Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 75

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 75
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 member country and the armed forces of Russia and/or Ukraine could pose
significant risks to Türkiye. As a member of NATO, if the war in Ukraine were to spread into a NATO country, Türkiye would be
required, pursuant to the terms of NATO membership, to treat such action as an attack on its own territory and could be compelled to join
the war. Heightened tensions between Türkiye and Ukraine due to Türkiye’s role as a NATO member and a host to ceasefire
negotiations between Ukrainian and Russian negotiators may adversely affect the relationship between Türkiye and Ukraine and could
lead to a disruption of their trading and tourism relationships, which could have an adverse effect on Türkiye’s economy and
indirectly impact our business and results of operations.

The above circumstances have had, and could continue
to have, a material adverse effect on the Turkish economy and on our business, financial condition, and/or results of operations.

Türkiye is subject to the risk of significant
seismic events.

A significant portion of Türkiye’s
population and most of its economic resources are located in first-degree earthquake risk zones (i. e., the highest level of risk of damage
from earthquakes), and a number of our properties and business operations in Türkiye are located in such zones. Türkiye has
experienced a large number of earthquakes in recent years, some of which were severe. For example, in October 2020, the western
province of Izmir experienced an earthquake measuring 7.0 on the Richter scale, which caused significant loss of life and property damage.
Further, two earthquakes took place on February 6, 2023 in the southeastern region of Türkiye with magnitudes of 7.8 and 7.5, directly
affecting 11 cities, leveling neighborhoods and resulting in more than 50,000 casualties. In the aftermath, most of the production facilities
and shops in the region were shut down and many of the local residents moved to other parts of Türkiye. We did not have any vehicle
losses and relocated our vehicles from the earthquake zone to our other operational regions.

It is likely that Türkiye will experience
earthquakes in the future and any future earthquakes could have a material adverse effect on our business, financial condition, and/or
results of operations.

Risks Related to Our Financial Results

We are exposed to fluctuations in currency
exchange rates.

We conduct a significant portion of our business
in currencies other than the U. S.