Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 36

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 36
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or disclose data (including, for example, third-party technology providers) could have similar effects. Further, any cyberattacks, or
security and privacy breaches directed at our competitors could reduce confidence in the ride-hailing and ridesharing industries as a
whole and, as a result, reduce confidence in us.

Additionally, defending against claims or litigation
based on any security breach or incident, regardless of their merit, could be costly and divert management’s attention. For example,
in February 2021, the TDPA filed an investigation against one of our subsidiaries regarding our failure to comply with legislation on
data protection and data processing in violation of data protection principles. In response to the inquiry, we revised our data privacy
principles and agreements to comply with applicable law and shared our responses with the TDPA. In November of 2022, the TDPA informed
us that their investigation closed.

Our insurance coverage might not be adequate
for data handling or data security liabilities actually incurred, and we cannot assure you that insurance will continue to be
available to us on commercially reasonable terms, or at all, or that any insurer will not deny coverage as to any future claim. The
successful assertion of one or more large claims against us that exceed available insurance coverage, or the occurrence of changes
in our insurance policies, including premium increases or the imposition of large deductible or co-insurance requirements, could
have an adverse effect on our reputation, brand, business, financial condition, and results of operations.

The Convertible Notes issued and outstanding
may have a material adverse effect on our financial results, result in dilution to our shareholders and create downward pressure on the
price of our Ordinary Shares.

On July 10, 2023, we consummated a business combination
pursuant to the Business Combination Agreement, dated as of July 29, 2022, as amended on April 28, 2023 (the “ Business Combination
Agreement”), by and among us, Galata Merger Sub Inc., a Delaware corporation and direct, wholly owned subsidiary of the Company
(“ Merger Sub”) and Marti Delaware. The Business Combination Agreement provided that the parties thereto enter into a business
combination transaction (the “ Business Combination”) pursuant to which, among other things, (i) Merger Sub merged with and
into Marti Delaware (the “ Merger”) with Marti Delaware surviving the Merger as a wholly owned subsidiary, and (ii) as a result
of the