Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 229

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 229
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issued accounting standards

In December
2023, the Financial Accounting Standards Board (“ FASB”) issued Accounting Standards Update (“ ASU”) No. 2023-09,
Income Taxes (Topic 740): Improvements to Income Tax DisclosuresGroup is currently reviewing the impact of the adoption
on the consolidated financial statements.

On November
4, 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures
(Subtopic 220-40): Disaggregation Of Income Statement Expenses

4 - BUSINESS COMBINATIONS

On July 29, 2022, Marti Delaware entered into
a Business Combination Agreement (the “ Agreement” or the “ Merger Agreement”) among Marti Delaware and Galata (the
“ SPAC”) trading publicly on the NYSE under the symbol GLTA. The merger provides for the combination of Marti Delaware and
SPAC pursuant to the proposed merger of Galata Merger Sub Inc., as defined by the business combination agreement, with and into Marti
(“the Merger”). Marti Delaware remained as the surviving entity. Management concluded that Marti Delaware is the accounting
acquirer and the SPAC the accounting acquiree, and the business combination is accounted for as a reverse recapitalization (ASC Topic
805). All debts, liabilities and duties of Marti Delaware and the SPAC became the debts, liabilities, and duties of Marti, as defined
by the business combination agreement. The transaction completed as of July 10, 2023.

F-21

MARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024

(Amounts expressed in US$
unless otherwise stated.)

4 - BUSINESS COMBINATIONS (Continued)

The total number of shares of the Company’s
common stock outstanding immediately following the Business Combination was comprised as follows. T he
table is excluding the 9,000,000

                                                           July 10,  
  Marti Delaware shares, prior to conversion             44,356,328  
  New Shares to Marti Co-founders and Board Members       8,641,503  
  New Shares to Galata Founder Shares                     3,593,750  
  New Shares to Galata public stockholders                  624,513  
  Total shares outstanding at close