Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 260

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 260
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 subscribed for Convertible Notes in an aggregate principal amount of US$2,000,000.

In April 2025, the Group entered into an additional subscription agreement with certain lenders and pursuant to the terms of the additional
subscription agreement, the lenders subscribed for Convertible Notes in an aggregate principal amount of US$23,000,000.

Legal Proceedings

On July 19, 2024, the court ruled in favor of the plaintiff regarding our ride-hailing service, but dismissed claims related to our motorcycle-hailing
service. The court also issued an order blocking access to our ride-hailing app but clarified that this did not affect other activities.
We filed objections to the ruling on October 1, 2024, except for the part related to motorcycle-hailing.

The 14thCivil Chamber of the Istanbul
Regional Court of Justice overturned the decision, stating that the expert reports were insufficient and that the court had not properly
considered the defendant’s defenses. The case was sent back to the first instance court for retrial.

Following this, the case resumed in the Istanbul
14thCommercial Court. Additionally, a lawsuit filed by the Antalya Chamber of Drivers was combined with the existing case,
as both were related. Following this, the İzmir Taxi Association, the Kayseri Taxi Association, the national umbrella organization
for all taxi unions in Türkiye, the Turkish Drivers and Automobile Federation, requested intervention in the main Istanbul case.
On March 21, 2025, the intervention requests were accepted and a new expert committee is appointed to prepare a new expert report. The
hearing is postponed to May 23, 2025.

Subsequently Issued Shares

On January 7, 2025, the Company granted RSUs covering7,027,884ordinary shares, for which the vesting is based on afour yearservice
condition, and2,869,750fully-vested ordinary shares to the Company’s co-founders in connection with the Company’s achievement
of LTIP Event I on August 26, 2024, and2,976,541fully-vested ordinary shares to the Company’s cofounders in connection with the
Company’s achievement of LTIP Event II on December 12, 2024. The grant-date fair value of ordinary shares on the grant date was US$3.36per share. The fair market value of an ordinary share on the dates the LTIP Event I and LTIP Event II were achieved were US$