---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-056016"
form_type: "8-K"
ticker: "MRT"
cik: "0001852767"
company_name: "Marti Technologies, Inc."
filed_at: "2023-05-04T23:59:59+00:00"
generated_at: "2026-06-15T23:01:53.431838+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Galata SPAC amends Marti deal: cash condition dropped, outside date extended, note terms revised

## Summary
- Removes $50M minimum cash closing condition; extends outside date to July 31, 2023.
- Revised convertible notes: conversion premium increased to 15%, monthly reset dates, floor lowered to $1.50.
- Lock‐up restrictions eliminated for PIPE investors, sponsor, and insiders (directors/management).
- Farragut gets option to subscribe up to $40M in convertible notes post‐closing.
- PIPE Amendment extends subscription agreement termination date to July 31, 2023.

## SEC filing metadata
- accession: 0001104659-23-056016
- form_type: 8-K
- ticker: MRT
- cik: 0001852767
- company_name: Marti Technologies, Inc.
- filed_at: 2023-05-04T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1852767/000110465923056016/0001104659-23-056016-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1852767/000110465923056016/tm2314505d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-056016
- JSON: https://secwatch.observer/filing/0001104659-23-056016.json
- Plain text: https://secwatch.observer/filing/0001104659-23-056016.txt

## Key facts
- Material Agreements
  Marti Technologies, Inc. entered into Farragut Subscription Agreement with Farragut Square Global Master Fund, LP valued at Convertible Note Subscription Agreement for up to $40,000,000 aggregate principal amount of Converti (effective 2023-05-04).
  - Action: entry
  - Agreement: underwriting
  - Counterparty: Farragut Square Global Master Fund, LP
  - Value: Convertible Note Subscription Agreement for up to $40,000,000 aggregate principal amount of Converti
  - Effective: 2023-05-04
  source text: On May 4, 2023, SPAC and Farragut Square Global Master Fund, LP (" Farragut ") entered into a Convertible Note Subscription Agreement
  evidence_url: https://www.sec.gov/Archives/edgar/data/1852767/000110465923056016/0001104659-23-056016-index.htm
- Material Agreements
  Marti Technologies, Inc. amended Business Combination Agreement with Galata Acquisition Corp. valued at Amendment No.1 to the Business Combination Agreement (effective 2023-04-28).
  - Action: amendment
  - Agreement: merger
  - Counterparty: Galata Acquisition Corp.
  - Value: Amendment No.1 to the Business Combination Agreement
  - Effective: 2023-04-28
  source text: On April 28, 2023, SPAC, Merger Sub, and the Company entered into that certain Amendment No.1 to the Business Combination Agreement
  evidence_url: https://www.sec.gov/Archives/edgar/data/1852767/000110465923056016/0001104659-23-056016-index.htm
- Material Agreements
  Marti Technologies, Inc. amended Subscription Agreements with PIPE Investors valued at Amendment to Subscription Agreements (PIPE Amendment) (effective 2023-04-28).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: PIPE Investors
  - Value: Amendment to Subscription Agreements (PIPE Amendment)
  - Effective: 2023-04-28
  source text: On April 28, 2023 , SPAC, the Company and certain PIPE Investors representing $35,500,000 aggregate principal amount of Convertible Notes entered into an amendment to the Subscription Agreements
  evidence_url: https://www.sec.gov/Archives/edgar/data/1852767/000110465923056016/0001104659-23-056016-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.