Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 231

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 231
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$0.10in cash, without interest, for each outstanding Warrant tendered by the holder pursuant to
the offer (the “ Offer to Purchase”), and (ii) the solicitation of consents from holders of the outstanding Warrants to amend
the Warrant Agreement, dated as of July 8, 2021, by and between the Company and Continental Stock Transfer & Trust Company, which
governs all of the Warrants (the “ Warrant Amendment”) (collectively the “ Tender Offer”), which permits the Company
to redeem each Warrant that is not tendered in connection with the Offer for US$0.07in cash, without interest by January 4, 2024. The
adoption of the Warrant Amendment required the consent of at least a majority of the then-outstanding warrants and was approved.

The following table summarizes
the warrants eligible for tender offer:

  Warrant Type                       Warrants  
                                  Eligible to  
                                  be Tendered  
 ───────────────────────────────────────────────
  Private placement warrants        7,250,000  
  Public warrants                   7,187,489  
  Total warrants                   14,437,489  

Tendered as of November 21, 2023:

  Warrant Type                        Warrants        Repurchase        Total Cash  
  Private Placement Warrants         7,250,000             $0.10           725,000  
  Public Warrants                    5,902,206             $0.10           590,221  
                                    13,152,206                           1,315,221  

As of December 31, 2023, the Company paid US$590,221for all Public Warrants and US$725,000for all Private Placement Warrants tendered by the holders pursuant to the Offer to Purchase. The
book value of the remaining warrants is US$89,970, representing their recorded value in the Company’s financial statements.

On January 4, 2024, the Company completed the
redemption of its outstanding warrants for a cash redemption price of US$0.07per warrant, totaling US$89,970. In connection with the
redemption, the warrants were suspended from trading on the NYSE American prior to 9:00 a. m. Eastern Time on January 4, 2024, and were
delisted pursuant to a Form 25 filed by the NYSE American.

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