UBER - SPAC Altitude Acquisition gains on report of deal to take car-sharing startup Getaround public

SPAC Altitude Acquisition (NASDAQ:ALTU) rose 0.5% on a report that it's in talks to take car-sharing startup Getaround public. The company is working on a PIPE deal with investors and the company may be valued at about $1.7B, according to a Reuters report.  San Francisco-based Getaround, which is backed by Softbank (OTCPK:SFTBY), operates a peer-to-peer car sharing platform in over 300 cities across the U.S. and Europe. Getaround announced in October it raised $140M in Series E financing, bringing its total amount raised to nearly $600M. The round was led by PeopleFund with new investors including Reid Hoffman's and Mark Pincus' Reinvent Capital among other. Existing investors included SoftBank Vision Fund, Menlo Ventures, Braemar Energy Ventures, Triangle Peak Partners and others. Also see, California measure that kept Uber, Lyft drivers from being employees ruled unconstitutional.

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SPAC Altitude Acquisition gains on report of deal to take car-sharing startup Getaround public