Galata Acquisition Corporation (GLTA) to Adjourn Completion Vote
by Marlena Haddad on 2023-06-30 at 9:20am

Galata Acquisition Corp. (NASDAQ:GLTA) announced this morning that its special meeting, intended to approve its combination with Turkish mobility app Marti, will be adjourned due to a change in its proxy.

The initial proxy inaccurately represented the estimated redemption price per share for Class A ordinary shares. According to the fair value assessment of the marketable securities in Galata’s trust account as of March 31, the revised redemption value per share is $10.46 for each Class A Ordinary Share, rather than $10.26 as previously stated.

To provide investors with more time to consider the revised redemption value, Galata has decided to extend the deadline for holders of Class A Ordinary Shares to complete the redemption process. The original deadline of 5:00 p.m. ET on June 30 will now be extended to 5:00 p.m. ET on July 5.

As a result of this extension, Galata intends to proceed with the meeting as planned on July 5 at 10:00 a.m. ET provided that the necessary quorum is present. However, with the approval of the attendees, the meeting will then be immediately adjourned to July 6, at 10:00 a.m.

In an 8-K filed last month, the SPAC amended its business combination agreement and subscription agreements with Marti.

As part of the amendment, Galata is no longer required to have a minimum of $50 million in cash on hand, which was previously waived by Marti.

Additionally, the outside date was extended to July 31, certain terms of the incentive plan have been revised, and the lockup was amended to include only ordinary shares, stock options, and other equity awards held by and/or issued to employees of Marti.

Further, the parties also amended the PIPE. At deal announcement in August 2022, Galata received commitments for $57.5 million in new investments from its sponsors and outside investors through a convertible note PIPE. On April 28, Galata, Marti, and certain PIPE investors representing $35.5 million in an aggregate principal amount of convertible notes agreed to remove the lock-up restrictions applicable to the investors. The parties also amended the agreement to extend the outside termination date of the PIPE to July 31, and revised the indenture.

Galata inked its $532 million business combination with Marti in August 2022. Istanbul, Turkey-based Marti operates a fleet of over 46,000 e-mopeds, e-bikes, and e-scooters, serviced by proprietary software systems and IoT infrastructure.


Recent Posts
by Marlena Haddad on 2023-11-28 at 10:03am

Plum Acquisition Corp. I (NASDAQ:PLMI) has entered into a definitive agreement to combine with digital transformation company Veea for a total enterprise value of approximately $281 million. New York City-based Veea aims to simplify secure edge computing by improving application responsiveness, reducing bandwidth and data transport costs, and eliminating central cloud dependency. The parties expect the transaction to be...

by Nicholas Alan Clayton on 2023-11-28 at 8:43am

L Catterton Asia (NASDAQ:LCAA) announced this morning that it has upsized the committed financing in its combination with EV sports car maker Lotus to $870 million in total. The latest fuel injection comes in the form of $750 million in convertible notes and PIPE commitments under so far undisclosed terms. Counted purely as a PIPE,...

by Nicholas Alan Clayton on 2023-11-28 at 7:43am

At the SPAC of Dawn SPAC closing timelines can always be somewhat unpredictable, but PROOF I (NYSE:PACI) has the opportunity today to vie for a recent speed record today. It announced a combination with private aviation firm Volato 118 days ago on August 2 and its shareholders are set to vote to approve the combination...

by Marlena Haddad on 2023-11-27 at 1:21pm

Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...

by Nicholas Alan Clayton on 2023-11-27 at 7:43am

At the SPAC of Dawn After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year. Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved