Getaround will get up to $434 million in gross profits from the acquisition with InterPrivate II Acquisition Corp. SPACs, or special purpose acquisition companies, are publicly traded but have no business operations other than looking for a private company to take public and avoid the scrutiny of a regular IPO.
Getaround, which was started in 2009, operates a digital service that allows consumers to share vehicles in more than 950 cities around the world. The revenues will be used to invest in new products and grow into new areas, according to the company.
Since the loss of such high-profile blank-check listings, the SPAC market has fallen amid generally poor market situations. As a result of greater regulatory scrutiny, interest in what was once one of Wall Street‘s hottest trends has faded.
Getaround will list on the New York Stock Exchange (NYSE) under the symbol “GETR” once the deal is completed.