Getaround's value drops 76% after completing SPAC merger - Silicon Valley Business Journal

Getaround Inc. on Friday became the latest Bay Area company to go public in a blank-check merger. It quickly suffered the same fate as the vast majority of its predecessors.

That's a familiar pattern. Including Getaround, 15 local companies have gone public this year via mergers with special purpose acquisition companies. Of those, 13 have lost more than half their market value since completing their deals. Getaround went public in a merger with InterPrivate II Acquisition Corp., a New York-based SPAC. When they announced the deal in May, the pair projected their combined companyThrough the deal, Getaround raised $228 million before expenses, it said in a. Most of that came from the issuance of convertible notes and short-term debt timed with the merger, it said.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks leap on Wall Street after cooler inflation dataNEW YORK — Wall Street roared in relief Tuesday after a report showed inflation cooled more than expected last month, raising the chances that the economy can... It's only been a few hours and yet you rush out to re-twit it; things that make dnc look bad you bury for years, see border rush yesterday is not covered by dmn. Here's other news dmn jr high drops outs won't cover: That's daln...they go down. they lose MILLIONS every quarter.
Source: dallasnews - 🏆 18. / 71 Read more »