Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 9

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 9
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 new lines of business, we will
face numerous risks and uncertainties, including risks associated with the possibility that we have insufficient expertise to engage in
such activities profitably or without incurring inappropriate amounts of risk, the required investment of capital and other resources
and the loss of investors due to the perception that we are no longer focusing on our core business. In addition, we may from time to
time explore opportunities to grow our business via acquisitions, partnerships, investments or other strategic transactions. There can
be no assurance that we will successfully identify, negotiate or complete such transactions, that any completed transactions will produce
favorable financial results, or that we will be able to successfully integrate an acquired business with ours.

Entry into certain lines of business or geographic
markets or the introduction of new types of products or services may subject us to new laws and regulations with which we are not familiar,
or from which we are currently exempt, and may lead to increased litigation and regulatory risk. In addition, certain aspects of our cost
structure, such as costs for compensation, communication and information technology services, and depreciation and amortization will be
largely fixed, and we may not be able to timely adjust these costs to match fluctuations in revenue related to growing our business or
entering into new lines of business. If a new business generates insufficient revenue or if we are unable to efficiently manage our expanded
operations, our business, financial condition, and results of operations could be materially and adversely affected.

Adverse market developments affecting financial
institutions could adversely affect our access to cash and cash equivalents.

We maintain the majority of our cash and cash
equivalents in accounts with major U. S. and multi-national financial institutions, and our deposits at certain of these institutions exceed
insured limits. Market conditions can impact the viability of these institutions. In the event of a failure of any financial institution
where we maintain our cash and cash equivalents, we cannot guarantee timely access to uninsured funds, or access to them at all. Any inability
or delay in accessing these funds could adversely impact our business and financial position.

Our ride-hailing service may not be monetized
successfully or as planned and may subject us to increased liability.

We launched our ride-hailing service in October
2022, offering car-hailing and motorcycle-hailing, and expanded it to include taxi-hailing in February 2024. In September 2024, we introduced
driver subscription packages, and we began monetizing the service in October 2024. Our ability to