Galata Acquisition Corp. amends convertible note terms; decreases conversion premium to 10%

Marti Technologies, Inc.

Conversion premium lowered from 15% to 10%; reset now monthly for first 12 months vs. once on first anniversary.
Reset price floor reduced to $1.50 (from $5.00) with $10.00 cap; resets based on 20-day VWAP before each reset date.
Callaway Capital Management (director affiliate) may subscribe for up to $40M of convertible notes from closing date to one year anniversary.
Revised Indenture entered between SPAC and convertible note holders; Callaway Subscription Agreement unanimously approved by board.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Marti Technologies, Inc. amended Revised Indenture with Not specified valued at Decreases Conversion Premium to 10.0%; provides for multiple monthly Reset Dates; revises Reset Pric.

Action: amendment
Agreement: notes offering
Counterparty: Not specified
Value: Decreases Conversion Premium to 10.0%; provides for multiple monthly Reset Dates; revises Reset Pric

Exact text from the filing

The Revised Indenture: (i) decreases the Conversion Premium to 10.0%; (ii) provides for multiple Reset Dates, each occurring monthly for the first twelve (12) months following the Issuance Date; and (iii) revises the Reset Price to be the lesser of (a) the Reset Price with respect to the immediately prior Reset Date and (b) the average of the Daily VWAPs (as defined in the Indenture) over the twenty (20) consecutive trading day period ending on the trading day immediately preceding the applicable Reset Date, subject to a minimum of $1.50 and maximum of $10.00 per share of Common Stock.

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Marti Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-056875

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