Galata Acquisition Corp. II (NASDAQ:LATA) Stock Price Down 0.7% – Here’s Why

Galata Acquisition Corp. II (NASDAQ:LATA) traded down 0.7% on Tuesday . The stock traded as low as $9.91 and last traded at $9.95. 156,303 shares traded hands during mid-day trading, an increase of 3,724% from the average session volume of 4,088 shares. The stock had previously closed at $10.02.

Galata Acquisition Corp. II Stock Performance

Institutional Investors Weigh In On Galata Acquisition Corp. II

Several hedge funds have recently added to or reduced their stakes in the stock. Adage Capital Partners GP L.L.C. purchased a new position in shares of Galata Acquisition Corp. II in the 4th quarter worth $13,446,000. Picton Mahoney Asset Management bought a new position in Galata Acquisition Corp. II in the fourth quarter valued at about $9,960,000. Alberta Investment Management Corp purchased a new position in Galata Acquisition Corp. II in the fourth quarter worth about $7,221,000. AQR Arbitrage LLC bought a new stake in shares of Galata Acquisition Corp. II during the 4th quarter valued at about $6,747,000. Finally, TENOR CAPITAL MANAGEMENT Co. L.P. purchased a new stake in shares of Galata Acquisition Corp. II during the 4th quarter valued at about $5,976,000.

About Galata Acquisition Corp. II

Galata Acquisition Corp. II (NASDAQ: LATA) is a special purpose acquisition company (SPAC), also known as a blank‑check company, formed to effect mergers, share exchanges, asset acquisitions, stock purchases, reorganizations or similar business combinations with one or more businesses. As a publicly traded acquisition vehicle, the company raises capital through an initial public offering and holds proceeds in trust while seeking an operating company to combine with and take public through the SPAC structure.

The firm’s primary activities are identifying and evaluating potential targets, negotiating definitive agreements for business combinations, and completing the required shareholder approvals and regulatory filings to consummate transactions.