Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 47

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 47
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 our products
or services, or our competitors are able to successfully penetrate new geographic markets or capture a greater share of existing
geographic markets that we cannot access or where we face other restrictions, our ability to retain or increase our user base and
user engagement may be adversely affected, we may not be able to maintain or grow our revenue as anticipated, and our financial
results could be adversely affected.

Our business is subject to a wide range
of laws and regulations, many of which are evolving, and failure to comply with such laws and regulations could adversely affect our business,
financial condition, and results of operations.

We are subject to several laws in Türkiye,
including the Highway Traffic Code, the Regulation on Electric Scooters, the Regulation on Highway Traffic, the Code on Protection of
Competition, the Code on Environment, the Code on Personal Data Protection, the Code on Protection of Consumers, the Code on Intellectual
Property Rights, the Code on Industrial Property Rights, and the Law on Municipal Revenues, and regulations and standards governing issues
such as ridesharing, product liability, personal injury, text messaging, subscription services, intellectual property, consumer protection,
taxation, privacy, data security, competition, terms of service, mobile application accessibility, and vehicle sharing are often complex,
constantly evolving and subject to varying interpretations, in many cases due to their lack of specificity. As a result, their application
in practice may change or develop over time through judicial decisions or as new guidance or interpretations are provided by regulatory
and governing bodies. Regulatory changes at the national or local level could result in severe restrictions to ride-hailing, two-wheeled
electric vehicle or shared mobility products and services, including outright bans or certain products or services, revocation of one
or more of our operating licenses, reductions in the number of our vehicles allowed in certain cities and/or districts, and additional
requirements to obtain and/or renew an operating license, any of which could have a material adverse effect on our business, results of
operations, and financial condition.

The ride-hailing and two-wheeled electric sharing
industries and our business model are relatively nascent and rapidly evolving, particularly in the markets in which we operate. Under
Türkiye’s current regulatory framework, we are subject to a multi-tiered license process that requires us to procure a national
license from the Ministry of Transportation and city-level licenses in each city in which we operate or propose to operate. Additionally,
we must pay a per-vehicle daily occupancy