Galata Acquisition Corporation (GLTA) Shareholders Approve Marti Deal
by Nicholas Alan Clayton on 2023-07-07 at 9:08am

Galata Acquisition Corporation (NASDAQ:GLTA) announced this morning that it secured shareholder approval for its combination with e-mobility company Marti at a shareholder vote July 6.

The parties expect to close the transaction July 10 and the combined company’s shares and warrants are set to begin trading on the NYSE American the following day under the symbols “MRT” and “MRTW”, respectively.

Galata has not yet released redemption figures for the vote and the SPAC had about $146.6 million in its trust going into the special meeting. It opened above its redemption rate of $10.46 on its July 5 redemption deadline, but took a plunge to $9.74 by close.

The two sides prepared for some level of redemptions, however, having waived the deal’s $50 million minimum cash condition in a May amendment. The transaction originally included $57.5 million in convertible note PIPE commitments from sponsor affiliates and outside investors. But, as a part of the May deal tweaks, investors representing $35.5 million of this amount had the lock-up provisions of their commitment removed.

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.


ADVISORS

  • B. Riley Securities is acting as capital markets advisor and placement agent to Galata.
  • MZ Group is serving as an investor relations advisor to Marti.
  • Latham & Watkins LLP is acting as legal counsel to Marti.
  • Willkie Farr & Gallagher LLP is acting as legal counsel to Galata.
  • White & Case LLP is acting as legal counsel to B. Riley Securities.
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