Galata Acquisition in an 8-K said it has made several amendments to its merger agreement with mobility app Marti, including the elimination a $50 million minimum cash condition to close.
Marti operates a fleet of over 46,000 e-mopeds, e-bikes, and e-scooters, serviced by proprietary software systems and IoT infrastructure.
The amended terms also include removal of the lock-up provision for investors in the deal's $35.5 million PIPE.
Galata also noted that yesterday it signed a convertible note subscription agreeement with Farragut Square Global Master Fund for up to $40 million between the closing date of the Marti merger and its one-year anniversary. Read more.
Source: Galata Acquisition Amends Marti Deal