Galata Acquisition in a regulatory filing and news release said it has incurred losses and needs to raise additional funds to meet its obligations, sustain operations and complete a business combination by July 8. If the SPAC does not complete a deal by that deadline, it will cease operations and begin winding up, the news release states. These conditions raise substantial doubt about Galata’s ability to continue as a going concern.
Galata raised $125 million in an IPO last July. The SPAC at that time disclosed plans to focus on technology-enabled financial services businesses in emerging markets, especially companies engaged in insurance, reinsurance and insurance services, asset management, retail or investment banking, and merchant acquisition and payment processing. Read more.
