Here's Why HyreCar Shares Are Skyrocketing Over 50% Higher Tuesday

HyreCar Inc HYRE shares are trading higher by 54.96% to $1.24 Tuesday morning after the company announced it has received a $100 million revolving line of credit from a premier global investment bank and Medalist Partners.

What Happened?

The global investment bank will provide primary financing with Medalist Partners providing $20 million of additional financing.

Under the agreement, HyreCar's fleet operator partner, AmeriDrive Holdings, LLC, will use this facility to purchase vehicles for exclusive listing on the HyreCar platform through a bankruptcy-remote joint venture.

"We are excited to provide asset-backed financing solutions to innovative companies in the EV and alternative transportation space," said John Slonieski, Director of Private Credit and Partner at Medalist Partners.

"We view the space as a multibillion-dollar opportunity and believe that HyreCar is uniquely positioned to deliver on continued growth in enabling drivers in this space."

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According to data from Benzinga Pro, HyreCar has a 52-week high of $12.63 and a 52-week low of $0.56.