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Galata Acquisition Corp. (GLTA.U) Prices $125M IPO

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IPO-Pricing

Galata Acquisition Corp. announced the pricing of its $125 million IPO and its units are expected to begin trading on the New York Stock Exchange under the symbol “GLTA.U” Friday, July 9.

The new SPAC aims to combine with a target with technology-enabled financial services in emerging markets that has annual market growth significantly in excess of inflation, underpinned by low penetration rates and favorable demographics. Galata is led by CEO Kemal Kaya, President and CIO Daniel Freifeld, and CFO Michael Tanzer.

Total SPAC deal count for 2021 year-to-date is now 366. This offering is expected to close on Tuesday, July 13.


B. Riley Securities is acting as the sole book running manager in the offering. Greenberg Traurig, LLP is serving as Issuer’s Counsel with Reed Smith LLP serving as Underwriter’s Counsel. Marcum LLP serves as auditor. Continental Stock Transfer & Trust Company is acting as trustee.

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Source: https://spacinsider.com/2021/07/09/galata-acquisition-corp-prices-125m-ipo/

SPAC Insiders

Queen’s Gambit Growth Capital (GMBT) to Combine with Swvl in $1.1Bn Deal

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Source: https://spacinsider.com/2021/07/28/queens-gambit-to-merge-with-swvl/

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SPAC Insiders

Queen’s Gambit Growth Capital (GMBT) to Combine with Swvl in $1.1Bn Deal

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Marsh Ad July 2021

Archives

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://spacinsider.com/2021/07/28/queens-gambit-to-merge-with-swvl/

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SPAC Insiders

Queen’s Gambit Growth Capital (GMBT) to Combine with Swvl in $1.1Bn Deal

Published

on

Marsh Ad July 2021

Archives

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://spacinsider.com/2021/07/28/queens-gambit-to-merge-with-swvl/

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The Latest SPAC News and Rumors: July 28, 2021

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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Lordstown to sell $400 million in stock, the London Stock Exchange has its first SPAC listing, and Sebi explores framework for SPACs in India


Lordstown Is Selling Some Stock

Electric-vehicle startup Lordstown Motors Corp. reached a deal to sell as much as $400 million in stock over the next three years to an investment fund managed by Yorkville Advisors Global.

The terms allow the Ohio-based truckmaker to direct the fund to buy a tranche of Class A shares equal to as much as 30% of a day’s trading value of the stock or a block of $30 million, the EV maker said in a regulatory filing Monday.

READ


U.K.’s SPAC Market Rouses From Its Slumber 

Almost eight months into 2021, the London Stock Exchange finally has its first listing of a SPAC for the year. The deal is likely to be a harbinger of more, bigger offerings to come, according to Bloomberg.

The tiny blank-check firm, Spinnaker Acquisitions Plc, surged as much as 25% Wednesday after raising 2 million pounds ($2.77 million).

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Sebi Exploring Framework for SPACs in India, Says Chairman Tyagi

The Primary Market Advisory Committee of Sebi is exploring whether the regulator should introduce a framework for SPACs in India, chairman Ajay Tyagi said today at a FICCI event.

“We have few other proposals in pipeline that are in the early discussion stage – IPO reforms on the book building & fixed price framework and provisions relating to price band and further reforms on preferential issue – being some of them,” Tyagi said.

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A SPAC Earnings Disaster Has Advent Facing $800 Million Loss

ATI Physical Therapy Inc., in its earnings debut as a public company following a merger with a blank-check firm, revised its revenue projections sharply lower and disclosed larger-than-expected staff turnover. ATI’s shares closed Tuesday at $3.82, down 54% over the span of two days and ranking it among the worst-performing companies to have gone public via a SPAC.

Earlier this month, the company pulled a $570 million loan transaction to refinance its capital structure. The offering, led by Barclays Plc, was the first to be withdrawn from syndication since late May.

Boston-based Advent, with $75 billion in assets under management, owns about 62.9% of ATI, according to filings, and is now facing a paper loss of about $800 million.

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Source: https://spacinsider.com/2021/07/28/latest-spac-news-and-rumors-july-28-2021/

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