Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 230

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 230
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57,036,094  

The following
table reconciles the elements of the Business Combination to the Consolidated statement of cash flows for the year ended December 31,
2023 and the Consolidated statement of stockholders equity for the year ended December 31, 2023:

  Cash – Galata trust and cash, net of redemptions and Galata transaction costs        42,107,655  
  Less: transaction costs and advisory fees incurred                                 ( 12,478,459  
  Net proceeds from reverse acquisition                                                29,629,196  
  Less: Convertible Notes Liabilities (Gross PIPE Proceeds Funded at Closing)        ( 35,500,000  
  Less: transaction costs and advisory fees accrued                                   ( 1,333,188  
  Net equity impact from Business Combination                                         ( 7,203,992  

Warrant Agreement

On July 8, 2021, Galata and Continental Stock
Transfer & Trust Company (the Warrant Agent) entered into a warrant agreement.

Private Placement Warrants

Per the agreement, Galata entered into a private
placement warrant purchase agreement with Galata Acquisition Sponsor LLC (“ Sponsor”) in which the Sponsor purchased7,500,000warrants (“ Private Placement Warrants”) simultaneously with the closing of the public offering at a price of US$1.00per warrant
to purchaseoneClass A ordinary share of the Company at US$11.50per share.

Public Warrants

Galata also engaged in a public offering of units,
each of which consists ofoneordinary share and one half ofonepublic warrant. The underwriters in the public offering exercised their
option to purchase additional units, thus Galata issued7,187,489warrants (“ Public Warrants”) in the aggregate to purchase
one ordinary share at a price of US$11.50per share to the public investors in the public offering.

F-22

MARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024

(Amounts expressed in US$
unless otherwise stated.)

4 - BUSINESS COMBINATIONS (Continued)

Public Warrants (Continued)

On November 21, 2023, the Company commenced (i)
an offer to each holder of its outstanding Public Warrants and Private Placement Warrants (collectively, the “ Warrants”)
giving the opportunity to receive US