Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 159

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 7
Chunk 159
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5, we had 30,909,634 Ordinary Shares held by 11 U. S. resident shareholders of record, not including Cede
& Co., the nominee of The Depository Trust Company.

B. Related Party Transactions

Transactions Related to the Business Combination

Founder Shares and Galata Founder Shareholders

On March 18, 2021, the Sponsor purchased 3,593,750
of Galata’s Class B Ordinary Shares (the “ Founder Shares”) in exchange for paying certain deferred offering costs of
$25,000. The Founder Shares included an aggregate of up to 468,750 shares subject to forfeiture to the extent that the underwriters’
over-allotment was not exercised in full or in part, so that the number of Founder Shares will equal, on an as-converted basis, approximately
20% of Galata’s issued and outstanding ordinary shares after the Initial Public Offering. As the underwriters’ over-allotment
was exercised in full, none of the Founder Shares were forfeited.

The Sponsor had agreed, subject to limited exceptions,
not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of a business
combination and (B) subsequent to a business combination, (x) if the last reported sale price of the Ordinary Shares equals or exceeds
$12.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days after a business combination, or (y) the date on which Galata completes
a liquidation, merger, share exchange or other similar transaction that results in all of the public shareholders having the right to
exchange their shares of ordinary shares for cash, securities or other property.

On May 14, 2021, the Sponsor transferred an aggregate
of 15,000 Founder Shares to Gala Investments LLC (“ Gala Investments”), which is controlled by Andrew Stewart, one of Galata’s
advisors.

In addition, the Sponsor and Gala Investments
(the “ Galata Founder Shareholders”) have entered into a letter agreement (the “ Founders Stock Letter”) with Galata
and Marti Delaware pursuant to which, among other things, the Galata Founder Shareholders agreed to (a) effective upon the closing of
the Merger, waive the anti-dilution rights set forth in the then