Galata Acquisition Corp. II

What they do

The company is a SPAC incorporated on June 20, 2025 as a Cayman Islands exempted company for the purpose of effecting a Business Combination with one or more businesses or entities. To date its efforts have been limited to organizational activities, its Initial Public Offering, and searching for a target. It has generated no operating revenues and does not expect to until it consummates an initial Business Combination.

Revenue drivers

• No operating revenue — The company has generated no operating revenues to date and expects none until it consummates its initial Business Combination.
• Trust account interest income — The $172,500,000 held in the Trust Account with Continental as trustee may be invested only in U.S. government securities, qualifying money market funds, uninvested cash, or demand deposit accounts, and interest earned may be used to pay taxes.
• Private placement proceeds — The company raised $5,300,000 from the sale of 5,300,000 Private Placement Warrants at $1.00 each, with the Sponsor purchasing 3,575,000 and BTIG purchasing 1,725,000.

Recent performance

As of June 30, 2026, the company reported total assets of $178.2 million and total liabilities of $6.1 million, resulting in shareholder equity of negative $5.3 million. Cash and cash equivalents were $656,117 at June 30, 2026. The company has generated no operating revenues. The company completed its Initial Public Offering on September 22, 2025, raising gross proceeds of $172,500,000 from 17,250,000 Units at $10.00 per Unit.

Strategy

The company is searching for an initial Business Combination target and is currently focused on the energy, financial technology (fintech), real estate, and technology sectors, though it may pursue an acquisition in any business or industry. The combination period runs until September 22, 2027, which is 24 months from the closing of the Initial Public Offering, subject to earlier board approval or a later date approved by shareholders. The company may seek to extend the combination period through an amendment to its Amended and Restated Articles, which would require shareholder approval and give public shareholders the opportunity to redeem their shares. The Sponsor may also consider selling its interest in the company to another sponsor entity, which could result in a change to the management team.

Risks

• No target identified — As of the date of the 10-K, the company had not selected any specific Business Combination target.
• Deadline risk — If the company does not complete a Business Combination by September 22, 2027, it will cease operations, redeem public shares, and dissolve and liquidate.
• Nasdaq listing requirement — Nasdaq rules require SPACs to complete an initial Business Combination within 36 months; failure to meet this requirement would likely result in suspension of trading and delisting.
• Trust account third-party claims — The Trust Account may be subject to claims of third parties, which could reduce the amount available for redemption.

Outlook

Management states that it will continue to search for a Business Combination target and expects to incur significant costs in pursuit of its acquisition plans. The company has until September 22, 2027 to consummate a Business Combination, unless extended by shareholder approval. There can be no assurance that its plans to complete a Business Combination will be successful.