Galata Acquisition, a blank check company formed by Callaway Capital and Weiss targeting financials and fintech in emerging markets, raised $125 million by offering 12.5 million units at $10. Units consist of one share of common stock and one-half of a warrant exercisable at $11.50.
The SPAC is sponsored by Washington, DC-based Callaway Capital Management and Boston-based Weiss Asset Management. Callaway, Weiss, and DLD Asset management indicated plans to purchase $50 million worth of units on the offering (40% of the deal).
The SPAC intends to focus on technology-enabled financial services businesses in emerging markets. Target segments may include insurance, reinsurance and insurance services, asset management, retail or investment banking, and merchant acquisition & payment processing.
Galata is led by CEO and Director Kemal Kaya, which the company calls a leading figure in Turkish banking, having previously served as CEO of Turkey's Yapi Kredi Group and a Senior Advisor to Blackstone. The SPAC's CIO and Director Daniel Freifeld is the founder and CIO of Callaway, and before that was the US Department of State's Senior Advisor to the Special Envoy for Eurasian Energy. Its CFO Michael Tanzer is a Portfolio Manager for Callaway's flagship fund.
Galata Acquisition plans to list on the NYSE American under the symbol GLTA.U. B. Riley Securities acted as sole bookrunner on the deal.
