InterPrivate II and merger partner Getaround had agreed to set aside 9,333,333 bonus shares for nonredeeming stockholders. The parties have agreed to revise the number of shares in the bonus pool.
The SPAC in an 8-K filing said the original pool of bonus shares available to non-redeeming public stockholders would be 7,420,779 in a no-redemption scenario, whereas in the contractual maximum redemption scenario, which assumes that 25,496,400 shares of Class A Stock are redeemed, 494,579 bonus shares would be allocated to non-redeeming stockholders.
InterPrivate II and Getaround have agreed to restructure the Bonus Share arrangement as applied to Public Stockholders such that an aggregate of 9 million Bonus Shares will be allocated to non-redeeming Public Stockholders regardless of the level of redemptions at closing. As revised, the number of Bonus Shares non-redeeming Public Stockholders will be entitled to receive for each outstanding share of Class A Stock held at the Closing has been increased from approximately 0.2867934 Bonus Shares to approximately 0.3478261 Bonus Shares in the no redemption scenario and from approximately 1.3063387 Bonus Shares to approximately 18.1013677 Bonus Shares in the contractual maximum redemption scenario, which assumes that 25,496,400 shares of Class A Stock are redeemed, which per share amount would significantly decrease after giving effect to the maximum exercise of any non-redemption agreements.
InterPrivate II has scheduled a Dec. 7 meeting for shareholders to vote on the proposed merger with Getaround, a digital peer-to-peer carsharing marketplace. Read more.
