Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 259

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 259
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 by the Exchange Ratio to
give effect to the reverse recapitalization treatment of the Business Combination.

F-45

MARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES

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

(Amounts expressed in US$
unless otherwise stated.)

24 - NET LOSS PER SHARE ATTRIBUTABLE
TO COMMON STOCKHOLDERS (Continued)

Securities (including those
issuable pursuant to contingent stock agreements) that could potentially dilute basic EPS in the future that were not included in the
computation of diluted EPS because to do so would have been antidilutive for the period(s) presented. Full disclosure of the terms and
conditions of these securities is required even if a security is not included in diluted EPS in the current period.

The
following potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share because their effect
would have been anti-dilutive for the periods presented:

                     December 31,                     December 31,                     December 31,                 
                             2024                             2023                             2022                 
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Stock options                        2,038,017                        1,065,691                        1,307,052  
  Warrants                             --                               --                                 143,044  

25 - SUBSEQUENT EVENTS

Share Repurchase Program

On March 24, 2025, the Group announced a six-month
extension to its share repurchase program under which the Group may repurchase up to US$2,500,000of its outstanding Class A ordinary
shares until October 9, 2025. The share repurchase program was originally initiated on January 10, 2024 and was previously amended to
extend the term until April 9, 2025. In addition, the Board amended the ceiling price from US$5.00per share to up to $6.00per share
for the share repurchases.

Conversion of Convertible Notes

In March 2025, Convertible Notes Amounting to US$600,000was converted into Class A ordinary shares with the exercise price of US$1.65.

New Convertible Notes Issued

In March 2025, the Group entered into an additional subscription agreement with certain lenders and pursuant to the terms of the additional
subscription agreement, the lenders