Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 14

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 14
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or regulatory changes, and other factors beyond our control have and could continue to affect our suppliers’ ability to
deliver products on a timely basis. While we have entered into agreements for the supply of our vehicles and other components, there
can be no assurance that we will be able to extend or renew these agreements on commercially reasonable terms, or at all, and that
our suppliers will have sufficient resources to fulfill our orders or that the vehicles and components we receive will meet our
quality specifications and be free from defects. Furthermore, suppliers may suffer from poor financial conditions, which can lead to
business failure for the supplier, or consolidation within a particular industry, further limiting our ability to obtain sufficient
quantities of vehicles and components on commercially reasonable terms.

New and changing tariffs, duties, and taxes may
apply in connection with the imports and exports of equipment and parts, and can negatively affect our cost structure and logistics planning.
Furthermore, customs authorities may challenge or disagree with our classifications or valuation of imports. Such challenges could result
in tariff liabilities, including tariffs on past imports, as well as penalties and interest. For example, in January 2022 the Ministry
of Trade in Türkiye (the “ MTDC”) began investigating the imports of scooters into Türkiye, which led to us restating
the importation of our scooter parts under a different import tax product code, resulting in higher import taxes and a fine issued by
the MTDC. The total amount paid by us pursuant to the increased tax liability and fine was approximately $2.2 million as of December 31,
2022 and we may incur further tax liabilities and fines in connection with the importation of our e-scooters and e-bikes.

We rely on third-party insurance policies
to insure us against vehicle-related risks and operations-related risks. If our insurance coverage is insufficient for the needs of our
business or our premiums or deductibles become prohibitively expensive or if our insurance providers are unable to meet their obligations,
we may not be able to mitigate the risks facing our business, which could adversely affect our business, financial condition, and results
of operations.

We rely on a limited number of third-party insurance
providers for various policies, including, but not limited to, general liability, automobile liability, workers’ compensation, property,
cyber liability, directors’ and officers’ liability, and an excess umbrella policy. These third-party policies are intended
to cover various risks that we may face as our company continues to grow. These risks may include those