HYRE - HYRE STOCK NEWS

HyreCar (OTC: HYREQ) has filed for Chapter 11 bankruptcy in Delaware and motioned for an auction to sell its assets under Section 363 of the Bankruptcy Code. The auction is part of a process to continue operations while pursuing the best offer for its assets. Holmes Motors Inc. is the stalking horse bidder, proposing $7.75 million for the assets and has provided a $5 million debtor-in-possession loan. Interested third parties may bid, with a minimum competing offer set at $8.2075 million. The auction timeline includes key dates from March 13 to May 10, 2023.

HyreCar Inc. (OTC: HYRE) has announced the cancellation of its virtual special meeting set for March 21, 2023. This decision comes as the company will not present the proposals outlined in its Preliminary Proxy Statement filed on February 1, 2023, to its stockholders. HyreCar operates a national carsharing marketplace that caters to ridesharing, food delivery, and package delivery using its proprietary technology platform. The company focuses on Mobility as a Service (MaaS) and collaborates with individual vehicle owners, dealers, and rental agencies.

HyreCar (OTC: HYRE) has voluntarily initiated Chapter 11 proceedings in Delaware's Bankruptcy Court. The company aims to continue its operations while undergoing restructuring, having filed motions to maintain employee wages and benefits. It secured $5 million in debtor-in-possession financing from Holmes Motors, which also plans to acquire HyreCar’s assets for $7.75 million, pending court approval. The Board appointed Eduardo Iniguez as CEO and CFO, and AJ Lee as COO, to lead the restructuring efforts. The firm intends to seek a going concern sale of the business during this process.

HyreCar Inc. (OTC: HYRE) announced on February 6, 2023, that its board has engaged Northland Capital Markets as a financial advisor to explore strategic alternatives to maximize shareholder value. These alternatives may include a sale, merger, or additional financing. The company has received multiple executed NDAs in relation to potential transactions. While the board has not set a timeline for this evaluation, there are no guarantees that these discussions will lead to favorable outcomes. Furthermore, if transactions are unsuccessful, HyreCar may face bankruptcy or restructuring.

HyreCar Inc. (NASDAQ: HYRE) has announced a successful financing round raising $12.25 million, including $4.25 million already funded and an additional $8 million pending shareholder approval. This funding will support ongoing growth initiatives, particularly a joint venture with AmeriDrive, which has utilized $25 million of a $100 million line of credit to acquire over 1,300 vehicles. The company also terminated its ATM Offering program, which had a remaining balance of $6.2 million.

HyreCar Inc. (NASDAQ: HYRE) has announced significant developments regarding its joint venture with AmeriDrive and leadership changes. A $100 million credit line was closed on September 6, 2022, facilitating the purchase of over 1,300 vehicles, with 1,000 already in the fleet and utilization nearing 70%. On December 9, 2022, Eduardo Iniguez was appointed Interim CEO, focusing on accelerating the company toward cash flow breakeven while optimizing operational expenses, achieving annualized savings of over $2.8 million. HyreCar aims for expansion in fleet size and geographic reach.

HyreCar Inc. (NASDAQ: HYRE) announced its Q3 2022 financial results, reporting revenues of $10.3 million, showing a 6% increase year-over-year but a slight decline from Q2 2022. Gross margin improved to 37.5%, up from 30.7% YoY. The company deployed over $20 million in partnership with AmeriDrive, purchasing over 1,200 new cars, with plans for 2,000 more within six to nine months. Adjusted EBITDA stood at ($4.1) million, a decline from Q2 2022 but an improvement from Q3 2021. Management anticipates Q4 to be the strongest in HyreCar's history.