Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 38

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 38
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 of $2.0 million. On October 17, 2024, MSTV and NHTAF subscribed for the Convertible Notes in an aggregate principal amount of $2.5 million.
On November 15, 2024, MSTV and NHTAF subscribed for the Convertible Notes in an aggregate principal amount of $3.0 million. On December
26, 2024, MSTV and NHTAF subscribed for the Convertible Notes in an aggregate principal amount of $3.0 million. As of the date of this Annual
Report, the total Convertible Notes is approximately $73.0 million.

The Convertible Notes are convertible into
Ordinary Shares at an initial conversion price of $11.00 per Ordinary Share. The reference price underlying the conversion price is
subject to a monthly reset feature for the first twelve (12) months following issuance, and resets to the lower of (i) the average
of the daily volume weighted average price over the twenty (20) consecutive trading day period immediately preceding the reset date
in the applicable month and (ii) the reference price in the immediately preceding month, subject to a minimum of $1.50 and maximum
of $10.00 per Ordinary Share. Therefore, the current conversion price of the Convertible Notes is $1.65 per Ordinary Share. The
Convertible Notes bear interest at a rate of 15.00% per annum, payable semi-annually at a rate per annum equal to 10.00% with
respect to interest paid in cash and at a rate per annum equal to 5.00% with respect to payment-in-kind interest. The sale of the
Convertible Notes may affect our earnings per share figures, as accounting procedures may require that the number of shares of
Ordinary Shares into which the Convertible Notes are convertible be included in the calculation of earnings per share. If Ordinary
Shares are issued to the holders of the Convertible Notes upon conversion, there will be dilution to our stockholders’ equity
and the market price of our Ordinary Shares may decrease due to the additional selling pressure in the market. Any downward pressure
on the price of Ordinary Shares caused by the sale, or potential sale, of shares issuable upon conversion of the Convertible Notes
could also encourage short sales by third parties, creating additional selling pressure on our share price.

Risks Related to Our Intellectual Property and Technology

Our user growth and engagement on mobile
devices depend upon effective operation with mobile operating systems, networks