Business Context and Reporting Period
This Form 8-K is filed by Galata Acquisition Corp. (not Marti Technologies, Inc.) on February 1, 2023. The registrant is a Cayman Islands-based Special Purpose Acquisition Company (SPAC) with securities trading on the NYSE American under the symbols GLTA.U, GLTA, and GLTA WS.
Key Financial Metrics
This filing is a current report regarding listing compliance and does not contain financial statements. Consequently, data regarding revenue, profit, cash flow, margins, debt, and liquidity are not provided in this document.
Material Changes and Listing Status
- Delisting Notice: On February 1, 2023, 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.
Outlook, Management Commentary, and Risks
- Cure Period: The Company has been granted a 30-day period to submit a plan to regain compliance, with a target compliance date of August 1, 2024.
- Management Plan: The Company anticipates satisfying the shareholder requirement upon consummation of its Business Combination (previously announced in an August 1, 2022 filing).
- Contingencies: If NYSE Regulation does not accept the submitted plan, the Company will be subject to suspension and delisting procedures.
- Risks: Forward-looking statements highlight risks regarding the ability to submit a satisfactory plan and evidence the required number of public shareholders.
Investor Verification Checklist
- Verify the current count of public shareholders to assess the likelihood of meeting the 300-shareholder threshold.
- Monitor the status of the pending Business Combination, as it is the primary mechanism cited for regaining compliance.
- Review the specific plan the Company submits to NYSE Regulation within the 30-day window.
- Check for any updates regarding the ".BC" trading indicator or potential delisting proceedings if the plan is rejected.