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