Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 57

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 57
---
 although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the
courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without
retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation
to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman
Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty,
inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner,
or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive
or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent
proceedings are being brought elsewhere.

As a result of all of the above, public shareholders
may have more difficulty protecting their interests in the face of actions taken by our management, members of the board of directors
or controlling shareholders than they would as public shareholders of a United States company.

The Economic Substance Legislation of the
Cayman Islands may impact us.

The Cayman Islands enacted the International Tax
Co-operation (Economic Substance) Act (As Revised)(the “ Cayman Economic Substance Act”), in January 2019. We are required
to comply with the Cayman Economic Substance Act and related regulations and guidelines. As a Cayman Islands exempted company, our compliance
obligations include filing annual notifications, in which must state whether we are carrying out any relevant activities and if so, whether
we have satisfied the economic substance tests as required under the Cayman Economic Substance Act and the filing of an annual return
with the Department of International Tax Co-Operation. We may need to allocate additional resources and make changes to our operations
to comply with all requirements under the Cayman Economic Substance Act. Failure to satisfy these requirements may subject us to penalties
under the Cayman Economic Substance Act.

The Financial Action Task Force’s
and European Commission’s monitoring of the Cayman Islands could impact us.

In February 2021, the Cayman Islands was added
to the Financial Action Task Force (“ FATF”) list of jurisdictions whose anti-money laundering/counter