Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 160

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 7
Chunk 160
---
 existing Articles of Association, (b) vote all Founder Shares held
by them in favor of the adoption and approval of the Business Combination Agreement and the Business Combination and (c) not to redeem,
elect to redeem or tender or submit any of their Galata shares for redemption in connection with the Business Combination Agreement or
the Business Combination.

On July 11, 2023, Sponsor entered into letter
agreements with each of Shelley Guiley, Adam Metz and Tim Shannon (together, the “ Transfer Letter Agreements”). Pursuant to
the Transfer Letter Agreements, the Sponsor agreed to transfer 35,000 Ordinary Shares to each of Ms. Guiley, Mr. Metz and Mr. Shannon,
respectively, upon the later of (i) the effectiveness of the F-1 registration statement and (ii) the ninety-first (91st) day following
the Closing.

Private Placement Warrants

Simultaneously with the closing of the
initial public offering, Galata consummated the sale of 6,500,000 warrants (the “ Private Placement Warrants”) at a price
of $1.00 per warrant to the Sponsor. On July 15, 2021, Galata consummated the sale of an additional 750,000 Private Placement
Warrants at a price of $1.00 per warrant to the Sponsor. On November 21, 2023, Marti commenced its offer to purchase all of its
outstanding public warrants and Private Placement Warrants in order to reduce the number of Ordinary Shares that would become
outstanding upon the exercise of such Warrants. Marti also commenced a consent solicitation from holders of the outstanding Warrants
to amend the warrant agreement, dated as of July 8, 2021, between the Company and Continental Stock Transfer & Trust Company
(the “ Warrant Agent”) in order to permit the Company to redeem each outstanding Warrant for $0.07 in cash, without
interest. Such consent solicitation was approved by a majority of the outstanding Warrants and on December 20, 2023, Marti and the
Warrant Agent entered into an amendment to the warrant agreement. On January 4, 2024, Marti completed the redemption of its
outstanding warrants for a cash redemption price of $0.07 per warrant, totaling US$89,970. In connection with the redemption, the
warrants were suspended from trading on the NYSE American prior to 9:00