Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 238

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 238
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 freestanding
financial instruments which are detachable and separately exercisable. As the PFG Convertible Warrants provide the rights to the holder
to exercise and convert such warrant into convertible debt or subsequently in cash or equity of the Company, the warrant is an obligation
of the issuer. Upon exercise of the warrant, the holder will receive a convertible debt instrument, which is a liability classified instrument.
The terms of the convertible debt may require the issuer to settle the note upon maturity by transferring cash assets. Accordingly, regardless
of the other potential settlement alternatives, the fact that the convertible notes issued upon exercise of the warrant could require
settlement upon maturity in cash indicates that the warrant should be classified as liability.

For the valuation of the PFG Convertible Warrants
a further probability-weighted settlement scenario valuation was applied for the conversion and settlement features of the underlying
convertible debt. The fair value of this tranche was thus determined as US$4,500.

During the year,
the Group issued convertible notes amounting to US$ 18,000,000 2,000,000 1,538,542 930,000 608,542

As of December 31, 2024 and 2023 the details of
the short-term and long-term financial liabilities are as follows:

                                              Conversion exercise                           Maturity                                       
                                              price                                         date                                           
  Term loan, net                                                       --        10.25      Jan 21, 2024               --         133,036  
  Term loan, net                                                       --        10.25      Dec 17, 2024               --       3,260,290  
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Term loan, net                                                       --        10.25      Dec 11, 2025          846,398       1,351,265  
  Term loan, net                                                       --        10.25      Oct 11, 2025          833,334       1,892,433  
  Convertible notes, short term (*)           $                        1.65      15.00      Jan 15, 2025        2,876,163       5,359,454  
  Convertible notes, long term (*)            $                        1.65      15.00      July 10, 2028      70,119,275      53,254,219