Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 133

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 5
Chunk 133
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 May 8, 2024, BGO and BIP each delivered a conversion
notice to convert $500,000 aggregate principal amount of the Convertible Notes they held (the “ May Conversion”). Upon the
completion of the May Conversion, the Company issued 303,030 Ordinary Shares to each of BGO and BIP.

On December 23, 2024, BGO and BIP each delivered
a conversion notice to convert $500,000 aggregate principal amount of the Convertible Notes they held (the “ December Conversion”).
Upon the completion of the December Conversion, the Company issued 303,030 Ordinary Shares to each of BGO and BIP.

Share Repurchase Program

In January 2024, our Board authorized a share
repurchase program under which we may repurchase up to $2.5 million of our outstanding Class A ordinary shares with a ceiling price of
$6.00 per share for the share repurchases (as amended, the “ Repurchase Program”). Under the Repurchase Program, we may repurchase
Class A ordinary shares in privately negotiated or open-market transactions in accordance with applicable securities laws and regulations,
including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The Repurchase Program will terminate on October 9, 2025, but
the Board may periodically review the Repurchase Program and decide to extend its terms or increase the authorized amount. The Repurchase
Program may also be suspended or discontinued by the Board at any time. As of December 31, 2024, no Ordinary Shares have been repurchased
under the Repurchase Program.

Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements
as of December 31, 2024.

C. Research and Development, Patents and Licenses,
etc.

Intellectual Property

Our intellectual property rights are valuable
to our business. We have confidentiality procedures to protect our intellectual property rights, including but not limited to, non-disclosure
agreements, intellectual property assignment agreements, and employee non-disclosures. We have an ongoing trademark registration program
pursuant to which we register our brand name and logos in Türkiye and will expand to the other countries to the extent we determine
appropriate.

As of December 31, 2024, we held 11 registered
trademarks in Türkiye. In addition, we have registered domain names for websites that we use in our business, such as www. marti.