Galata Acquisition Corp. (GLTA) Completes Marti Deal
by Marlena Haddad on 2023-07-10 at 4:30pm

Galata Acquisition Corp. (NASDAQ:GLTA) announced this afternoon that it has completed its business combination with e-mobility company Marti.

Shareholders gave their approval for the deal during a special meeting held on July 6, and the SPAC disclosed at that time that it anticipated on closing the deal today.

However, Galata still has not yet released redemption figures for the vote. The SPAC had about $146.6 million in its trust going into last week’s special meeting. It opened above its redemption rate of $10.46 on its July 5 redemption deadline, but traded to $9.74 by close.

The combined company, Marti Technologies, Inc., will commence trading of its Class A Ordinary Shares and warrants on the NYSE American Stock Exchange under the ticker symbols “MRT” and “MRTW”, respectively, on July 11.

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.

In May, Marti announced it had grown net revenue 84% in the fourth quarter of 2022 to $6.3 million albeit with -$3.9 million in adjusted EBITDA over this time. It also introduced a pilot for a new carpooling service, but continues to have sensitivity in its dollar-denominated financials to rising inflation with the Turkish lira.

 

 

Galata Acquisition Corp. (GLTA) Completes Marti Deal
Recent Posts
by Nicholas Alan Clayton on 2025-06-26 at 4:52pm

Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...

by Nicholas Alan Clayton on 2025-06-26 at 8:24am

At the SPAC of Dawn As pressure on Fed Chairman Jerome Powell increases, the market is set to ingest a raft of new indicators today as well as hear from Cleveland Fed President Beth Hammack on the potential interest rate path. Today will also see June’s 8th SPAC IPO as Cantor Equity Partners III Inc....

by Nicholas Alan Clayton on 2025-06-25 at 6:30pm

Cantor Equity Partners III Inc. (NASDAQ:CAEP) announced the pricing of its upsized $240 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “CAEP”, Thursday, June 26, 2025. The new SPAC plans to combine with a target company in an industry where its management has relevant expertise such financial...

by Nicholas Alan Clayton on 2025-06-25 at 12:44pm

Launch One (NASDAQ:LPAA) has entered into a definitive agreement to combine with biotech firm Minovia Therapeutics at a $180 million pre-money valuation. Haifa, Israel-based Minovia is developing a drug platform based on mitochondrial cell therapies to potentially treat rare disorders as well as the effects of aging and other causes of bodily degeneration. The combined...

by Kristi Marvin on 2025-06-25 at 8:37am

CEO Marc Nemati and Colombier II’s Omeed Malik break down the deal and the strategy. Despite its moniker as the “the everything store” you can’t buy everything on Amazon, and firearms are one of those things. But, GrabAGun has spent years building a platform for regulated online firearms purchases, and soon, consumers will be able...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved