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Getaround Shares Tank on First Day of Trading

December 9, 2022

Shares of connected carsharing marketplace Getaround (NYSE:GETR) are tanking in its first day of trading today after its business combination with InterPrivate II Acquisition (NYSE:IPVA).

Getaround had agreed to the de-SPAC transaction with IPVA earlier this year and has a presence across the U.S. as well as Europe. The combination was approved by IPVA stockholders on December 7.

Launched in 2011, Getaround’s peer-to-peer marketplace enables a contactless experience for sharing cars as well as trucks.

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Kailas Salunkhe
Kailas has been writing stock news and analysis at TipRanks since 2021, and has worked in the financial domain in various roles since 2013. Prior to joining TipRanks, he served as an equity research analyst at Globflex Research, a quant fund, and Market Realist, an equity research firm, analyzing companies listed on the stock markets in the U.S., Europe, the Middle East, and Asia. Kailas has also worked as an equity trader, covering the U.S. stock markets, for Capstone Securities, a proprietary trading firm. Kailas' key strength lies in analyzing the pharmaceutical, biotech, and mining sectors and companies falling in their ambit. A proponent of long-term investing, he is also proficient in equity research, report writing, financial modeling, and pitch decks. Kailas believes that the law of compounding can work wonders for all investors if they ace the Marshmallow test.