GALATA ACQUISITION CORP. II FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026
Galata Acquisition Corp. II, a special purpose acquisition company, filed its Form 10-Q for the quarterly period ended March 31, 2026. The company reported a net loss of $1.4 million for the quarter, primarily due to expenses related to its search for a target company to acquire. As of March 31, 2026, the company had cash and cash equivalents of $14.1 million, and a total of 17,250,000 Class A Ordinary Shares and 5,750,000 Class B Ordinary Shares outstanding. The company has not yet identified a target company to acquire and has not generated any revenue.
Overview
Galata Acquisition Corp. is a blank check company incorporated in the Cayman Islands on June 20, 2025, for the purpose of effecting a business combination. The company’s sponsor is Galata Acquisition Sponsor II, LLC. Although Galata is not limited in its search for target businesses to a particular industry or sector, it is focusing its search on the energy, financial technology (fintech), real estate, and technology sectors.
Financial Performance
Galata Acquisition Corp. has not engaged in any operations or generated any revenues to date. Its only activities since inception have been organizational activities and activities relating to its initial public offering (IPO) and identifying and evaluating prospective acquisition candidates. The company will not generate any operating revenues until after the completion of its initial business combination.
For the three months ended March 31, 2026, Galata had a net income of $1,373,157, which consists of interest income on investments held in the trust account of $1,532,755 partially offset by general and administrative fees of $159,598.
Liquidity and Capital Resources
Following the IPO, including the full exercise of the over-allotment option, and the private placement, a total of $172,500,000 was initially placed in the trust account. Galata incurred costs of $10,060,403, consisting of $3,450,000 of cash underwriting fee, a deferred fee of $6,037,500, and $572,903 of other offering costs.
As of March 31, 2026, Galata had investments held in the trust account of $175,849,447 (including $3,349,447 of interest income) consisting of U.S. Treasury Bills with a maturity of 185 days or less. The company had cash held outside of the trust account of $770,377, which it uses to identify and evaluate target businesses, perform due diligence, and structure, negotiate, and complete a business combination.
Galata’s liquidity needs through March 31, 2026 have been satisfied through a contribution of $25,000 from the sponsor, a loan pursuant to the IPO promissory note, and the net proceeds from the IPO and private placement held outside the trust account. The company does not believe it will need to raise additional funds to meet the expenditures required for operating its business.
Contractual Obligations
Galata has the following contractual obligations:
| Obligation | Amount |
|---|---|
| Administrative Services Agreement | $30,000 per month |
| Deferred Underwriting Fee | Up to $6,037,500 |
The company also has registration rights agreements and a letter agreement with its sponsor, directors, and officers.
Outlook
Galata Acquisition Corp. is an early-stage and emerging growth company, and as such, it is subject to all of the risks associated with such companies. The company expects to continue to incur significant costs in the pursuit of its acquisition plans, and there can be no assurance that its plans to complete a business combination will be successful.
