Friday, February 23, 2024
Stock Market

Why Is Getaround (GETR) Stock Up 89% Today?

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Getaround (NYSE:GETR) stock is rocketing higher on Monday after the peer-to-peer car-sharing company announced $20 million in new financing.

The new debt facility comes from Mudrick Capital Management and gives it up to $20 million to work with for its 2024 operating plan. Getaround notes that is has already pulled $5 million of the funds available to it from this agreement.

Getaround founder and CEO Sam Zaid said the following about this new funding.

“This financing round marks another step in our mission to shape the future of mobility. Getaround is grateful for Mudrick’s continued support and confidence in our innovative approach, patented technology, and our focus on delivering profitable, sustainable growth.”

Tied to the new funding facility is the departure of Board member Ahmed Fattouh. Fattouh is the CEO of InterPrivate, which was the sponsor of the company’s special purpose acquisition company (SPAC) merger taking it public.

GETR Stock Boosted by Q3 Results

Getaround notes that the new funding comes after the company released positive results for the third quarter of 2023. That includes service revenue of $23.39 million. That’s a 43% increase year-over-year compared to $16.36 million in service revenue.

All of this news brings with it heavy trading of GETR stock on Wednesday. That has more than 32 million shares changing hands. For the record, the company’s daily average trading volume is about 3.7 million shares.

GETR stock is up 88.6% as of Wednesday morning.

Investors looking for more of the most recent stock market stories will want to stick around!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that  InvestorPlace.com’s writers disclose this fact and warn readers of the risks. 

Read More: Penny Stocks — How to Profit Without Getting Scammed

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