Stocks Of Getaround Surge 114% Following Announcement Of Deal To Acquire Hyrecar

Shares of car-sharing company Getaround Inc. experienced a significant surge of 114% during the extended trading session on Thursday. This remarkable increase followed the company's announcement of its intention to acquire all the assets of HyreCar Inc., a provider of car rentals for gig-economy drivers, for a sum of $9.45 million.

‍

Getaround anticipates that this acquisition will expedite its "path to profitability." The transaction is scheduled to be finalized on Tuesday. 

‍

Despite the positive news, Getaround's stock had declined by 6.2% by the end of regular trading hours. Conversely, HyreCar shares remained unchanged in the aftermarket.

‍

In February, Getaround had unveiled a restructuring plan aimed at streamlining operations and reducing costs as part of its commitment to achieving a more efficient path to profitability. 

‍

The plan also involved personnel layoffs, impacting approximately 10% of the company's workforce at that time.

‍

‍