InterPrivate II in an 8-K said it entered into a non-redemption agreement with Magnetar Funds, which agreede to hold 1.55 million shares until completion of the SPAC’s proposed merger with Getaround, a digital peer-to-peer carsharing marketplace. The deal is contingent on InterPrivate II and Getaround requiring no more than $15.5 million of additional gross proceeds to satisfy the minimum cash condition of at least $50 million to close the merger.
The SPAC in the filing also said its board had approved a consulting fee of up to $2 million to management and the sponsor for services in facilitiating completion of the deal.
The SPAC has scheduled a Dec. 7 meeting for shareholders to vote on the proposed merger with Getaround. InterPrivate II and Getaround have also agreed to set aside 9.33 million bonus shares that will be distributed to non-redeeming shareholders if the deal closes.
As announced in May, the business combination is expected to deliver at least $225 million and up to $434 million in gross proceeds to the company, including a convertible note commitment of up to $175 million provided by affiliates of Mudrick Capital Management. Read more.
