Marti Technologies (MRT) Announces $2.5M Share Buyback

Türkiye’s leading mobility super app Marti Technologies, Inc. (“Marti” or the “Company”) (NYSE American: MRT) today announced a share repurchase program.

The Company’s Board of Directors (the “Board”) today authorized a share repurchase program under which the Company may repurchase up to $2.5 million of its outstanding Class A ordinary shares, representing approximately 7.9% of the Company’s market capitalization as of January 9, 2024 with a closing price of $0.6510. The repurchase program is effective immediately and is valid for a period of six months from such date (the “Repurchase Program”). Under the Repurchase Program, the Company may repurchase Class A ordinary shares in privately negotiated or open-market transactions in accordance with applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The Board may periodically review the Company’s Repurchase Program and decide to extend its terms or increase the authorized amount. The Repurchase Program may also be suspended or discontinued by the Board at any time.

The Repurchase Program is being financed from the proceeds of a $5.0 million convertible note investment made by Farragut Square Global Master Fund. The convertible note carries an exercise price of $1.65 per share. The remaining proceeds of the convertible note which are not applied towards the Repurchase Program will be used for general corporate purposes, including to further accelerate the growth of Marti’s ride-hailing service.

Alper Oktem, Marti’s Founder and CEO, said: “Following our strong performance and the growth of our ride-hailing business, this Repurchase Program demonstrates our Board’s belief in the value of our shares. As the Repurchase Program will be financed by the $5.0 million transaction of convertible notes, we believe that it will create immediate value for our shareholders. Furthermore, the unused portion of the proceeds from convertible note transaction will enable us to invest in our business and increase the pace of growth in our ride-hailing service, which we believe will create longer term value for our shareholders.”

The specific timing and amount of repurchases will be at the discretion of the Company’s management team, and will depend on a variety of factors, including its assessment of the intrinsic value of the Company’s Class A ordinary shares, the market price of the Company’s Class A ordinary shares, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal, regulatory and contractual restrictions and the Company’s capital and business strategy.

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