Galata Acquisition Amends Marti Deal

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-, serviced by proprietary software systems and IoT infrastructure.

The amended terms also include removal of the lock-up provision for 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 -year anniversary. Read more.

Source: Galata Acquisition Amends Marti Deal