Marblegate Acquisition in an 8-K said it entered into a business combination agreement with DePalma Acquisition I and DePalma Acquisition II, which hold taxi medallion assets in Chicago, New York and Philadelphia. If approved, the combined company is expected to trade on the Nasdaq.
The deal values the merged company at $755 million, which includes a $5 million minimum cash condition to close.
If Marblegate shareholders vote in favor of the merger, Marblegate Asset Management, a hedge fund affiliate of the SPAC’s sponsor, will sign a management services agreement to oversee the combined company.
Marblegate raised $300 million in an October 2021 IPO, although redemptions since then have whittled the trust down to about $10.23 million.
The SPAc is led by CEO and Executive Director Andrew Milgram. Prior to forming Marblegate, Milgram was a principal at Epic Asset Management. Read more.
