🚕📉 Marblegate's Taxi Medallions Now Trading as $MGTE on OTCQX; Ex-NYC TLC Chair Meera Joshi Joins Board

Marblegate’s $GATE was delisted from NASDAQ and now trades over-the-counter (OTC) as $MGTE, with a total market capitalization between $60 million and $70 million

Apr 23, 2025

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🧭 TL;DR Summary

Marblegate, originally set to list its taxi medallion holdings on NASDAQ under the ticker GATE, is now traded on the OTCQX® Best Market (“OTCQX”) under the symbol MGTE. Although popular finance sites still show GATE as active, it no longer exists—MGTE is the correct and current listing.

The company’s current market cap is around ~$67 to ~$74 million, far below the initially projected $750 million valuation, with less than 10% of shares available for public trading. MGTE trades with low volume and is not accessible on all platforms (e.g., unavailable on Robinhood but available on Fidelity and Schwab).

Despite the challenges, Marblegate's listing represents a significant step in the effort to revitalize the long-struggling NYC taxi medallion market. In other major news, Marblegate has appointed former NYC TLC Chair and Deputy Mayor of Operations Meera Joshi to its Board of Directors.

Source: AutoMarketplace screenshot of Charles Schwab trading account

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Although Marblegate’s taxi medallion-related stock ticker GATE 0.00%↑ still appears active on popular sites like Google Finance and Yahoo Finance, it no longer exists! The listed market capitalization of $418 million and the price range of $9.91 to $61.11 are inaccurate and effectively meaningless. 🤔

OTCQX: MGTE

“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.”
- PRNewswire (April 10, 2025)

There are some technicalities here, and we're going to try to simplify our understanding. Please feel free to correct us if you think our summary below is inaccurate by posting in the comments section or emailing us at info@automarketplace.com.

Long story short, after Marblegate completed its SPAC (or blank check company) merger, SEC filings revealed that the newly formed company immediately switched its listing to a different exchange: the OTCQX® Best Market (“OTCQX”).

Source: U.S. Securities Exchange & Exchange Commission (SEC) filing

Timeline of Marblegate’s taxi medallion-related listing

Shareholder approval (March 25, 2025): Shareholders approved the SPAC merger or Business Combination Agreement (BCA).
NASDAQ listing waived (April 5, 2025): Initially, the new entity was supposed to list on NASDAQ. That requirement was waived, likely due to not meeting listing conditions in time.
Merger closed (April 7, 2025): The SPAC’s transition into an operating public company was finalized.
Public listing on OTCQX (April 10, 2025): Instead of NASDAQ, Marblegate switched its listing to the OTCQX^® Best Market under the ticker $MGTE. Its warrants began trading under MGTEW.

What is OTCQX^® Best Market? Why did Marblegate switch from NASDAQ?

The OTCQX^® Best Market is one of three OTC (abbreviation often used for term “over-the-counter”) markets operated by OTC Markets Group:

OTCQX*: Highest tier, for reputable and transparent companies not listed on a national exchange like NASDAQ or NYSE (*Marblegate’s listing trades here).
OTCQB: Venture market for early-stage or developing companies that still meet some reporting requirements.
Pink Sheets: Open market, the most speculative; may include companies with limited or no public disclosure.

Although Marblegate’s holding trades on one of the most reputable OTC exchanges, stocks on OTC markets are generally considered riskier, have lower trading volume, and are not subject to the more stringent listing and reporting requirements of major exchanges like NASDAQ or NYSE.

“The reason large and prestigious companies list on the OTCQX rather than on a major exchange, such as the NYSE, is mainly to avoid the high costs associated with listing shares. Another reason is to bypass the expenses incurred in meeting the stringent ongoing disclosure and legal requirements that come with maintaining their listings. In contrast, the application fee for international and U.S. companies that meet the OTCQX requirements is much smaller.”
- Investopedia

For example, you might not be able to buy MGTE on Robinhood, but you can on Fidelity, Schwab, or TD Ameritrade—brokers that support OTCQX listings.

The screenshot below is taken directly from OTCMarkets.com and reveal the following information:

Marblegate Capital Corporation (OTCQX: MGTE) has a market cap (or equity value) of between ~$67 to ~$74 million, 90% lower than the original marketed valuation of ~$750 million!

There are ~73.9 million shares outstanding that traded, on light volume of less than 10,000 shares, between $1.00 and $0.90 today (April 23, 2025). Remember, of these 73.9 million total shares, it appears less than 10% (see below) is free-floating, which the public can hope to buy or sell (i.e., majority of shares are held by insiders, primarily Marblegate)