Galata Acquisition announced today that after updating its proxy the deadline for redemptions has been moved back from today until 5 p.m. Monday, July. A vote on the SPAC’s proposed merger with mobile app provider Marti is still set for 10 a.m. July 5.
Galata said the initial proxy understated the estimated redemption price per share. Based on the fair value of marketable securities held in the company’s trust as of March 31, 2023, the estimated redemption value per share is $10.46 per Class A Ordinary Share, not $10.26 as previously disclosed.
Earlier this week Galata filed a separate proxy and set a July 12 meeting for shareholders to vote on an extension that would give the SPAC until January 2024 to close the deal.
Istanbul, Turkey-based Marti 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.
