ISTANBUL - Marti Technologies, Inc. (NYSE American: MRT), a prominent mobility service provider in Türkiye, has launched a share repurchase program, the company announced Today. The initiative allows for the buyback of up to $2.5 million of its Class A ordinary shares, which is roughly 7.9% of its market capitalization as of January 9, 2024.
The repurchase program, effective immediately, is set to last six months and will be conducted through open-market or privately negotiated transactions, adhering to the rules, including Rule 10b-18, of the Securities Exchange Act of 1934. The Board of Directors reserves the right to modify the program's terms or suspend it at any time.
This strategic financial move is backed by the proceeds from a $5 million convertible note investment by Farragut Square Global Master Fund, with an exercise price of $1.65 per share. The funds not allocated to the repurchase will be invested in general corporate purposes and the expansion of Marti's ride-hailing operations.
Alper Oktem, Marti's CEO, expressed confidence in the share repurchase, attributing it to the company's solid performance and the expansion of their ride-hailing business. He stated that the program reflects the Board's confidence in the company's stock value and is anticipated to generate immediate shareholder value. The remaining proceeds from the convertible note are intended to foster growth in their ride-hailing service, aiming to bring long-term shareholder value.
Marti's management will determine the specific timing and volume of repurchases based on various factors, including stock intrinsic value, market conditions, liquidity, legal and regulatory requirements, and the company's overall business strategy.
Founded in 2018, Marti offers a leading mobility app in Türkiye, providing diverse transportation options such as ride-hailing, and a fleet of rental e-mopeds, e-bikes, and e-scooters, all powered by their proprietary software and IoT infrastructure.
This article is based on a press release statement from Marti Technologies, Inc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.