Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 26

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 26
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 Türkiye undergoing
significant political and economic reform in recent years that has increased stability and led to economic growth, Türkiye is still
considered by international investors to be an emerging market. Emerging markets such as Türkiye are more likely than developed markets
to be perceived negatively by investors because external events, and financial turmoil in any emerging market (or global markets generally)
could disrupt the business environment in Türkiye. Moreover, financial turmoil in one or more emerging market(s) tends to adversely
affect prices for securities in other emerging market countries as investors move their money to countries that are perceived to be more
stable and economically developed. An increase in the perceived risks associated with investing in emerging economies could dampen capital
flows to Türkiye and adversely affect the Turkish economy. As a result, investors’ interest in the securities (and thus their
market price) might be subject to fluctuations that might not necessarily be related to economic conditions in Türkiye or our financial
performance. Investors’ interest in Türkiye might be negatively affected by events in other emerging markets or the global
economy in general, which could adversely affect the value of our business and could have a material adverse effect on our business, results
of operations, and prospects.

Our business would be adversely affected
if ride-hailing drivers were classified as employees, workers, or quasi-employees in the future.

The classification of drivers is not currently
being challenged in Türkiye by legislators or by government agencies. However, our global peers face numerous legal proceedings,
including putative class and collective class action lawsuits in different countries, claiming that drivers should be treated as company
employees (or as workers or quasi-employees where those statuses exist), rather than as independent contractors. We believe drivers are
independent contractors since they can choose the platform they work on regardless of any performance criteria and switch between platforms
without any penalties. They can also choose the time and location to provide their services. However, we might not successfully uphold
the classification of drivers in certain jurisdictions, which may also lead to arbitration demands against us that assert similar classification
claims. Changes to laws and regulations governing the definition or classification of independent contractors could require the classification
of drivers as employees (or workers or quasi-employees where those statuses exist).

Such reclassification of drivers could lead the
group of drivers to become represented by labor unions. If the number of unionized drivers were to become significant, collective bargaining
agreement terms may deviate significantly from our business model and we may be required to change it