#USA #New York #Marblegate Capital #NYC Taxi #DePalma Companies

Marblegate Capital Combines Efforts to Enhance NYC Taxi Market

On April 10, 2025, Marblegate Capital Corporation (MCC) made headlines by announcing the successful completion of its merger with Marblegate Acquisition Corp. (MAC) and the DePalma Companies. This strategic alliance is set to revolutionize the taxi medallion lending and fleet operation scene in New York City. The merging entities commenced trading on the OTCQX® Best Market under the ticker symbols MGTE and MGTEW starting today.

A Bold Move in the Taxi Industry

Andrew Milgram, the CEO of MCC, stated, "Our entry into the taxi sector is aimed at stabilizing the marketplace and initiating positive reform." With a solid track record, this merger seeks to professionalize the often-overlooked taxi medallion sector, thereby fostering additional investments while delivering greater value to taxi drivers, medallion owners, and stakeholders alike.

MCC now stands as the largest publicly traded and vertically integrated full-service fleet operator and finance lender in the NYC taxi landscape. This success is attributed to Marblegate's extensive experience and operational capabilities which uniquely position the newly formed corporation to lead the taxi market into a transformative phase.

A Comprehensive Approach to Service

With a loan portfolio that boasts collateralized assets exceeding 1,700 taxi medallions and ownership of over 2,000 medallions itself, MCC distinguishes itself as a market leader. Not only does it plan to operate as a fleet manager, but its capabilities as a lender directly align it with the needs and interests of all parties involved in the taxi ecosystem.

This merger signifies not just a business transaction, but a significant step towards comprehensive reform in the taxi industry. MCC’s visibility as a lender and operator will further enhance medallion value and offer relief from past predatory lending practices, following their involvement in the successful NYC MRP+ debt relief program. This program was recognized by various state and city officials for its invaluable contribution to stabilizing the taxi industry.

Collaborations to Propel Growth

Assisting in this landmark business combination were legal advisors Paul Hastings LLP for MCC and MAC, while Reed Smith LLP represented the DePalma Companies. Piper Sandler & Co. acted as a capital markets advisor to MAC in this venture, and Centri Business Consulting, LLC was engaged for financial and accounting advice. Additionally, Huron Transaction Advisory LLC offered a fairness opinion to MAC's Board of Directors concerning this merger.

A Vision for the Future

Marblegate’s unique approach seeks to transform complexities in the taxi marketplace into streamlined processes that yield sustainable results. The merger is expected to drive innovation and create meaningful changes, catering specifically to the needs of the underrepresented taxi community. As a part of their future strategy, MCC plans to further investigate growth avenues and implement actionable solutions that reflect the evolving needs of this sector.

In conclusion, this merger is more than just a financial transaction; it's a commitment to enhancing the livelihood of NYC taxi drivers and medallion owners while ensuring investor interests are met in a context that promotes collective growth. Marblegate Capital Corporation is now poised to become a driving force in the taxi sector, fostering a more stable, equitable, and prosperous environment for all involved.

MCC is dedicated to achieving its vision of positive change within the NYC taxi landscape and is optimistic as it embarks on this transformative journey.