Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 247

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 247
---
                                             1,408,491                       3,561,427                       2,567,118  

For the years ended December 31, 2024, 2023 and
2022, financial expenses consists of the following:

                                                 January 1 -                     January 1 -                     January 1 -                 
                                                 Dec 31,                         Dec 31,                         Dec 31,                     
                                                 2024                            2023                            2022                        
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Interest expense on financial liabilities                       9,976,717                       6,741,305                       1,884,753  
  Bank commission expenses                                            2,819                          31,414                          47,136  
  Total                                                           9,979,536                       6,772,719                       1,931,889  

20 - EQUITY

Ordinary Shares

As of December 31, 2024, the Company has63,272,419common stock (“ordinary shares”), with a par value of US$0.0001per share (December 31, 2023, the Company had57,036,094ordinary shares, with par value
of US$0.0001). Further,9,477,335shares were granted as part of the long-term incentive plan of the Company as of December 31, 2024. Of which,5,846,291shares were subsequently issued and the remaining3,631,044are yet to be issued. Additionally,7,027,844shares were issued as part of
the Restricted Share Units Awards.

The voting, dividend and liquidation rights of
the holders of the ordinary shares are subject to Articles of Association of the Company. The holders of the ordinary shares are entitled
toone vote for each share held at all meetings of stockholders. There is no cumulative voting. The number of authorized shares of common
stock may be increased or decreased by the affirmative vote of the common stockholders the Company.

Preferred stocks

The preferred stocks converted to ordinary shares
as of the deSPAC date, and there arenopreferred stocks remaining as of December 31, 2024. The Company has retrospectively adjusted the
previous preferred stock into common stock using the Exchange Ratio in the prior year.

21 - SHARE-BASED COMPENSATION

2020 Stock plan

The Company reserved1,000,000ordinary shares for issuance to