The combined company’s Class A Ordinary Shares
and warrants to list on the NYSE American Stock Exchange under the
symbols “MRT” and “MRTW”, respectively, on July 11, 2023
Galata Acquisition Corp. (“Galata”), a Cayman Islands exempted
company and a former U.S. publicly-listed special purpose
acquisition company, today announced the closing of its previously
announced business combination (the “Business Combination”) with
Marti Technologies Inc. (“Marti”), a Delaware corporation. The
combined company, Marti Technologies, Inc. (formerly known as
Galata Acquisition Corp., “Pubco”), a Cayman Islands exempted
company, 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, 2023. The
Business Combination was approved by Galata’s shareholders at an
extraordinary general meeting held on July 6, 2023.
Founded in 2018, Marti is Türkiye’s leading mobility app,
offering multiple transportation services to its riders. Marti has
launched a ride hailing service that matches riders with drivers
traveling in the same direction and operates a large fleet of
e-mopeds, e-bikes, and e-scooters. All of Marti’s offerings are
serviced by proprietary software systems and IoT infrastructure.
For more information visit www.marti.tech.
“We are excited to complete this merger and look forward to
being listed on the NYSE American. It's a testament to the hard
work of our entire team, and a symbol of the strength and potential
of Turkish entrepreneurship. We are grateful for the support of our
investors, stakeholders and Galata in our journey and we have great
confidence in the future of Marti,” said Alper Oktem, Founder and
Chief Executive Officer of Marti.
“We’re thrilled to conclude this merger today with Marti, which
will result in Marti trading on the NYSE American stock exchange.
This was a team effort, and we’re appreciative of the commitment
and professionalism of Marti’s management, as well as that of the
many advisors who helped bring this deal to a successful close,”
said Daniel Freifeld, Galata’s President and CIO of Callaway
Capital Management, LLC.
Advisors
B. Riley Securities, Inc. served as capital markets advisor and
placement agent to Galata. Latham & Watkins LLP served as legal
advisor to Marti. Willkie Farr & Gallagher LLP served as legal
advisor to Galata. White & Case LLP served as legal advisor to
B. Riley Securities.
About Galata Acquisition Corp.
Galata Acquisition Corp. was a blank check company organized for
the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, or reorganization or engaging in any
other similar business combination with one or more businesses or
entities. Galata’s Units, Class A ordinary shares and warrants
previously traded on the NYSE American Stock Exchange under the
ticker symbols “GLTA”, “GLTA” and “GLTA.WS”, respectively.
Forward-Looking Statements
This communication contains statements that are not based on
historical fact and are “forward-looking statements” within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. For example, statements about the
expected timing of the completion of the proposed business
combination, the benefits of the proposed business combination, the
competitive environment, and the expected future performance and
market opportunities of Galata and Marti are forward-looking
statements. In some cases, you can identify forward looking
statements by terminology such as, or which contain the words
“will,” “aim,” “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “forecast,” “future,” “intend,” “may,”
“plan,” “possible,” “predict,” “project,” “seek,” “should,”
“target,” “will,” “would” and variations of these words or similar
expressions. Such forward-looking statements are subject to risks,
uncertainties and other factors. Actual results may differ
materially from the expectations expressed or implied in the
forward-looking statements as a result of known and unknown risks
and uncertainties.
Forward-looking statements are not historical facts but rather
are predictions, projections and other statements about future
events that are based on current expectations and assumptions and,
as a result, are subject to risks and uncertainties. Many factors
could cause actual future events to differ materially from the
forward-looking statements in this document, including but not
limited to: (i) the effect of the consummation of the Business
Combination on Marti’s business relationships, performance and
business generally, (ii) the outcome of any legal proceedings that
may be instituted against Marti, Galata, Pubco and/or their
respective directors or officers related to the Business
Combination, (iii) the potential inability of Pubco or a successor
thereto to maintain the listing of its securities on the NYSE
American Stock Exchange, (iv) volatility in the price of the
securities of Pubco or a successor thereto due to a variety of
factors, including changes in the competitive and highly regulated
industries in which Marti operates, variations in performance
across competitors, changes in laws and regulations affecting
Marti’s business, (v) changes in the capital structure of Pubco,
(vi) Marti’s ability to implement business plans, forecasts and
other expectations as well as its ability to identify and realize
additional business opportunities, (vii) the risk of downturns in
the highly competitive mobile transportation industry, (xiii) the
ability of Marti to continue to build the Marti brand and
consumers’ recognition, acceptance and adoption of the Marti brand,
(ix) risks associated with doing business in an emerging market,
(x) risks relating to Marti’s dependence on and use of certain
intellectual property and technology, (xi) the risk that Marti may
not be able to effectively manage its growth, including its design,
research, development and maintenance capabilities, (xii) changes
in applicable laws or regulations and (xiii) other risks and
uncertainties set forth in the registration statement and
definitive proxy statement/prospectus filed by Galata with the SEC
in connection with the proposed business combination. The foregoing
list of important factors is not exhaustive and you should
carefully consider the other risks and uncertainties described in
the “Risk Factors” section of Galata’s Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and other documents filed by Galata
from time to time with the SEC.
Nothing herein should be regarded as a representation by any
person that the forward-looking statements set forth herein will be
achieved or that any of the contemplated results of such
forward-looking statements will be achieved. You should not place
undue reliance on forward-looking statements, which speak only as
of the date they are made. Except as may be required by applicable
law, none of Pubco, Marti or Galata undertakes any duty to update
or revise any forward-looking statements whether as a result of new
information, new events, future events or circumstances, or
otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230710326095/en/
Investor Relations Contact: Ozge Arcasoy Marti
Technologies Inc. +905392443741 ozge.arcasoy@marti.tech
Media Contact: Brad Burgess, SVP ICR, LLC
brad.burgess@icrinc.com
Galata Acquisition Corp. info@galatacorp.net
www.galatacorp.net
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