Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 37

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 37
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 Merger, as of the end of the day immediately preceding the closing, we became a U. S. corporation for U. S. federal income tax purposes
by reason of Section 7874(b) of the U. S. Internal Revenue Code of 1986, as amended (the “ Code”), in a transaction that qualifies
as a “reorganization” within the meaning of Section 368(a) of the Code, pursuant to U. S. Treasury Regulations issued pursuant
to the Code.

In connection with the Business Combination, the
Company entered into convertible note subscription agreements, as amended on December 23, 2022 and April 28, 2023 (as so amended, the
“ PIPE Subscription Agreement”) with certain investors (the “ PIPE Investors”), pursuant to which the Company issued
and sold, in private placements to close immediately prior to the consummation of the Business Combination, an aggregate of approximately
$50.5 million of aggregate principal amount of Convertible Notes (before adjusting for the termination of the PIPE Subscription Agreement
with a certain PIPE Investor representing $15.0 million of aggregate principal amount on April 29, 2023), and Marti entered into a convertible
note subscription agreement (the “ Pre-Fund Subscription Agreement”) with Farragut Square Global Master Fund, LP (“ Farragut”),
as the lead subscriber, and the persons and entities listed on the schedule of subscribers attached thereto (as updated from time to time
in accordance with its terms) (together with Farragut, collectively, the “ Pre-Fund Subscribers”), pursuant to which the Pre-Fund
Subscribers purchased from Marti an aggregate of $17.5 million in Pre-Fund Notes, which converted into the Convertible Notes at the closing
of the Business Combination (the “ Closing”).

In January 2024, each of Marti and Callaway Capital
Management LLC (“ Callaway”) purchased the Convertible Note held by another certain existing PIPE Investor in an aggregate
principal amount of $1.5 million (the “ Assignment”). Upon the completion of the Assignment, such PIPE Investor no longer holds
any Convertible Notes. On March 22, 2024, MSTV (as defined herein) subscribed for the Convertible Notes in an aggregate principal amount
of $7.5 million. On September 23, 2024, MSTV and NHTAF (as defined herein) subscribed for the Convertible Notes in an aggregate principal
amount