Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 84

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 84
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 internal control over financial reporting, we may identify deficiencies that we may not be able to
remediate in time to meet the deadline imposed by the Sarbanes-Oxley Act for compliance with the requirements of Section 404. In
addition, we may encounter problems or delays in completing the remediation of any deficiencies identified by our independent registered
public accounting firm or management. Our testing, or the subsequent testing (if required) by our independent registered public accounting
firm, may reveal deficiencies in our internal control over financial reporting that are deemed to be material weaknesses. A material weakness
is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility
that a material misstatement of the entity’s financial statements will not be prevented or detected on a timely basis. Any material
weaknesses could result in a material misstatement of our annual or quarterly consolidated financial statements or disclosures that may
not be prevented or detected. The existence of any material weakness would require management to devote significant time and incur significant
expense to remediate any such material weakness, and our management may not be able to remediate any such material weakness in a timely
manner.

If we fail to implement the requirements of Section 404
in the required timeframe once we are no longer an emerging growth company or a smaller reporting company, we may be subject to sanctions
or investigations by regulatory authorities, including the SEC and the NYSE American. Furthermore, if we are unable to conclude that our
internal controls over financial reporting are effective, we could lose investor confidence in the accuracy and completeness of our financial
reports, the market price of our securities could decline, and we could be subject to sanctions or investigations by regulatory authorities.
Failure to implement or maintain effective internal control over financial reporting and disclosure controls and procedures required of
public companies could also restrict our future access to the capital markets.

In connection with the preparation of our financial statements for the year ended December 31, 2024, our management team determined that material weaknesses existed
in our internal control over financial reporting due to (i) inadequate design and implementation of processes and controls, (ii) lack
of sufficient accounting and financial reporting personnel with requisite knowledge and experience in the application of GAAP and (iii) insufficient
risk assessment to identify all risks of material misstatements. We have concluded that these material weaknesses arose because, as a
former private company, we did not have the necessary processes, systems, personnel, and related internal controls in