Marti Technologies Inc. announced that it has entered into a Convertible Note Subscription Agreement for gross proceeds of $47.5 million on July 29, 2022. The transaction included participation from Galata Acquisition Corp. and other investors.

The notes are convertible into SPAC Class A Ordinary Shares. The Convertible Notes were to bear interest at a rate of 12.00% per annum, payable semi-annually at a rate per annum equal to 8% with respect to interest paid in cash and a rate per annum equal to 4% with respect to payment-in-kind interest, plus any additional interest or special interest that may accrue pursuant to the terms of the Indenture.