Liquidation: Getaround, Inc

Form Type: NT 10-Q

Filing Date: 2025-05-15

Corporate Action: Liquidation

Type: Update

Accession Number: 000095017025072724

Filing Summary: Getaround, Inc. is unable to file its Quarterly Report on Form 10-Q for the period ended March 31, 2025, due to the decision by its Board of Directors to approve the orderly wind-down of the Company's business operations in the U.S., which includes both its car-share and HyreCar businesses. This decision led to a reduction-in-force affecting substantially all of its U.S. employees. The company also faces significant liquidity challenges related to this wind-down process, raising doubts about its ability to continue as a going concern. The completion of the Form 10-Q is contingent on finalizing the financial statements for the fiscal year ended December 31, 2024, as indicated in previous filings. The Company indicated that it was unable to make reasonable estimates regarding anticipated changes in operations due to these ongoing challenges.

Form Type: NT 10-K

Filing Date: 2025-03-31

Corporate Action: Liquidation

Type: New

Accession Number: 000095017025047519

Filing Summary: Getaround, Inc. has notified that it is unable to file its Annual Report on Form 10-K for the fiscal year ending December 31, 2024, by the prescribed deadline due to the approval of a wind-down of its business operations in the U.S., including both its car-share and HyreCar businesses. This decision, made by the Board of Directors, led to a significant reduction in workforce, including the interim Chief Executive Officer and Chief Operating Officer, which exacerbated ongoing liquidity challenges. Additionally, the attrition within the accounting department has created resource gaps and continuity issues, making it difficult to finalize financial documents. The company expresses substantial doubt about its ability to continue operating, highlighting further anticipated changes in its financial results due to these circumstances.

Form Type: 8-K

Filing Date: 2025-02-12

Corporate Action: Liquidation

Type: New

Accession Number: 000095017025018225

Filing Summary: On February 7, 2025, Getaround, Inc.'s Board of Directors approved the orderly wind-down of the Company’s business operations in the United States, affecting its car-share and HyreCar businesses. The Company’s European operations will continue. A reduction-in-force affecting nearly all U.S. employees will take place, with most separations occurring by February 14, 2025. The expected charges related to this reduction are estimated between $1.5 million to $2 million. Additionally, AJ Lee will step down as Interim Chief Executive Officer effective February 14, 2025, with Patricia Huerta appointed as the acting Chief Executive Officer on the same date. A compensation agreement for Mr. Lee includes a $150,000 lump sum payment and COBRA coverage for four months. The wind-down was publicly announced via a press release on February 11, 2025.