Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 127

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 5
Chunk 127
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 Pre-Fund Subscription Agreement were directors, officers or affiliates
of the Company. See “ Certain Relationships and Related Party Transactions  -   Marti Relationships and Related Party
Transactions  -   Pre-Funded Notes”.

Convertible Note Subscription Agreements

Pre-funded notes which were classified under long-term
financial liabilities account amounting to US$19,274,415 became convertible notes as of the closing date of the business combination on
July 10, 2023. In addition, the Company had net proceeds of US$ 35,500,000 from private investment in public equity (“ PIPE”)
financing as convertible notes at the closing date. As of July 10, 2023, the aggregate amount of the Company’s convertible notes
was $54,744,415. As of December 31, 2024, the total amount of such convertible notes, which includes additional investment
amounts from current and new subscribers, accrued interest, and incentive shares reduced from the convertible note liabilities, was $72,995,438, with a $1.65 exercise
price.

Callaway Subscription Agreement

On May 4, 2023 (prior to the closing of the business
combination), Galata Acquisition Corp. (now known as the Company) and Callaway Capital Management LLC (“ Callaway”) entered
into a convertible note subscription agreement, as amended on January 10, 2024 (the “ Callaway Subscription Agreement”). Callaway
is an affiliate of Daniel Freifeld, a director of the Company. Pursuant to the terms of the Callaway Subscription Agreement, Callaway
or its designee has the option (the “ Callaway Option”) (but not the obligation) to subscribe for up to $40,000,000 aggregate
principal amount of convertible notes (the “ Convertible Notes”), which are convertible into the Company’s Ordinary Shares
during the period beginning on the closing date of the business combination, which occurred on July 10, 2023 (the “ Closing Date”),
and the fifteen (15) months after the Closing Date (the “ Subscription End Date”), provided that the Subscription End Date
shall be automatically extended by three (3) months for each issuance of $5,000,000 of the aggregate principal amount of the Convertible
Notes subscribed by Callaway following the date thereof.

On September 23, 2024, the Company and Callaway
agreed upon a form of convertible note subscription agreement (the “ Amended and