Galata Acquisition in a proxy filing proposes moving its merger deadline from July 13 to Jan 13, 2024. The SPAC said it needs the additional time to complete its acquisition of mobility app Marti. Announced last August, the deal is valued at $532 million.
The target operates a fleet of over 46,000 e-mopeds, e-bikes, and e-scooters, serviced by proprietary software systems and IoT infrastructure.
The parties last month eliminated a $50 million minimum cash condition to close. The amended terms also included removal of the lock-up provision for investors in the deal’s $35.5 million PIPE. Read more.
