes.
Are these Getaround (GETR) transactions open-market buys or sells by Mudrick?
No. The Form 4 describes a conversion of derivative securities, not open-market buying or selling. The transactions are coded as “C” for conversion, and transaction fields classify them as derivative conversions that result in newly issued common shares.