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.


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