HYRE - HyreCar surges on securing $100M credit line; sees significant fleet growth

• HyreCar ( NASDAQ: HYRE ) shares surged ~52% pre-market on Tuesday after the carsharing firm received a $100M revolving line of credit from a premier global investment bank and Medalist Partners.
• The global investment bank will provide primary financing with Medalist Partners providing $20M of additional financing.
• AmeriDrive, HyreCar's ( HYRE ) fleet operator partner, will use this facility to purchase vehicles for exclusive listing on the HyreCar platform through a bankruptcy-remote joint venture.
• Through this initial warehousing line, AmeriDrive is likely to add an additional 6,000 to 7,000 vehicles to the HYRE platform over the next 12 to 18 months.
• These vehicle assets will serve as collateral under the facility. As previously indicated, the company expects this line to begin a broader facility expansion into white-labeling vehicle financing for HyreCar’s fleet operators.
• HyreCar CEO Joe Furnari said: "We continue to expect to be profitable at the 6,500 to 7,000 daily car rental threshold, and we believe this deal will allow us to exceed that number. As a reminder, every 10,000 active rented cars on the HyreCar platform represents ~$100M in run rate revenue."

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