Getaround (NYSE: GETR) (“Getaround” or “the Company”), the world’s first connected carsharing marketplace, today announced that on April 18, 2023, it received notice from the New York Stock Exchange (“NYSE”) indicating that Getaround was not in compliance with the continued listing standard set forth in Section 802.01E of the NYSE Listed Company Manual, which requires timely filing of all required periodic reports with the Securities and Exchange Commission (the “SEC”), because of the Company’s failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “Annual Report”). As previously disclosed in a Notification of Late Filing on Form 12b-25 filed with the SEC on March 31, 2023, Getaround was unable to file its Annual Report by the applicable due date as it requires additional time to certain open audit and technical accounting matters, including items related to preliminary purchase price allocation of the InterPrivate II Merger and consolidation of Getaround’s results into InterPrivate II’s financial statements. The April notice has no immediate impact on the listing of Getaround’s common stock.
Getaround intends to notify NYSE of its intent to cure the filing delinquency and return to compliance with the NYSE continued listing standards. Under NYSE rules, Getaround can regain compliance by filing the Annual Report within six months of the Annual Report’s filing due date. If Getaround fails to file the Annual Report by such date, Getaround may submit a request for the NYSE’s consideration to allow Getaround’s securities to trade for an additional six-month trading period. If the NYSE determines that an additional six-month trading period is not appropriate, suspension and delisting procedures will commence. If the NYSE determines that an additional trading period of up to six months is appropriate and Getaround fails to regain compliance by the end of that period, suspension and delisting procedures will generally commence.
As previously disclosed on February 1, 2023, and March 31, 2023, Getaround also received written notices from the NYSE on January 30, 2023, and March 27, 2023, that it was not in compliance with (i) Section 802.01C of the NYSE Listed Company Manual because the average closing price of Getaround’s common stock was less than $1.00 over a consecutive 30 trading-day period and (ii) Section 802.01B of the NYSE Listed Company Manual because Getaround’s average global market capitalization over a consecutive 30 trading-day period was less than $50 million and, at the same time, its last reported stockholders’ equity was less than $50 million. In connection with each of these notices, Getaround notified the NYSE that it intends to cure the respective deficiencies and return to compliance with the applicable NYSE continued listing standards. Getaround is currently within the six-month cure period following receipt of the January notice for the stock price deficiency.
Offering a 100% digital experience, Getaround makes sharing cars and trucks simple through its proprietary cloud and in-car Connect® technology. The company’s mission is to empower people to carshare everywhere and shift away from car ownership through instant and convenient access to desirable, affordable, and safe cars from entrepreneurial hosts. Getaround’s on-demand technology enables a contactless experience — no waiting in line at a car rental facility, manually completing paperwork, or meeting anyone to collect or drop off car keys. Getaround aims to utilize its peer-to-peer marketplace to help solve some of the most pressing challenges facing the world today, including environmental sustainability and access to economic opportunity. Launched in 2011, Getaround is available today in more than 1,000 cities across the United States and Europe. For more information, please visit https://www.getaround.com/.
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally relate to future events, such as Getaround’s plan to notify the NYSE of its intent to cure the continued listing requirement deficiency and any potential plans to cure the deficiency. In some cases, you can identify forward-looking statements by terminology such as “intends,” “plans,” and “will,” or the negative of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, many of which are beyond our control, including Getaround’s ability to regain compliance with the continued listing standards of the NYSE within the applicable cure periods; Getaround’s ability to continue to comply with applicable listing standards of the NYSE; and the other factors under the heading “Risk Factors” in our Current Report on Form 8-K filed with the SEC on December 14, 2022, and in other filings that the Company has made and may make with the SEC in the future. All of the forward-looking statements made in this press release are qualified by these cautionary statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or our business or operations. Such statements are not intended to be a guarantee of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. You should not place undue reliance on these forward-looking statements, which are made only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.