Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 70

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 70
---
, foreign exchange gain of $2.7 million, and foreign exchange gains
of $2.3 million, respectively.

The Turkish Lira has demonstrated a significant
degree of volatility, with particularly sharp depreciation against major currencies, in recent years, which has increased the Company’s
foreign currency risk. Following decreases in interest rates by the Central Bank in late 2021, the Turkish Lira depreciated by 44.1% to
TL 18.70 against the U. S. dollar by December 31, 2022, by 57.4% to TL 29.44 by December 31, 2023, and by a further 19.7% to TL 35.22 by
December 31, 2024.

The Central Bank’s monetary policy is subject
to a number of uncertainties, including global macroeconomic conditions and political conditions in Türkiye, and further macroeconomic
uncertainties may result in additional volatility in the value of the Turkish Lira. Fluctuations in foreign currency exchange rates and
increased volatility of the Turkish Lira could adversely affect the Turkish economy and negatively impact the value of our securities.

We do not currently undertake any currency hedging
to manage our exposure in Türkiye to changes in foreign exchange rates. Consequently, any sudden and significant changes in foreign
exchange rates may have an adverse impact on our financial condition, revenue and results of operations.

Because our operational subsidiary is incorporated
in Türkiye, and because it is subject to Turkish accounting rules, we are bound to calculate and declare dividends, if any, in Turkish
Lira. The depreciation of Turkish Lira against the U. S. dollar could cause fewer U. S. dollars to be obtained from the conversion of Turkish
Lira at any time dividend payments are made.

Türkiye is subject to internal and
external unrest and the threat of future terrorist acts, which may adversely affect us.

Türkiye is located in a region that has been
subject to ongoing political and security concerns. Türkiye has been subject to a number of terrorist attacks, resulting in numerous
fatalities and casualties. Such incidents have had, and could continue to have, a material adverse effect on the Turkish economy. Unrest
in neighboring countries could have political implications both within Türkiye and in its relationship with other countries and/or
have a negative impact on the Turkish economy, which could have a material adverse effect on our business, financial condition, results
of operations and prospects.

Tür