Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 237

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 237
---
 of the first
tranche in January 2021, the Group issued the Lender warrants to purchase71,522shares of Marti’s common stock at an exercise price
per share of US$2.53. In connection with the funding of the second and third tranche in December 2021, the Group issued the Lender warrants
to purchase a further71,522shares of Marti’s common stock at an exercise price of US$2.53per share (collectively, the “ PFG
Share Warrants”). In connection with the funding of the fifth tranche in October 2022 (5A) and December 2022 (5B), the Group issued
the Lender warrants up to US$1,000,000(US$1for each US$1of principal amount of convertible note) that are exercisable into convertible
notes (collectively, the “ PFG Convertible Warrants”). The PFG Convertible Warrants are exercisable within seven years from
their respective dates of issuance.

In July 2023, the Net Exercise Basis of the shares
outstanding, amounting to143,044, was recalculated as114,737ordinary shares. Subsequently, the114,737shares derived from warrants,
in addition to1ordinary share of PFG, were multiplied by the1.278exchange ratio. Consequently, the warrants and ordinary shares of
PFG converted into146,671ordinary shares, with no cash transaction required for the conversion to ordinary shares.

The PFG Share Warrants are classified as a
component of permanent equity because they are freestanding financial instruments that are legally detachable and separately
exercisable from the shares of common stock or convertible notes with which they were issued, are immediately exercisable, do not
embody an obligation for the Company to repurchase its shares or convertible notes, and permit the holders to receive a fixed
number of shares of common stock upon exercise for warrants to purchase of stocks. In addition, the PFG Share Warrants do not
provide any guarantee of value or return.

F-28

MARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024

(Amounts expressed in US$
unless otherwise stated.)

12 - SHORT-TERM AND LONG-TERM FINANCIAL
LIABILITIES (Continued)

The PFG Convertible Warrants are also