Galata Acquisition Corp. (GLTA) Completes Marti Deal

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.