On January 12, 2024, Getaround, Inc. entered into a material definitive agreement with Mudrick Capital Management L.P., amending and restating a super priority secured promissory note to reflect an increased aggregate principal amount of $20,880,922.00. This included the original principal, accrued interest, and an additional $2 million for company capital. A further amendment on January 19 increased the principal to $23,941,032.31, with an additional $3 million for capital and a new interest rate of 15.00% per annum, increasing by 2.00% upon an event of default. The note matures on August 7, 2026, with 108% of principal and interest due, unless earlier redeemed. It is secured by substantially all assets of the company and its subsidiary guarantors, ranking senior to other indebtedness. Concurrently, the company's board underwent changes, with Jason Mudrick...Show More

On January 12, 2024, Getaround, Inc. entered into a material definitive agreement with Mudrick Capital Management L.P., amending and restating a super priority secured promissory note to reflect an increased aggregate principal amount of $20,880,922.00. This included the original principal, accrued interest, and an additional $2 million for company capital. A further amendment on January 19 increased the principal to $23,941,032.31, with an additional $3 million for capital and a new interest rate of 15.00% per annum, increasing by 2.00% upon an event of default. The note matures on August 7, 2026, with 108% of principal and interest due, unless earlier redeemed. It is secured by substantially all assets of the company and its subsidiary guarantors, ranking senior to other indebtedness. Concurrently, the company's board underwent changes, with Jason Mudrick appointed as a Class III director and the identification of two independent director candidates. Additionally, Ahmed Fattouh resigned from the board, and Dr. Jeffrey Russakow transitioned from a Class III to a Class I director. These board changes are in line with the amended subscription agreement terms. On January 23, 2024, Getaround issued a press release announcing the securing of $20 million in financing following strong Q3 2023 results, the launch of a new unified global app and website, and the appointment of Jason Mudrick to the board.