HyreCar announces pricing of $25.85 million public offering of common stock
Los Angeles-based car sharing marketplace for rideshare and delivery HyreCar announced the pricing of its previously announced underwritten public offering of 2,200,000 shares of common stock of the company at a price to the public of $11.75 per share.
HyreCar expects to receive aggregate gross proceeds of approximately $25.85 million from the offering. In addition, HyreCar has granted the underwriters a 30-day option to purchase up to 330,000 additional shares of common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about February 8, 2021, subject to customary closing conditions.
HyreCar intends to use the net proceeds from the offering for working capital, and general corporate purposes including sales and marketing and technology investments to continue to grow its platform.