Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 72

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 72
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 IMF”) Articles of Agreement and overhauled the tax system. Although the Turkish
economy has generally responded positively to this transformation, it has experienced severe macroeconomic imbalances, including significant
current account deficits, high rates of interest, significant currency volatility and persistent unemployment. In addition, the Turkish
economy remains vulnerable to both external and internal shocks, including volatility in oil prices, changing investor opinion, outbreaks
of disease (e. g., COVID-19, SARS, etc.) and natural disasters, such as earthquakes. For example, the impact of COVID-19 on the global
economy (including precautions taken to minimize transmission, including travel restrictions, the closure of factories and restrictions
on public gatherings) has increased risks to global growth and financial markets. In addition, the direct physical damage of the earthquakes
on February 6, 2023 is estimated to be $70 billion and total cost thereof is estimated to be $100 billion. Global macroeconomic and geopolitical
uncertainties, a slowdown in capital flows to emerging markets and an increasingly protectionist approach to global foreign trade also
continue to negatively affect the Turkish economy. The Turkish economy has also experienced a succession of financial crises and severe
macroeconomic imbalances. These include substantial budget deficits, significant current account deficits, high rates of inflation, and
high real rates of interest.

There can be no assurance that the Turkish government
will continue to implement its current and proposed economic and fiscal policies successfully or that the economic growth achieved in
recent years will continue considering external and internal circumstances, including the Central Bank’s efforts to curtail
inflation and simplify monetary policy while maintaining a lower funding rate, the current account deficit and macroeconomic and political
factors, such as changes in oil prices and uncertainty related with conflicts in Iraq and Syria and the political developments in Türkiye
(see “ - Our principal executive offices and other operations and facilities are located in Türkiye and, therefore, our
prospects, business, financial condition, and results of operations may be adversely affected by political or economic instability in
Türkiye”). Any of these developments could cause Türkiye’s economy to experience macro-economic imbalances, which
could impair our business strategies and/or have a material adverse effect on our business, financial condition, and/or results of operations.

Internet and e-commerce regulation in Türkiye
is recent and is subject to further development.

In 2007, Türkiye enacted a law setting
forth obligations and liabilities of content, access and hosting providers