Shares of car-sharing company Getaround Inc. rose more than 40% in the extended session Thursday after the company said it plans to buy all of the assets of HyreCar Inc., which offers car rentals for gig-economy drivers, for $9.45 million.
The acquisition is expected to accelerate Getaround’s
GETR,
“path to profitability,” the company said. The deal is expected to close on Tuesday. Getaround’s stock ended the regular trading day down 6.2%. HyreCar
HYREQ,
shares were flat in the aftermarket.
Getaround in February announced a restructuring plan, promising to streamline operations and reduce costs “to achieve a leaner path to profitability.” The plan also included layoffs, impacting about 10% of the company’s workforce at the time.
This story originally appeared on Marketwatch
