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Carsharing Marketplace Getaround to Go Public via Merger with SPAC.

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Vincent

MANews-(C)2009-2022

US-based carsharing marketplace Getaround and purpose acquisition company InterPrivate II acquisition Corp (NYSE: IPVA) have entered into a definitive business combination agreement that will result in Getaround becoming a public company upon completion of the transaction, the companies said.

Upon closing, the combined company is expected to be listed on the New York Stock Exchange under the new ticker symbol "GETR."

The combined company will be led by Getaround Founder and CEO, Sam Zaid.

Getaround's mission is to fundamentally change the paradigm of car ownership. Getaround's technology platform addresses the severe underutilization of vehicles throughout the world 95% of a vehicle's life is idle, resting in a parking space, rather than producing income for its owner and mobility solutions for the consumer.

Through its proprietary technology, Getaround allows for an entirely digital and contactless carsharing experience unlike its competitors.

Getaround Connect enables consumers to reserve instantly and retrieve within minutes a nearby vehicle, without the need to fill out paperwork, wait in line or physically exchange keys.

Additionally, the digital ease of Getaround Connect empowers hosts to build profitable and sustainable businesses by allowing them to easily scale and manage large fleets of vehicles across wide market regions.

Getaround's market position is reinforced by foundational partnerships with global automotive OEMs such as Toyota and integrations with...

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