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Galata Acquisition Corp. (GLTA) specializes in strategic mergers and acquisitions across technology, healthcare, and consumer sectors. This news hub provides investors and professionals with essential updates about the company's market movements, financial developments, and partnership strategies.
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Marti Technologies Inc. reported robust Q3 2022 results with a 23% increase in net revenue to $8.9 million, attributed to fleet expansion and effective pricing strategies. However, adjusted EBITDA fell 38% to $1.5 million due to inflationary pressures on operating costs, which rose 59% to $4.8 million. The company's daily vehicle deployment averaged 36,176, while average daily rides per vehicle dipped 28%. Year-to-date results show a 39% revenue increase to $18.8 million. Marti aims to enhance its management team and continue growth amid economic challenges.
Galata Acquisition Corp. (GLTA) has announced a definitive business combination with Marti Technologies, Turkey’s leading mobility app. The transaction values the combined entity at an enterprise value of approximately $532 million, with expected net cash proceeds of $280 million after closing. Marti operates over 46,000 e-mopeds, bikes, and scooters and aims to strengthen its market leadership through this merger. The deal, anticipated to close in Q4 2022, is expected to bolster Marti’s position in Turkey’s evolving mobility market, enhancing shareholder value.
Galata Acquisition Corp. announced the pricing of its initial public offering (IPO) of 12,500,000 units at $10.00 per unit, which will begin trading on July 9, 2021, under the symbol GLTA.U. Each unit includes one Class A ordinary share and one-half of a redeemable warrant, with the whole warrant exercisable at $11.50 per share. The IPO is expected to close on or about July 13, 2021. B. Riley Securities, Inc. serves as the sole book-running manager and has an option to purchase an additional 1,875,000 units.
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