Getaround, Inc 8-K

What Happened

• Getaround announced the sale of its European business to GoMore ApS, with the share purchase agreement signed April 22, 2026 and the transaction effective April 30, 2026. The purchase price is approximately €31.5 million in cash and a non‑interest-bearing promissory note, plus up to €2.3 million of potential receivables tied to French research tax credits. The sale followed consultation required under French law and satisfaction of GoMore financing conditions.
• Concurrently, Getaround entered agreements with Mudrick Capital Management L.P. (dated April 8, 2026). Mudrick agreed to treat the company’s prior super priority secured promissory note as satisfied in full in exchange for the sale consideration, reducing about $121.7 million of the company’s senior secured indebtedness. Mudrick also provided a new super priority secured promissory note (New SPN) of up to $3.0 million (initial draw $0.5M) to fund wind‑down costs.

Key Details

• Sale price: ~€31.5M (cash + non‑interest promissory note) plus up to €2.3M in collectible French R&D tax credit receivables.
• Debt impact: ~ $121.7M reduction in senior secured indebtedness by deeming the prior SPN satisfied. Convertible Notes outstanding as of April 30, 2026: $239.8M aggregate principal.
• New SPN terms: up to $3.0M available; $0.5M initially drawn; 15.00% annual interest (plus +2.00% on Event of Default); maturity April 30, 2027; secured by substantially all company assets and guaranteed by certain subsidiaries.
• Corporate action: On June 5, 2026 the Board approved seeking stockholder approval to dissolve the company under Section 275 et seq. of the Delaware General Corporation Law and will file a proxy and call a special meeting.

Why It Matters

• The sale monetizes Getaround’s remaining operating business (Europe) and materially reduces secured debt, providing cash and a path to fund an orderly wind‑down.
• Mudrick’s New SPN and forbearance arrangements create short‑term liquidity and reposition secured claims ahead of a planned dissolution, but also place tight covenants, high interest and senior security on remaining assets.
• Investors should watch for the forthcoming proxy and stockholder vote on dissolution, the pace of the wind‑down, any further asset sales or monetizations, and the company’s cash flows versus obligations during the wind‑down period.