Getaround, Inc. announced that it has issued a promissory note to new lender Mudrick Capital Management, L.P. for aggregate principal amount of $3 million on August 7, 2023. The note is unsecured in nature and bears an interest rate of 15% per annum compounded daily, and matures on September 7, 2023. The note is guaranteed by the subsidiaries of the company.

The company expects to exchange the promissory note issued in the transaction for other securities such as secured notes prior to maturity date. The company has applied a 100% principal repayment premium in case if the principal and accrued interest is repaid in cash.