Getaround, Inc: debt financing — Getaround enters $3M promissory note at 15% interest; 100% premium if cash repaid

Getaround, Inc

$3M unsecured promissory note with Mudrick Capital Management, due September 7, 2023.
Interest rate of 15% per annum compounded daily; 100% principal repayment premium if repaid in cash.
Note expected to be exchanged for a secured note or convertible note as part of larger financing.
Maturity is 31 days from issuance; proceeds provide additional capital for operations.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Getaround, Inc incurred loan of $3 million with Mudrick Capital Management at 15% per annum compounded daily maturing September 7, 2023.

Instrument: loan
Principal: $3 million
Counterparty: Mudrick Capital Management
Rate: 15% per annum compounded daily
Maturity: September 7, 2023
Event: incurrence

Exact text from the filing

On August 7, 2023 the Company entered into a promissory note (the “Note”) with Mudrick Capital Management for an aggregate principal amount of $3 million to provide additional capital to the Company. The Note has a maturity date of September 7, 2023 (the “Maturity Date”) and bears an interest rate of 15% per annum compounded daily.

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Source: SEC EDGAR

accession 0000950170-23-040732

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