Galata closes $125M IPO and $6.5M PIPE; underwriters exercise overallotment for $18.75M

Marti Technologies, Inc.

Sold 12,500,000 units at $10/unit for $125M gross; private placement of 6,500,000 warrants at $1.00 for $6.5M.
$127.5M of net proceeds deposited into trust account for benefit of public shareholders.
Underwriters exercised overallotment in full on July 15, purchasing 1,875,000 additional units for $18.75M.
Audited balance sheet as of July 13, 2021 shows $129.3M total assets including $127.5M in trust.
Company has 24 months from closing (July 2023) to complete a business combination.

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