Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 69

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 69
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 the United States. In December 2020,
the United States imposed sanctions that targeted the Presidency of Defense Industries (SSB) of Türkiye, its chairman and three other
employees.

In 2018, a New York federal court found a
former executive at Türkiye’s majority state-owned bank Türkiye Halk Bankası A.Ş. guilty on charges that
included bank fraud and conspiracies to evade U. S. sanctions against Iran and sentenced him to prison. He was released in
July 2019, but the U. S. Department of Justice brought similar allegations against Türkiye Halk Bankası A.Ş.,
which are ongoing as of the date of this Annual Report. As of the date of this Annual Report, the final outcome in relation to the
judicial process, or whether any sanction, fine or penalty will be imposed by the OFAC or any other U. S. regulatory body on
Türkiye Halk Bankası A.Ş. or any other Turkish bank or person in connection with those matters, as well as the
possible reaction of the Turkish Government or the financial markets to any such events, is unknown.

The United States has expressed concern that Russian
oligarchs are increasingly using Türkiye as a haven to shelter assets after the United States imposed Ukraine-related sanctions against
Russia. In August 2022, the Biden Administration warned Turkish business associations that Turkish companies could face sanctions if they
do business with Russian individuals and institutions. The Turkish government has indicated it seeks to intensify its economic cooperation
with Russia.

Actual or perceived political instability in Türkiye,
escalating diplomatic and political tensions with the United States or other countries, and/or other political circumstances could have
a material adverse effect on our business, financial condition or results of operations or on the market price of the Ordinary Shares.

Foreign exchange rate risks could affect
the Turkish macroeconomic environment, impact investments, and significantly affect our results of operation and financial position in
future periods if hedging tools are not available on commercially reasonable terms.

We are exposed to foreign exchange rate risks
between Turkish Lira and U. S. dollars. Although our income, expenses, assets, and liabilities are primarily denominated in Turkish Lira,
we also maintain some non-Turkish Lira denominated assets and liabilities, primarily in U. S. dollars. For the years ended December 31,
2024, 2023, and 2022, we recorded foreign exchange gain of $0.4 million