Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 16

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 16
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 vehicles, and increases in vandalism or theft could adversely affect
our business, financial condition, and results of operations.

We do not maintain insurance policies covering
all of our business risks, such as risks relating to loss or damage to our two-wheeled electric vehicles and we cannot assure you that
the insurance coverage we currently have would be sufficient to cover our potential losses. Though historically our vehicle losses due
to theft and vandalism have been less than 1% of our revenues, we cannot assure you that this rate will not increase. Potential increases
in loss or damage to our two-wheeled electric vehicles could adversely affect our business, financial condition, and results of operations.

Illegal, improper, or inappropriate activity
of drivers and riders could expose us to liability and harm our business, brand, financial condition, and results of operations.

Our success depends on driver and rider activity
and overall experience of rides. As such, illegal, improper, or otherwise inappropriate activities by drivers and riders, including the
activities of individuals who may have previously engaged with, but are not then receiving or providing services offered through our software
platform, including using our vehicles, or individuals who are intentionally impersonating drivers or riders could adversely affect our
brand, business, financial condition, and results of operations. Some examples of illegal, improper, or inappropriate activity that could
lead to liability include assault, theft, reckless riding, unauthorized use of credit cards, debit cards, or bank accounts, sharing of
user accounts, improper parking of two-wheeled electric vehicles, and other misconduct.

These types of behaviors could lead to accidents
or injuries, negative publicity for us, and damage to our brand and reputation. Repeated inappropriate driver and rider behavior could
significantly impact our relationship with cities and government authorities, which could adversely impact our ability to operate. Cities
and government authorities may limit the number of drivers or two-wheeled electric vehicles we are allowed to operate, suspend our services,
and/or revoke our licenses. These behaviors could also lead our riders and partners to believe that our products and services are not
safe, which would harm our reputation. Further, any negative publicity related to the foregoing, whether such incident occurred on our
products and services, on our competitors’ platforms, or on any ride-hailing or ridesharing platform, could adversely affect our
reputation and brand or public perception of the ride-hailing and ridesharing industries as a whole, which could negatively affect demand
for platforms like ours, and potentially lead to