Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 126

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 5
Chunk 126
---
 31, 2023, primarily consisting of purchases of new vehicles.

Our net cash used in investing activities was
$8.2 million for the year ended December 31, 2022, primarily consisting of purchases of new vehicles.

Financing Activities

Our net cash provided by financing activities
was $11.8 million for the year ended December 31, 2024, primarily consisting of proceeds from the issuance of convertible notes.

Our net cash provided by financing activities
was $28.6 million for the year ended December 31, 2023, primarily consisting of proceeds from reverse acquisition and cash from the issuance
of convertible notes.

Our net cash provided by financing activities
was $11.3 million for the year ended December 31, 2022, primarily consisting of long-term borrowing and the issuance of Pre-Funded Notes.

PFG Credit Agreement

In January 2021, Marti Delaware entered into that
certain Loan and Security Agreement with PFG, which was modified by that certain Joinder and Modification No. 1 to Loan and Security Agreement,
dated as of November 24, 2021, that certain Consent, Waiver and Amendment Agreement, dated as of July 29, 2022 and the Waiver and Modification
No. 2 to Loan and Security Agreement and Modification No. 2 to Annex D of the PFG Consent dated as of December 23, 2022 (as modified,
the “ Loan Agreement”).

The Loan Agreement provides for delayed draw term
loans up to an aggregate amount of $20,000,000 at a fixed rate of 10.25% and is secured by substantially all of our assets. We make monthly
principal and interest payments to PFG pursuant to the agreements. The outstanding balance of the loan as of December 31, 2024, was $1,680,448.

Pre-Fund Subscription Agreements

In connection with the execution of the Business
Combination Agreement, we entered into the Pre-Fund Subscription Agreement, pursuant to which Farragut purchased $15,000,000 in Pre-Fund
Notes, Sumed Equity purchased $1,000,000 in Pre-Fund Notes, European Bank for Reconstruction and Development purchased $1,000,000
in Pre-Fund Notes, and AutoTech purchased $500,000 in Pre-Fund Notes. The Pre-Fund Notes converted into Convertible Notes at the closing
of the Business Combination. The counterparties to certain of the