Rivernorth Capital Management LLC Buys New Stake in Galata Acquisition Corp. II $LATA

Key Points

• Rivernorth Capital Management acquired 299,997 shares of Galata Acquisition Corp. II, valued at approximately $3.0 million and representing about 1.3% of the company.
• Several other institutional investors also initiated positions, including the Healthcare of Ontario Pension Plan Trust Fund with a stake worth roughly $5.0 million.
• LATA shares opened at $10.13 and remain near their $9.91–$10.20 one-year range, while Weiss Ratings initiated coverage with a “sell (e+)” rating; the stock’s consensus rating is “Sell.”

Rivernorth Capital Management LLC purchased a new position in shares of Galata Acquisition Corp. II (NASDAQ:LATA - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 299,997 shares of the company's stock, valued at approximately $2,997,000. Rivernorth Capital Management LLC owned approximately 1.30% of Galata Acquisition Corp. II as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of LATA. Sona Asset Management US LLC acquired a new position in Galata Acquisition Corp. II during the 1st quarter worth about $1,411,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Galata Acquisition Corp. II during the first quarter worth about $4,995,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Galata Acquisition Corp. II during the fourth quarter worth about $1,245,000. Lineage Point Capital LP purchased a new position in shares of Galata Acquisition Corp. II in the fourth quarter valued at approximately $746,000. Finally, Virtu Financial LLC acquired a new position in shares of Galata Acquisition Corp. II in the fourth quarter valued at approximately $320,000.

Galata Acquisition Corp. II Stock Performance

Shares of NASDAQ LATA opened at $10.13 on Wednesday. The business's 50-day moving average is $10.10. Galata Acquisition Corp. II has a 1-year low of $9.91 and a 1-year high of $10.20.

Analyst Ratings Changes

Separately, Weiss Ratings assumed coverage on shares of Galata Acquisition Corp. II in a report on Tuesday, May 26th. They set a "sell (e+)" rating on the stock. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has an average rating of "Sell".

Galata Acquisition Corp. II Company Profile

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.

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