Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 48

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 48
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 fee to each district in which we operate our two-wheeled electric vehicles. New laws and regulations
and changes to existing laws and regulations continue to be adopted, implemented, and interpreted in response to the industry and related
technologies, and we could be subject to intense and even conflicting regulatory pressure from national, regional, and local regulatory
authorities. As we expand our business into new markets or introduce new products and services into existing markets, regulatory bodies
or courts may claim that we or users on our platform are subject to additional requirements, that we are prohibited from conducting business
in certain jurisdictions, or that users on our platform are prohibited from using the platform, either generally or with respect to certain
products and services. Adverse changes in laws or regulations at all levels of government or bans on or material limitations to our products
or services could adversely affect our business, financial condition, and results of operations.

Certain jurisdictions and governmental entities
require us to obtain permits, pay fees or penalties, or comply with certain other requirements to provide ride-hailing and/or two-wheeled
electric vehicle sharing products and services. These jurisdictions and governmental entities may reject our applications for permits
or deny renewals, delay our ability to operate, increase their fees or charge new types of fees, any of which could adversely affect our
business, financial condition, and results of operations. Additionally, many of the permits that we have received are for set periods
of time and require renewal every one to two years. If governmental authorities were to revoke any permit that we had previously
been granted or deny the renewal of any of our permits, our two-wheeled electric vehicle rider base and associated revenues would decrease.

Regulatory bodies may enact new laws or
promulgate new regulations that are adverse to our business, or they may view matters or interpret laws and regulations differently
than they have in the past or in a manner adverse to our business. Such regulatory scrutiny or action may create different or
conflicting obligations on us across different jurisdictions.

Our success, or perceived success, and increased
visibility may also prompt some businesses that view our business model negatively to raise their concerns to local policymakers and regulators.
These businesses and their trade association groups or other organizations may take actions and employ significant resources to shape
the legal and regulatory regimes in jurisdictions where we may have, or seek to have, a market presence in an effort to change such legal
and regulatory regimes in ways intended to adversely affect or impede our business and the ability of riders to utilize