Mudrick Capital Management, L.P. 4
4 · Getaround, Inc · Filed Jun 18, 2026
Research Summary
AI-generated summary of this filing
Getaround (GETR) Mudrick Capital (10% Owner) Converts Notes to 100M Shares
What Happened
- Mudrick Capital Management, L.P. (a 10% owner and designated filer for affiliated Mudrick funds) converted convertible notes into 100,000,000 shares of Getaround common stock on 2026-06-16. The conversion price was $0.25 per share, representing $25,000,000 of consideration. The filing also reports the corresponding disposition of the derivative instrument as part of the conversion.
Key Details
- Transaction date: 2026-06-16; Form 4 filed: 2026-06-18 (appears timely).
- Conversion: 100,000,000 shares acquired at $0.25/share = $25,000,000.
- Corresponding derivative disposition: 100,000,000 (conversion of the convertible note instrument).
- Shares owned after transaction: Affiliates managed by Mudrick report large post-conversion holdings; footnote F6 lists holdings by fund (e.g., 141,940,459 by Global LP; 163,489,467 by Drawdown II; plus other affiliated funds) — total shown in F6 equals 870,378,992 shares across the listed Mudrick-managed accounts.
- Notable footnotes: F2 — automatic adjustment set conversion price to $0.25 per share; F3 — adjustments reflect prior reverse stock split and indenture mechanics; F4 — notes mature Dec 8, 2027; F9 — reporting persons disclaim beneficial ownership beyond pecuniary interest.
- Filing structure: This is one of two Form 4s split because more than 10 reporting persons are involved; Mudrick Capital Management, L.P. is the designated filer.
Context
- This was a conversion of debt (convertible notes) into equity — not an open-market buy or sale — and is an institutional reclassification of securities rather than an executive personal trade. The conversion removed the derivative instrument and issued common stock under the convertible note terms (automatic adjustment per subscription agreement). For details on post-conversion holdings by each Mudrick-managed fund and the reporting group, see footnote F6 and F1.
Insider Transaction Report
Form 4
Getaround, IncGETR
Mudrick Capital Management, L.P.
10% Owner
Transactions
- Conversion
Common Stock
[F3][F6][F1][F7][F8][F9]2026-06-16$0.25/sh+100,000,000$25,000,000→ 100,266,156 total(indirect: See Notes) - Conversion
Convertible Notes
[F2][F3][F5][F4][F1][F7][F8][F9]2026-06-16−100,000,000→ 870,378,992 total(indirect: See Notes)Exercise: $0.25→ Common Stock (100,000,000 underlying)
Footnotes (9)
- [F1]This statement is being filed by the following Reporting Persons: Mudrick Capital Management, L.P. ("MCM"), Mudrick Capital Management, LLC ("MCM GP"), Jason Mudrick, Mudrick Distressed Opportunity Fund Global, L.P. ("Global LP"), Mudrick Distressed Opportunity Drawdown Fund II, L.P. ("Drawdown II"), Mudrick Distressed Opportunity Drawdown Fund II SC, L.P. ("Drawdown II SC"), Mudrick GP, LLC ("Mudrick GP"), Mudrick Distressed Opportunity Drawdown Fund II GP, LLC ("Drawdown II GP"), Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P. ("DISL"), Mudrick Distressed Opportunity 2020 Dislocation Fund GP, LLC ("DISL GP"), Mudrick Distressed Opportunity SIF Master Fund, L.P. ("SIF"), Mudrick Distressed Opportunity SIF GP, LLC ("SIF GP"), Mudrick Stressed Credit Master Fund, L.P. ("MSC"), Mudrick Stressed Credit Fund GP, LLC ("MSC GP"), Mudrick Opportunity Co-Investment Fund, LP ("Co-Invest"), Mudrick Opportunity Co-Investment Fund GP, LLC ("Co-Invest GP").
- [F2]The Subscription Agreement between MCM and the Issuer, dated as of September 8, 2023 (the "Subscription Agreement"), among other things, provided for the automatic adjustment of the Conversion Rate (as defined in the Convertible Notes Indenture) of the convertible notes originally issued on December 8, 2022 to $0.25 per share when the Issuer did not satisfy certain requirements by January 31, 2024, (the "Automatic Adjustment").
- [F3]The amount of securities reported in this Form 4 reflects the Automatic Adjustment, the Issuer's reverse stock split on July 31, 2024 and applicable adjustments in accordance with the notes indenture, where applicable.
- [F4]The convertible notes were immediately exercisable upon issuance and will mature on December 8, 2027, unless earlier converted, redeemed or repurchased.
- [F5]Not applicable.
- [F6]Represents shares of common stock directly held following the conversion of the convertible notes reported in this Form 4 as follows:141,940,459 by Global LP; 163,489,467 by Drawdown II; 15,991,834 by Drawdown II SC; 33,835,724 by SIF; 87,783,248 by MSC; 27,725,104 by Co-Invest; 41,049,802 by DISL; and 358,563,354 by certain affiliated funds managed by MCM.
- [F7]Mudrick GP is the general partner of Global LP and may be deemed to beneficially own the number of securities of the Issuer directly held by Global LP. Drawdown II GP is the general partner of Drawdown II and Drawdown II SC and may be deemed to beneficially own the securities of the Issuer directly held by Drawdown II and Drawdown II SC. DISL GP is the general partner of DISL and may be deemed to beneficially own the number of securities of the Issuer held by DISL. SIF GP is the general partner of SIF and may be deemed to beneficially own the securities of the Issuer directly held by SIF. MSC GP is the general partner of MSC and may be deemed to beneficially own the securities of the Issuer directly held by MSC. Co-Invest GP is the general partner of Co-Invest and may be deemed to beneficially own the securities of the Issuer directly held by Co-Invest.
- [F8]MCM is the investment manager to Drawdown II, Global LP, Drawdown II SC, DISL, SIF, MSC, Co-Invest and certain accounts managed by MCM. Mr. Mudrick is the sole member of Mudrick GP, Drawdown II GP, MCM GP, DISL GP, SIF GP, MSC GP and Co-Invest GP. Each of MCM, MCM GP and Mr. Mudrick may be deemed to beneficially own the securities held directly by Global LP, Drawdown II, Drawdown II SC, DISL, SIF, MSC, Co-Invest and certain accounts managed by MCM.
- [F9]The Reporting Persons disclaim any beneficial ownership of the reported securities other than to the extent of any pecuniary interest they may have therein, directly or indirectly. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), this filing shall not be deemed an admission that the Reporting Persons are, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owners of any equity securities of the Issuer in excess of their respective pecuniary interests.
Signature
See Exhibit 99.1**|2026-06-18