secwatch.observer — SEC 8-K summary
======================================

Issuer:     Getaround, Inc (—)
CIK:        0001839608
Form:       8-K/A
Filed at:   2023-09-13T23:59:59+00:00
Accession:  0000950170-23-047813
Event type: debt
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Getaround corrects interest rate to 15% on $15M super-priority note to Mudrick Capital
--------------------------------------------------------------------------------

- Note principal $15,050,685, matures Aug 7, 2024; interest corrected from 8% to 15% per annum.
- Mandatory prepayment via (a) 50% of equity/debt proceeds before Jan 31, 2024, then 100%; (b) 100% of asset sale proceeds; first $10M exempt.
- Covenant requires seeking junior debt/equity or sale of company by Oct 27, 2023, with binding term sheet.
- If note not repaid by Jan 31, 2024, conversion rate on existing Convertible Notes adjusts to 4,000 shares per $1,000 principal.
- Special stockholder meeting to approve conversion-rate adjustments targeted by Jan 31, 2024; management bonus of 20% of enterprise value above $225M in a sale.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1839608/000095017023047813/0000950170-23-047813-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1839608/000095017023047813/getr-20230908.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-047813

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer