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Turkey's Leading Mobility App Looks To Go Public Via SPAC Merger With Galata Acquisition

Benzinga Real-time News · Aug 1, 2022 09:14

LYFT -3.43% UBER -2.03%

Callaway Capital-led special purpose acquisition company (SPAC) Galata Acquisition Corp (NYSE:GLTA) agreed to combine with Marti Technologies Inc, Turkey's leading mobility app.
Marti's founder and CEO will helm the new company named Marti Technologies Inc.
Marti will likely trade on the NYSE under the symbol "MRT."
Marti will receive up to $147 million held in Galata's trust account at closing.
The transaction values Marti at $532 million.
Existing Marti shareholders will retain 100% of their existing equity, owning 50% of Marti's fully diluted pro forma equity.
Marti is backed by a diverse investor base with deep knowledge of the mobility sector in emerging markets and operates a fleet of over 46,000 e-mopeds, e-bikes, and e-scooters, serviced by proprietary software systems and IoT infrastructure.
The transaction will help Marti strengthen its position in Turkey by deploying additional vehicles across existing and new modalities.
Price Action: GLTA shares closed lower by 0.1% at $9.91 on Friday.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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