📉🚕 Marblegate Delays Taxi Medallion Stock Market Listing (Again)

Marblegate, large investor in NYC taxi medallions, has delayed publicly listing its medallion-related holdings (again). Did Mayor Adams, Deputy Mayor Joshi & TLC Chair Do, mess up their bet?

In March, we reported Marblegate Asset Management, a Greenwich, Connecticut-based investment firm, was preparing to publicly list its sizeable taxi medallion-related holdings on the NASDAQ (Nasdaq Stock Market). The “distressed” investment firm, led by Andrew Milgram, started buying NYC yellow cab medallions and medallion-backed loans before the pandemic, from 2017 to early 2020.

The investment company has plans to list its holdings through Marblegate Acquisition Corporation, a publicly-traded “blank check” company GATE (GATE 0.00%↑ ), known as a special purpose acquisition company (“SPAC”). The idea being that Marblegate would effectively publicly list its taxi medallion-related assets via merging the entity that holds its yellow cab assets with the SPAC. It’s similar to an initial public offering (IPO) or “taking a company public”.

In early July, Marblegate bought itself more time to publicly list its medallion-related holdings, by successfully extending the merger compliance deadli…