Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 31

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 31
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 permitted to operate
within specific regions based on population density or local demand.

All these changes in laws and regulations could
result in additional costs, potentially limiting the growth of our platform, reducing its overall value. Moreover, they could have a material
adverse effect on our business, results of operations, and prospects.

In the future, our ride-hailing operations
may increasingly rely on insurance coverage for drivers and other supplementary aspects. Any adverse changes to the terms and conditions
of this coverage could lead to additional costs for both drivers and our Company.

Currently, we do not request any information or
verify any documents related to drivers’ insurance during the registration process. However, as the number of our drivers grows,
the ride-hailing market expands in Türkiye, and/or the Shared Ride Regulation is enacted, alongside an increase in incidents, third-party
insurance companies may alter their policy coverages and premiums for ride-hailing drivers, including our drivers.

As our driver base expands, drivers may demand
that we establish our own policies or act as intermediaries between them and third-party insurance companies through collective bargaining.
They may also request to pay insurance premiums in installments, creating additional cash flow liabilities for our Company. Drivers may
also seek coverage for damages resulting from accidents from our Company, which could become crucial for the retention of drivers, particularly
amidst intensified sector competition. Furthermore, if various third-party insurance companies fail to promptly cover damages or declare
bankruptcy, our drivers may request that we cover their losses. Refusal may result in legal action against our Company or losing our drivers
to competitors who cover losses.

Third-party insurance companies may miscalculate
the risk premiums and fail to be profitable since the ride-hailing sector is relatively new. The escalation of these additional insurance
coverage responsibilities may substantially increase the overall risk defined by insurance companies for our sector or our Company, potentially
resulting in significantly higher insurance costs both for ride-hailing and other business insurance policies of our Company.

Additionally, new laws and regulations favoring
drivers may result in additional liabilities for our Company and competitors in the sector regarding insurance. Losing legal cases to
drivers or regulators could set precedents for future cases, thereby potentially compelling us to cover drivers’ damages or insurance
costs, straining our resources.

Any perceived failure to comply with local laws,
rules, regulations, or contractual obligations related to insurance coverage could result in legal proceedings, penalties, negative publicity,
increased insurance costs, and amendments to our insurance policies, materially impacting