Getaround stock rallies 114% after company announces deal to buy HyreCar

Shares of car-sharing company Getaround Inc. skyrocketed 114% 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, -6.20% “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, +3.70% 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.