Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 46

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 46
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example, certain district municipalities in Istanbul, the city that accounts for the majority of our two-wheeled electric vehicle
rides, have expressed and may continue to express concerns about two-wheeled electric vehicle usage and asked operators to reduce
the amount of two-wheeled electric vehicles stationed in public areas. Such requests include asking two-wheeled electric vehicle
operators to install two-wheeled electric vehicle parking spots in congested areas with high utilization which may result in
additional capital expenditures for operators, including us. As of the date of this Annual Report, we have not received any such
notices from any district municipalities. Additionally, the Istanbul Metropolitan Municipality announced that they are working on
new regulations regarding (i) the opening of 1,500 new parking spots, (ii) recognizing certain regions as highly congested and
imposing new speed limitations therein, and (iii) requiring operators to educate their riders once every two months. We are also
aware that the Ministry of Transportation is working on a draft regulation that mandates each scooter to be equipped with sensors
enabling authorities to intervene via GPS satellite if they are used on restricted roads. In order to remain in good standing with
government authorities and continue operating our two-wheeled electric vehicle fleets and services, we must adhere to evolving
regulations, limitations, vehicle caps, enforced parking zones, among other restrictions in the cities in which we operate. From
time to time, we may be required to compete with other ride-hailing and two-wheeled electric vehicle operators in a “request
for proposal” or similar permitting/licensing application process to gain long-term access to a particular market. Failure to
win or renew a permit/license may result in a shutdown of existing operations within these
markets. There are also certain caps on the number of permits and two-wheeled electric vehicles that are permitted in certain
municipalities and if such caps were to be reduced or exceeded by us and/or our competitors, our growth plans may be materially
impacted which would have a significant impact on our business and results of operations. In addition, government authorities may
seek to restrict user access to our products and services if they consider us to be in violation of their laws or a threat to public
safety or for other reasons, and certain of our products and services have been restricted by governments from time to time. In the
event that access to our products or services is restricted, in whole or in part, or other restrictions are imposed on