Summary by Moomoo AI
On January 12, 2024, Getaround, Inc. entered into a material definitive agreement with Mudrick Capital Management L.P., amending and restating a super priority secured promissory note to reflect an increased aggregate principal amount of $20,880,922.00. This included the original principal, accrued interest, and an additional $2 million for company capital. A further amendment on January 19 increased the principal to $23,941,032.31, with an additional $3 million for capital and a new interest rate of 15.00% per annum, increasing by 2.00% upon an event of default. The note matures on August 7, 2026, with 108% of principal and interest due, unless earlier redeemed. It is secured by substantially all assets of the company and its subsidiary guarantors, ranking senior to other indebtedness. Concurrently, the company's board underwent changes, with Jason Mudrick...Show More