Marblegate positioned to leverage its successful
record of driving positive change in the taxi industry to deliver
value for owners, drivers, and investors
Firm was pivotal to the success of NYC Taxi
Medallion MRP+ program which has been hailed by federal, state
and city officials for stabilizing the industry
NEW
YORK, April 10, 2025 /PRNewswire/
-- Marblegate Capital Corporation (MCC) and Marblegate
Acquisition Corp. (MAC) (previously Nasdaq: GATE), a publicly
traded special purpose acquisition company sponsored by Marblegate
Asset Management (Marblegate), an investment management firm that
focuses on distressed and special situation investing, announced
the completion of their business combination and merger with
DePalma Acquisition I LLC and DePalma Acquisition II LLC (together,
the DePalma Companies). The common stock and warrants of MCC began
trading today, April 10, 2025, on
OTCQX® Best Market operated on The OTC Market
systems under the symbols MGTE and MGTEW, respectively.
"Marblegate entered the taxi industry seeking to stabilize the
marketplace and drive positive change," said Andrew Milgram, Chief Executive Officer of
MCC. "This transaction builds on our dynamic track record and
aims to transform and professionalize the underserved Taxi
medallion market – driving additional investments that will
appropriately value medallions, benefiting owners, drivers, and
investors."
MCC is the first and largest publicly traded, vertically
integrated, full-service fleet operator and specialty finance
lender in the NYC taxi market, leveraging Marblegate's years of
deep industry experience and expertise, and strong portfolio
operations capabilities to create a business that is transforming
and institutionalizing the taxi industry.
MCC has a loan portfolio collateralized by more than 1,700
medallions and owns over 2,000 medallions – which MCC believes
makes it the largest lender and owner of NYC taxi medallions. This,
in addition to being one of the largest NYC medallion fleet
operators, differentiates MCC in the NYC taxi marketplace as not
just a market leader with an end-to-end understanding of the taxi
business but the most impactful player in the industry driving
positive change. Marblegate played a pivotal role in the successful
launch and implementation of the NYC MRP+ medallion debt relief
program, designed to provide financial relief to drivers who were
previously subject to predatory lending practices.
Advisors
Paul Hastings LLP served as legal advisor to MCC and MAC. Reed
Smith LLP served as legal advisor to the DePalma Companies.
Piper Sandler & Co. served as
capital markets advisor to MAC in connection with the business
combination. Centri Business Consulting, LLC served as accounting
and finance advisor to the DePalma Companies. Huron Transaction
Advisory LLC provided a fairness opinion to the Board of Directors
of MAC in connection with the business combination with the DePalma
Companies.
About Marblegate Capital Corporation
Marblegate Capital Corporation (OTCQX:MGTE), is a vertically
integrated, full-service fleet operator and specialty finance
lender in the New York City (NYC)
taxi market. Marblegate Capital Corporation specializes in NYC taxi
medallions as a lender, owner, and fleet operator. With a loan
portfolio collateralized by more than 1,700 medallions and over
2,000 medallions owned, we believe we are the largest lender and
owner of NYC taxi medallions as well as one of the largest NYC
medallion Fleet operators*. What differentiates Marblegate Capital
Corporation is its end-to-end understanding of the taxi business
and position as the most impactful player in the industry driving
positive change. Marblegate Asset Management (Marblegate) is
Marblegate Capital Corporation's external manager. Founded in 2008,
Marblegate is an investment management firm that focuses on
distressed and special situation investing. Marblegate transforms
complex situations by taking a hands-on approach to drive positive
business transformations amid complexity to create value and
sustainable results. Marblegate played a pivotal role in the
successful launch and implementation of the NYC MRP+ medallion debt
relief program, designed to provide financial relief to drivers who
were previously subject to predatory lending practices.
* Data as of 9/30/24 and includes
medallions that are not currently registered with the TLC
Forward-Looking Statements
This communication contains "forward-looking statements," within
the meaning of Section 27A of the Securities Act and
Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements may generally be identified by
terminology such as "will," "shall," "may," "should," "expects,"
"plans," "anticipates," "could," "intends," "target," "projects,"
"contemplates," "believes," "estimates," "predicts," "potential" or
"continue" or the negative of these terms or other similar words or
expressions that predict or indicate future events or trends that
are not statements of historical matters. These statements are only
predictions. MCC has based these forward-looking statements largely
on their then-current expectations and projections about future
events and financial trends as well as the beliefs and assumptions
of management. Forward-looking statements are subject to a number
of risks and uncertainties, many of which involve factors or
circumstances that are beyond MCC's control. Actual results could
differ materially from those stated or implied in forward-looking
statements due to a number of factors, including but not limited
to: (i) MCC's expectations regarding the impact of its
securities trading on the OTC Markets; (ii) MCC's ability to
have its securities listed on Nasdaq following the business
combination; (iii) the outcome of any legal proceedings that
may be instituted against the parties and others related to the
business combination; (iv) the ability to implement business
plans, forecasts, and other expectations after the completion of
the business combination, and identify and realize additional
opportunities; and (v) the evolution of the markets in which
MCC will compete. More information on potential factors that could
affect MCC's financial results is included from time to time in its
public reports filed with the SEC that are available on the SEC's
website at www.sec.gov, including its Annual Report
on Form 10-K, Quarterly Reports
on Form 10-Q and Current Reports
on Form 8-K, as well as the Proxy
Statement/Prospectus MCC filed in connection with the solicitation
of proxies for the meeting of stockholders to be held to approve,
among other things, the proposed business combination. All of the
forward-looking statements made in this
Current Report on Form 8-K are expressly qualified by
the cautionary statements contained or referred to herein.
Accordingly, you should not rely upon forward-looking statements as
predictions of future events. MCC cannot assure you that the events
and circumstances reflected in the forward-looking statements will
be achieved or occur, and actual results could differ materially
from those projected in the forward-looking statements. The
forward-looking statements made in this communication relate only
to events as of the date on which the statements are made. Except
as required by applicable law or regulation, MCC undertakes no
obligation to update any forward-looking statement to reflect
events or circumstances after the date on which the statement is
made or to reflect the occurrence of an unanticipated event.
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SOURCE Marblegate Capital Corporation