Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 85

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 85
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 place.

As of December 31, 2024, the material weakness
identified in 2023 “ineffective controls over general IT controls for information systems that are relevant to the preparation of
our consolidated financial statements” has been addressed with the remediation plan and measures of (i) establishing IT policies
and procedures across access management, change management, and IT operations to provide a consistent and standardized control framework,
(ii) implemented a traceable change management process to ensure controlled and documented system modifications, (iii) redesigning application
access rights based on role-based access matrices to support segregation of duties principles in critical systems, (iv) establishing detailed
system-level logging mechanisms and implementing monitoring procedures to ensure the timely review and analysis of critical activities
(v) hiring additional IT personnel with the appropriate level of knowledge, training, and experience to improve our internal control over
financial reporting and IT capabilities, and (vi) engaging third-party specialists to assist us with designing business and IT processes
and controls to remediate material weaknesses and support our implementation of the requirements of Section 404.

We are also in the process of (i) hiring key finance
and technical GAAP accounting personnel and are continuing to evaluate the need for additional resources and (ii) engaging third-party
specialists to advise us on what additional finance and technical GAAP accounting resources are needed to support effective internal controls
whenever needed.

Although we believe these actions will remediate
the material weaknesses, there can be no assurance that the material weaknesses will be remediated on a timely basis or at all, or that
additional material weaknesses will not be identified in the future. If we are unable to remediate the material weaknesses, our ability
to record, process, and report financial information accurately, and to prepare financial statements within the time periods specified
by the rules and forms of the SEC, could be adversely affected which, in turn, may adversely affect our reputation and business and the
market price of our securities.

We qualify as a foreign private issuer within
the meaning of the rules under the Exchange Act, and as such we are exempted from certain provisions applicable to U. S. domestic public
companies.

Because we qualify as a foreign private issuer
under the Exchange Act, we are exempted from certain provisions of the securities rules and regulations in the United States that are
applicable to U. S. domestic issuers, including: (i) the rules under the Exchange Act requiring the filing of quarterly reports on
Form 10-Q and current reports