Galata Acquisition Corp. reports its quarterly results for the three months ended March 31, 2026, showing net income of $1,373,157. The blank check company generated $1,532,755 of interest income on investments held in its Trust Account, offset by $159,598 of general and administrative expenses.
As of March 31, 2026, Galata held $175,849,447 of investments in its Trust Account, equal to $10.19 per redeemable Class A Ordinary Share, and cash of $770,377 outside the Trust Account to fund ongoing search and operating costs. Shareholders had 17,250,000 redeemable Class A shares and 5,750,000 non-redeemable Class B shares outstanding.
Galata Acquisition Corp. is a Cayman Islands special purpose acquisition company formed on June 20, 2025 to complete a merger or similar business combination, initially focusing on energy, fintech, real estate and technology but able to acquire a business in any sector or region.
On September 18, 2025 it completed an IPO of 17,250,000 units at $10.00 each, raising $172,500,000, and sold 5,300,000 private placement warrants for an additional $5,300,000. A total of $172,500,000 was placed in a trust account, with funds available for a transaction of $166,462,500 as of December 31, 2025, and an estimated redemption price of about $10.10 per public share.
The company must consummate an initial business combination by September 22, 2027 or liquidate and return trust funds to public shareholders. The filing highlights substantial potential dilution from low-cost founder shares and private warrants, anti-dilution adjustments designed to keep founder ownership at 25% of ordinary shares after a deal, and the possibility of further dilution from additional equity or convertible debt financing. It also flags risks from intense SPAC competition, complex redemption mechanics, creditor claims on the trust and global geopolitical tensions that could hinder identifying or closing a suitable transaction.
Galata Acquisition Sponsor II, LLC reports beneficial ownership of 5,750,000 Class B Ordinary Shares, which convert one-for-one into Class A Ordinary Shares. The filing states the 5,750,000 shares represent 25.0% of the Class A share count when assuming conversion, based on 17,250,000 Class A Ordinary Shares issued and outstanding as of November 13, 2025.
The filing names Galata Acquisition Sponsor II, LLC as record holder and discloses that Daniel Freifeld (issuer Chairman and CIO) is managing member of Callaway Capital Management, LLC and holds voting and investment discretion for the sponsor; Mr. Freifeld disclaims beneficial ownership except to the extent of any pecuniary interest.
AQR Capital Management entities have updated their ownership report for Galata Acquisition Corp. II. In this amended Schedule 13G, AQR Capital Management, LLC, AQR Capital Management Holdings, LLC, and AQR Arbitrage, LLC report beneficial ownership of 677,427 Class A ordinary shares as of 12/31/2025.
This position represents 3.93% of Galata’s Class A shares. The AQR entities report shared voting and dispositive power over all 677,427 shares, with no sole voting or dispositive power. They certify the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Galata Acquisition Corp. II.
Picton Mahoney Asset Management, a Canadian investment fund manager, filed an amended Schedule 13G reporting its beneficial ownership in Galata Acquisition Corp. II Class A ordinary shares. As of the event date of 12/31/2025, Picton Mahoney reports holding 999,996 Class A ordinary shares, representing 5.8% of the class. The filing states Picton Mahoney has sole voting and sole dispositive power over all of these shares, with no shared voting or dispositive power. The percentage is based on 17,250,000 Class A ordinary shares outstanding as of November 13, 2025, as referenced from the company’s Form 10-Q.