Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 71

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 71
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kiye has been subject to a number of
bombings, including tourist-focused centers in Istanbul and the city center in Ankara, which have resulted in multiple fatalities.
Such incidents may continue to occur periodically, though the most recent fatal incident in a major town occurred in
January 2017. Additionally, there have been military and civilian hostilities across the Syrian-Turkish border, leading to the
creation by the Turkish military of a “safe zone” in northern Syria in 2019, which could have political repercussions
both within Türkiye and in its relationship with any of the United States, Russia, Syria, Iran or other countries and could
have an adverse impact on the Turkish economy. Türkiye’s conflict with the Kurdistan Worker’s Party (the
“ PKK”) (a group that is listed as a terrorist organization by various states and other entities, including Türkiye,
the European Union and the United States), which has intensified since 2015, could also negatively impact the Turkish economy and/or
Türkiye’s relationship with the United States.

The Turkish military commenced military operations
in northern Syria in October 2019. This engagement expanded, particularly around Idlib, and has resulted in many Turkish casualties and
increased direct conflicts between the Turkish and Syrian militaries.

The conflicts in Nagorno-Karabakh could contribute
to disagreements between Türkiye and Russia.

The above (or similar) circumstances have had
and could continue to have a material adverse effect on the Turkish economy and lead to reductions in purchasing power of our customers,
consumer confidence, consumer spending, general demand for e-commerce goods and services, display advertising and marketing spending of
our advertisers and a reduction in demand for our products and services, any of which would have a material adverse effect on our business
and results of operations.

Türkiye’s economy is undergoing
a significant transformation and remains subject to ongoing structural and macroeconomic risks.

Since the mid-1980s, the Turkish economy has moved
from a highly protected state-directed system to a market-oriented free enterprise system. Reforms have, among other things, largely removed
price controls and reduced subsidies, reduced the role of the public sector in the economy, emphasized growth in the industrial and service
sectors, liberalized foreign trade, reduced tariffs, promoted export growth, eased capital transfer and exchange controls, encouraged
foreign investment, strengthened the independence of the Central Bank, led to full convertibility of the Turkish Lira by accepting Article VIII
of the International Monetary Fund’s (the “