Callaway Capital’s Galata Acquisition today announced a definitive business combination agreement with Marti Technologies, a mobility app company based in Turkey. If approved, Marti shares are expected to trade on the NYSE under the ticker symbol MRT.
The combined company will receive up to approximately $147 million held in Galata’s trust account at closing of the transaction, subject to any redemptions, as well as a $150 million PIPE.
Founded in 2018, Marti is backed by a diverse investor base and operates a fleet of over 46,000 e-mopeds, e-bikes, and e-scooters, serviced by proprietary software systems and IoT infrastructure.
The deal is expected to close in the fourth quarter, the parties said in a press release. Read more.
