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.
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