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
“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
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