Shares of car-sharing marketplace Getaround (NYSE: GETR) surged by more than 100% at the time of writing in pre-market trading on Friday after the company acquired HyreCar (HYRE), a premier gig carsharing marketplace, for an aggregate purchase price of $9.45 million. The acquisition is expected to “add up to $75 million of run-rate annualized Gross Booking Value and to contribute positive Adjusted EBITDA, accelerating Getaround’s path to profitability.”
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GETR expects the acquisition to close by May 16 and is likely to give the company access to “acquired assets [that] will include the most synergistic and accretive portions of HyreCar’s business, including access to thousands of cars and tens of thousands of gig drivers in a quickly-growing segment of carsharing.”
GETR stock has tanked by more than 48% year-to-date.