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 Kristi Marvin on 2023-11-25 at 11:45am

Terms Tracker for the Week Ending November 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This being the Thanksgiving holiday week, we are thankful for a lot of things, but mostly that 2023 is almost over. It’s been a rough...

by Nicholas Alan Clayton on 2023-11-24 at 7:35am

At the SPAC of Dawn Though perhaps stuffed to the brim, SPAC activity continues this Thanksgiving Friday with votes by Clean Earth and Zalatoris to extend a deadline and amend trust contributions, respectively. At least seven de-SPACs are also reporting earnings today and will do so going into a futures market that is mostly green...

by Marlena Haddad on 2023-11-22 at 9:45am

IB Acquisition Corp. submitted its S-1 filing Friday afternoon for a $100 million IPO, coming right on the heels of Bayview Acquisition Corp, which also filed its S-1 that day. IB is also similar to Bayview in that its units do not feature a warrant but include 1 right for 1/10. However, its trust is slightly...

by Nicholas Alan Clayton on 2023-11-22 at 8:53am

Integrated Wellness (NYSE:WEL) announced in an 8-K filing that it agreed to transfer control of its sponsor to Sriram Associates, which will now take on the SPAC’s financial obligations and may appoint a new team. Sriram is acquiring 2,012,500 promote shares (70%) and 4,795,000 private placement warrants (70%) for the nominal purchase price of $1....

by Nicholas Alan Clayton on 2023-11-22 at 7:45am

At the SPAC of Dawn So far, seven SPACs have announced their liquidations this week and although some others may choose to use the holiday to quietly disband, this tends to be a positive week for equities in general. Going back to 1961, the S&P 500 has ended the Thanksgiving week with gains three-quarters of...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved