Orrick is advising San Francisco-based carsharing marketplace Getaround on its definitive agreement to become publicly traded via a merger with InterPrivate II Acquisition Corp. (NYSE:IPVA), a publicly-traded special purpose acquisition company. The transaction values the combined company at a pro forma equity value of $1.2 billion, assuming no redemptions from InterPrivate’s $259 million trust.
The business combination is expected to result in at least $225 million and up to $434 million in gross proceeds to the company, including a convertible note commitment of up to $175 million provided by affiliates of Mudrick Capital Management.
The business combination closed on December 9, 2022, upon which Getaround’s common stock and warrants began trading on the NYSE under the ticker symbols GETR and GETR.WS, respectively.
The Orrick team advising Getaround is led by Matthew Gemello, Bill Hughes, Joseph Perkins and Stephen Venuto, and includes Andrew Allen, Brian Blood, Ching-Yin Chen, Heather Cron, Brett Cooper, Peter Elias, Niki Fang, Dolph Hellman, Maggie Hoffman, Katherine Hogan, Jessica Kim, Steve Malvey, Danielle Mangogna, Ken Marx, Christine McCarthy, Jeannie McGuinness, Michael Ruiz, Ellen Santos, Maria Sergeyeva, and Daniel Yost.