Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 161

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 7
Chunk 161
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 a. m. Eastern Time on January 4, 2024, and were delisted
pursuant to a Form 25 filed by the NYSE American.

Promissory Note  -   Related
Party

On March 18, 2021, the Sponsor issued an unsecured
promissory note to Galata (the “ Promissory Note”), pursuant to which Galata may borrow up to an aggregate principal amount
of $250,000. The Promissory Note was non-interest bearing and payable on the earlier of (i) June 30, 2021 or (ii) the consummation of
the initial public offering. As of December 31, 2024 and December 31, 2023, there were no amounts outstanding under the Promissory Note.

Related Party Loans

In order to finance transaction costs in connection
with a business combination, the Sponsor or an affiliate of the Sponsor, or certain of the Galata’s officers and directors may have,
but were not obligated to, loan Galata funds as may have been required (“ Working Capital Loans”). Such Working Capital Loans
would have been evidenced by promissory notes. The notes may have been repaid upon completion of a business combination, without interest,
or, at the lender’s discretion, up to $1,500,000 of the notes may have been converted upon completion of a business combination
into warrants at a price of $1.00 per warrant. Such warrants were to be identical to the Private Placement Warrants. In the event that
a business combination did not close, Galata may have used a portion of proceeds held outside the trust account to repay the Working Capital
Loans but no proceeds held in the trust account would have been used to repay the Working Capital Loans. As of December 31, 2024, December
31, 2023, and December 31, 2022, there was no amounts outstanding under the Working Capital Loans.

Pre-Fund Subscription Agreements

In connection with the execution of the Business
Combination Agreement, Marti Delaware entered into a convertible note subscription agreement (the “ Pre-Fund Subscription Agreement”)
with Farragut Square Global Master Fund, LP (“ Farragut”), as the lead subscriber, and the persons and entities listed on the
schedule of subscribers attached thereto (as updated from time to time in accordance with its terms) (together with Farragut, collectively,
the “ Pre-Fund Sub