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.

 

 

Recent Posts
by Nicholas Alan Clayton on 2024-02-29 at 7:42am

At the SPAC of Dawn Over 100 potentially market-moving indices are to report data globally today, but the US economy specifically is to get a handful of major ones. At 8:30 am ET, traders are to get their hands on a number of readings around inflation in the country. Importantly, Core PCE numbers are to...

by Nicholas Alan Clayton on 2024-02-28 at 3:31pm

SK Growth (NASDAQ:SKGR) has entered into a definitive agreement to combine with digital investment platform Webull at an enterprise value of $7.3 billion. New York-based Webull provides an equities trading and education platform to about 20 million cumulative users. The combined company is expected to trade on the Nasdaq once the deal is completed in...

by Nicholas Alan Clayton on 2024-02-28 at 1:36pm

News and Rumors PR: Hillsinai Learning, which serves about 500,000 students across 40 schools and 5,000 partner schools, has hired iLearningEngines to build its AI learning automation platform. iLearningEngines has a pending combination with Arrowroot (NASDAQ:ARRW). SpaceNews: Virgin Galactic (NYSE:SPCE) does not expect any delays on its Galactic 07 mission to take passengers into space...

by Nicholas Alan Clayton on 2024-02-28 at 11:33am

Aetherium Acquisition Corp. (NASDAQ:GMFI) has entered into a definitive agreement to combine with Capital A (KL:5099), the parent company of the AirAsia airline at an estimated transaction value of $1.15 billion. Kuala Lumpur-based Capital A owns the AirAsia regional airline as well as subsidiaries in logistics, payments and loyalty. Transaction Overview Aetherium has an estimated...

by Nicholas Alan Clayton on 2024-02-28 at 7:58am

At the SPAC of Dawn NVIDIA’s (NASDAQ:NVDA) market cap is about 10% of the entire Nasdaq, so the notion that its own rise would float many boats is something of a given. But, it has also been specifically instrumental in the recent gains by a number of de-SPACs in the AI technology space. Soundhound (NASDAQ:SOUN)...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved