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Marti, Turkey’s Leading Mobility App, to Go Public via a Merger with Galata Acquisition Corp.

Galata Acquisition Corp., a special purpose acquisition company led by Callaway Capital with $146.6 million in trust, announced execution of a definitive business combination agreement with Marti Technologies Inc. (Marti), Turkey’s leading mobility app.

The combined company will be led by Alper Oktem, Founder and Chief Executive Officer of Marti. Upon closing of the transaction, the company will be named Marti Technologies Inc., and Marti’s ordinary shares are expected to trade on the New York Stock Exchange under the ticker symbol “MRT”.

The combined company will receive up to approximately $147 million held in Galata’s trust account at closing of the transaction, subject to any redemptions by existing Galata shareholders.

Founded in 2018, Marti is backed by a diverse investor base with deep knowledge of the mobility sector in emerging markets and operates a fleet of over 46,000 e-mopeds, e-bikes, and e-scooters, serviced by proprietary software systems and IoT infrastructure. Today’s transaction will give Marti resources to strengthen its market-leading position in Turkey through the deployment of additional vehicles across existing and new modalities.

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Marti believes it has developed a foundation for long-term growth and success, and with support from Galata, Marti will be better equipped to capitalize on its competitive value drivers:

Marti Investment Highlights:

  • Differentiated, Vertically Integrated Business Model, Driving Best-in-Class Unit Economics. Marti’s vertically integrated business model across the mobility value chain maximizes ecosystem control, driving higher revenues and lower costs.
  • Highly Attractive Addressable Market. With a population of 85 million and a growing middle class, Turkey represents one of the fastest-evolving mobility ecosystems in the region.
  • Clear Market Leader. As the #1 travel app in Turkey, Marti is the leading mobility app and is striving to become Turkey’s first mobility superapp.
  • High Customer Retention, Reinforced by Scale. With over 3.5 million unique riders consisting mostly of daily commuters, Marti experiences strong customer retention which is expected to be further enhanced as Marti continues to scale. As Marti’s fleet expands, its customers increasingly rely on Marti for transportation needs.
  • Strong ESG Fundamentals. Marti is committed to providing environmentally friendly shared transportation and facilitating a strong sustainability and governance setup with social commitment.
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“In its first four years, Marti has achieved significant traction for its mobility products, strong growth, and best-in-class unit profitability,” said Alper Oktem, Founder and CEO of Marti. “We are privileged to have the support of top-tier investors and access to the U.S. capital markets following the closing of this proposed transaction, which will leave Marti well-capitalized to seek to become Turkey’s first mobility superapp by expanding into other attractive adjacencies, leveraging our growing and loyal customer base.

“We believe Marti is uniquely positioned for growth with transportation as the number one issue in emerging market megacities with inadequate public transportation and unpleasant mobility alternatives for last mile journeys. Our next-generation, environmentally friendly, and complementary services for the daily commute offer unique opportunities to scale, further reinforcing our competitive advantages and attractive margin levels.

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“With our successful history, best-in-class unit economics, and vertically integrated business model driving costs lower and revenues higher, we are confident we can provide shareholders with a compelling investment alternative that supports today’s need for mobility solutions. We believe our highly attractive market demographics and strong ESG fundamentals will deliver long-term value to your investment in Marti,” Oktem concluded.

Daniel Freifeld, Galata’s President, added, “When we were evaluating the emerging market mobility space, we focused on three key areas: execution, unit economics, and scale. Alper and the Marti team have demonstrated their ability to execute, innovate, and operate within the Turkish landscape. Given relative capital scarcity in Turkey, the team has always focused on unit economics and profitability. And this business improves with scale – the more vehicles they provide, the more users they convert. We are delighted to be announcing our partnership today, and we look forward to Marti’s continued success as a publicly traded company on the NYSE.”

GLTA raised gross proceeds of approximately $147 million in its initial public offering and was listed on the NYSE on July 8, 2021, with the goal to combine with a technology-enabled business in emerging markets. GLTA is sponsored by Callaway Capital Management, LLC, a Washington, DC-based investment manager that seeks to deliver superior, uncorrelated returns through idiosyncratic investments in emerging markets, and affiliated funds of Weiss Asset Management LP, a private investment firm headquartered in Boston. The GLTA team has built a successful track record of investing in highly innovative companies in emerging markets led by exceptional entrepreneurs.

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[To share your insights with us, please write to sghosh@martechseries.com]

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