HyreCar Inc. (“HyreCar”) (Nasdaq: HYRE), the carsharing marketplace for ridesharing, today announced the pricing of an underwritten registered public offering of 3,500,000 shares of its common stock at a public offering price of $3.00 per share. HyreCar also granted the underwriter a 30-day option to purchase up to an additional 525,000 shares of its common stock at the public offering price, less the underwriting discount, to cover over-allotments, if any.
The gross proceeds from the offering, before deducting the underwriting discount and estimated offering expenses payable by HyreCar, are expected to be $10.5 million, or $12.075 million if the underwriter exercises its option in full. All of the shares in the offering are being sold by HyreCar. The offering is expected to close on or about July 23, 2019, subject to customary closing conditions.
HyreCar plans to use the net proceeds from the offering to expand sales and marketing, customer support, and technology investments to continue to grow its platform.
Northland Securities, Inc. is acting as the sole book-running manager for the offering.
A registration statement on Form S-1, as amended (File No. 333-232676), relating to this offering has been filed with the Securities and Exchange Commission (the “SEC”) and was declared effective on July 18, 2019. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the final prospectus relating to this offering may be obtained, when available, by contacting Northland Securities, Inc., 150 South Fifth Street, Suite 3300, Minneapolis, MN 55402, Attention: Heidi Fletcher, by calling (612) 851-4918 or by email at email@example.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
HyreCar is a nationwide leader operating a carsharing marketplace for ridesharing in all 50 states and Washington D.C. via its proprietary technology platform. HyreCar has established a leading presence in Mobility as a Service (MaaS) through individual vehicle owners, dealers and OEM’s, who have been disrupted by automotive asset sharing. By providing a unique opportunity through its safe, secure, and reliable marketplace, HyreCar is transforming the industry by empowering all to profit from MaaS.
Statements in this release concerning HyreCar’s future expectations and plans, including, without limitation, this offering, HyreCar’s future earnings, partnerships and technology solutions, its ability to add and maintain additional car listings on its platform from car dealers, and consumer demand for cars to be used for ridesharing, may constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995 and other federal securities laws and are subject to substantial risks, uncertainties and assumptions. You should not place undue reliance on these forward-looking statements, which include words such as “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” or similar terms, variations of such terms or the negative of those terms. Although HyreCar believes that the expectations reflected in the forward-looking statements are reasonable, HyreCar cannot guarantee such outcomes. HyreCar may not realize its expectations, and its beliefs may not prove correct. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including, without limitation, market conditions and the factors described in the section entitled “Risk Factors” in HyreCar’s most recent Annual Report on Form 10-K and HyreCar’s other filings made with the SEC. All such statements speak only as of the date made. Consequently, forward-looking statements should be regarded solely as HyreCar’s current plans, estimates, and beliefs. HyreCar cannot guarantee future results, events, levels of activity, performance or achievements. HyreCar does not undertake, and specifically declines, any obligation to update, republish, or revise any forward-looking statements to reflect new information, future events or circumstances or to reflect the occurrences of unanticipated events, except as may be required by applicable law.