Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 33

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 33
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the presentation assumes that we will continue in operation for the foreseeable future, will be able to realize our assets, and satisfy
our liabilities in the normal course of business. They do not include any adjustments to reflect the possible future effects on the recoverability
and classification of assets or amounts and classification of liabilities that may result from our inability to continue as a going concern.
Our ability to continue as a going concern is subject, in part, to our ability to continue raising additional capital through equity offerings
or debt financings. However, we may not be able to secure additional financing in a timely manner or on favorable terms, if at all, and
may not receive any milestone payments. If we cannot continue as a going concern, we may have to liquidate our assets and may receive
less than the value at which those assets are carried on our financial statements, and it is likely that our shareholders may lose some
or all of their investment in us. If we seek additional financing to fund our business activities in the future and there is substantial
doubt about our ability to continue as a going concern, investors or other financing sources may be unwilling to provide additional funding
on commercially reasonable terms or at all and our business may suffer.

We have debts and may incur additional debts
in the future. Our debt repayment obligations may limit our available resources and the terms of debt instruments may limit our flexibility
in operating our business.

As of December 31, 2024, we had total outstanding
financial liabilities of $1.7 million, comprised of our short-term and long-term borrowings under credit agreements entered into with
Partners for Growth (“ PFG”) and total convertible notes is approximately $73.0 million. Subject
to the limitations under the terms of our existing indebtedness, we may incur additional debts, secure existing or future debts or refinance
existing debts. In particular, we may need to incur additional debts to fund our activities, and the terms of such financing may not be
attractive. Even if the holders of our convertible notes convert all of those notes into Ordinary Shares, we will use a substantial portion
of our cash flows, cash on hand and/or capital raises to pay the principal and interest on our indebtedness. These payments will reduce
the funds available for working capital, capital expenditures, and other corporate purposes and will limit our ability to obtain additional
financing for working capital or making capital expenditures for expansion plans and other investments, which may in turn limit our ability
to implement our