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

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 29
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 if attracting riders becomes more challenging, existing drivers may also opt for other platforms,
necessitating potential changes to our business model, including increased incentives, reduced profits, and higher marketing
expenses. Conversely, if we choose to decrease incentives to improve our financial performance, we may experience further declines
in driver numbers and increased dissatisfaction among them. Driver attrition could adversely impact overall platform satisfaction
and rider experiences, ultimately reducing the overall value of our platform.

Additionally, if drivers opt out, our operational
processes such as driver education, qualification, background checks, and approvals would need to start anew for replacements. Completing
these operational processes and onboarding drivers with the necessary qualifications might take longer than expected, either due to competition
or other factors, potentially resulting in delays in meeting rider demand. Furthermore, local or governmental authorities and regulators
may require more complex background checks and information approvals in the future, further increasing response times. These operational
burdens could decrease the value of our business and have a material adverse effect on our business, results of operations, and prospects.

If platform users become involved in or
encounter criminal, violent, dangerous, or inappropriate activity leading to significant safety incidents, it may undermine our ability
to attract and retain both drivers and riders, which could adversely impact our reputation and have a material adverse effect on our business,
results of operations, and prospects.

We may not be able to control and foresee the
actions of our platform users and third parties in such cases whether before, during, or after their use of our platform. Consequently,
we may face challenges in ensuring a safe environment for our drivers and riders due to certain behaviors exhibited by them or by third
parties impersonating our drivers. Criminal activities such as armed robbery, violent assault, rape, kidnapping, or terrorist attacks
before, during, or after a trip on our platform may result in serious injuries, deaths, or property damage for our drivers, riders, or
third parties.

Despite our efforts to mitigate these risks through
measures such as driver background checks, digital control points including requiring driver selfies before the trips, live location sharing
that allows riders to share trip details in real-time with family and friends, GPS tracking of rides creating a record of routes and locations
for added security, and in-app panic button connecting riders directly to the call center for swift emergency assistance, we may still
receive complaints and face legal actions from riders, drivers, and authorities.

We also provide motorcycle-hailing services which
may be considered a higher