Business Context and Reporting Period
This Form 8-K is filed by Galata Acquisition Corp. (not Marti Technologies, Inc.) for the reporting period ending December 1, 2021. The registrant is a Cayman Islands-based Special Purpose Acquisition Company (SPAC) listed on the NYSE American under the symbols GLTA.U, GLTA, and GLTA WS. The filing addresses a regulatory notice regarding continued listing standards.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. As a pre-business combination SPAC, the company's primary financial activity involves maintaining trust account funds, but no specific financial statements or metrics are included in this current report.
Material Changes and Listing Status
- Delisting Notice: On December 1, 2021, the company received a written notice from NYSE Regulation stating it is not in compliance with Section 1003(b)(i)(B) of the NYSE American Company Guide.
- Reason for Non-Compliance: The company failed to maintain the required minimum of 300 public shareholders on a continuous basis.
- Trading Indicator: The company's securities will bear the ".BC" indicator on the consolidated tape to signify noncompliance with continued listing standards.
- Compliance Deadline: The company has been granted a 30-day period to submit a plan to regain compliance, with a target compliance date of June 1, 2023.
Outlook, Risks, and Management Commentary
Management anticipates satisfying the listing requirement within the allotted timeframe upon consummating an initial business combination. The company intends to submit a business plan to NYSE Regulation for review. If the plan is accepted, securities will remain listed subject to periodic monitoring. If rejected, the company will face suspension and delisting procedures. The filing includes standard forward-looking statement disclaimers regarding the uncertainty of regaining compliance and completing a business combination.
Investor Verification Checklist
- Verify the current number of public shareholders to assess the severity of the listing deficiency.
- Monitor the submission and acceptance status of the compliance plan with NYSE Regulation.
- Review the company's progress toward an initial business combination, which is cited as the primary path to resolving the shareholder count issue.
- Check for any subsequent filings regarding suspension or delisting if the compliance plan is rejected.