Marblegate Acquisition today announced the confidential submission of a draft registration statement on Form S-4 relating to its proposed mergers with DePalma Acquisition I and DePalma Acquisition II. The targets provide specialized financing solutions to the regulated mobility sector, with a geographic focus on the NYC taxi market.
The transaction is expected to close in the third quarter.
DePalma companies hold taxi medallion assets in Chicago, New York and Philadelphia. If approved, the combined company is expected to trade on the Nasdaq.
Announced in February, the deal values the merged company at $755 million, which includes a $5 million minimum cash condition to close.
If Marblegate shareholders ultimately 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. Read more.
