Summary by Futu AI
On April 29, 2024, Getaround, Inc., a carsharing marketplace, entered into a material definitive agreement with Mudrick Capital Management L.P. to amend and restate a super priority secured promissory note, increasing the aggregate principal amount to $61.7 million. This includes the original principal, accrued interest, and an additional $20 million to provide the company with more capital. The note, maturing on August 7, 2026, carries a 15% annual interest rate, which can increase by 2% in the event of default. Getaround may request up to an additional $30 million under certain conditions and has the option to prepay before maturity. The note is secured by substantially all assets of Getaround and its subsidiary guarantors. Concurrently, the company announced the resignation of Dr. Jeffrey Russakow from the Board and the appointment of Jason Mudrick, with plans to appoint up to three independent directors. Getaround also issued a press release on May 1, 2024, announcing the securing of up to $50 million in additional financing, expected to fund operations and growth investments into 2025.