HyreCar Inc [HYRE] - Last Close: $0.8032
Shares of HyreCar are surging after a major announcement.
The web-based carsharing marketplace operator announced this morning that it had secured a pivotal $100 million revolving line of credit from a premier global bank.
HyreCar said it has entered into a deal with Medalist Partners and an unnamed bank for a $100 million warehousing line of credit.
The bank will provide primary financing, while Medalist will provide $20 million in additional funding.
The company said its fleet operator partner, AmeriDrive Holdings, will use the facility to buy vehicles for exclusive listing on the HyreCar platform through a bankruptcy-remote joint venture company.
HyreCar expects AmeriDrive to add 6,000 to 7,000 vehicles over the next 12 to 18 months to the platform, with the vehicles serving as collateral under the facility, the company said.
HYRE is trading actively with a 32.0% gian on the news.
My Take: HYRE could be an interesting speculative trade. The new credit line shows the company has secured some legit institutional backing, so maybe it's ready to break into the big leagues. I'm keeping my eye on this one.
Ideanomics [IDEX] - Last Close: $0.607
Ideanomics is climbing after a key earnings release.
The commercial EV company released its full-year 2021 financial results after Friday's closing bell, and the numbers are getting a warm reception in today's premarket.
Ideanomics reported total revenues of $114 million, marking a sharp improvement from the previous year's $26.8 million figure.
However, the company's operating loss widened to (-$0.57) pre diluted share from 2020's (-$0.47) diluted EPS.
The company also announced it had entered into a standby equity purchase agreement with YA II PN.
IDEX is trading actively with a 7.9% gain on the news.
My Take: Ideanomics' strong revenue growth could be the catalyst for this move, but this company still has a long way to go before it becomes an established firm.
