Marti Technologies, Inc. (NYSE:MRT), which merged with Galata Acquisition Corp. in July, announced this afternoon that it has launched an exchange offer to purchase its Class A ordinary shares for $0.10 in cash.
The company is also soliciting consents to amend the warrant agreement to redeem each warrant that is not tendered in connection with the offer for $0.07 in cash, without interest, which is 30% less than the price applicable to the offer. As of November 21, a total of 14,437,489 warrants were outstanding.
Parties representing approximately 26% of the outstanding public warrants and 95% of the outstanding private warrants have already agreed to tender their warrants and consent to the amendment.
If an additional 34% of the outstanding public warrants consent to the amendment and it is adopted, then Marti will redeem the remaining outstanding warrants. This would result in the holders of any remaining outstanding warrants receiving approximately 30% less cash than if they had tendered their warrants in the offer.
Holders have until midnight on December 19 to do so, unless extended or earlier terminated by Marti.
The company expects the offer to reduce the number of ordinary shares that would become outstanding upon the exercise of warrant, providing investors with greater certainty to its capital structure.
Galata inked its $532 million business combination with Marti in August 2022 and completed the combination in July 2023. 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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