Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 191

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 15
Chunk 191
---
 previously identified material weaknesses
have not been remediated as of year end.

These material weaknesses resulted in material
misstatements that were corrected prior to the issuance of the consolidated financial statements. Furthermore, a reasonable possibility
exists that material misstatements in the consolidated financial statements will not be prevented or detected on a timely basis.

A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of our annual or interim financial statements will not be prevented or detected on a timely basis.

Our independent registered accounting firm will
not be required to opine on the effectiveness of our internal control over financial reporting pursuant to Section 404 until we are no
longer an “emerging growth company” as defined in the JOBS Act.

Material Weaknesses

Our management has identified three material
weaknesses in the design and operation of our internal control over financial reporting in connection with the preparation of our financial
statements for the year ended December 31, 2024. A material weakness is a deficiency, or a combination of deficiencies, in internal control
over financial reporting such that there is a reasonable possibility that a material misstatement of a company’s annual or interim
financial statements will not be prevented or detected on a timely basis.

The three material weaknesses referenced above
are described below:

  inadequate design and implementation of processes  

  lack of sufficient accounting and financial                                                  

  insufficient risk assessment to identify all  

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 place.

  Attestation Report of the Registered Public Accounting Firm  

Our independent registered public accounting firm
will not be required to provide an attestation report on management’s assessment of our internal control over financial reporting until
we are no longer an emerging growth company.

  Changes in Internal Control over Financial Reporting  
 ────────────────────────────────────────────────────────

Remediation
Status of Material Weaknesses

Since identifying the material weaknesses, we
have been, and are currently in the process of, remediating each of these. We are still in the process of developing, implementing and
embedding the enhanced processes and procedures throughout the organization, and testing the operating effectiveness of these improved
controls. We plan to complete the remediation process as quickly as possible.

As of December 31, 2024, the material weakness identified in