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.”
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.
