Marti Technologies, Inc. (“Marti” or the “Company”) (NYSE American: MRT), Türkiye’s leading mobility super app and only multi-modal urban mobility provider, listed on the New York Stock Exchange American (“NYSE”) in July of this year. Marti’s public listing was recognized as the International Equity Capital Markets Deal of the Year by Bonds, Loans, and ESG Capital Markets CEE (Central and Eastern Europe), CIS (Commonwealth of Independent States) & Türkiye Awards 2023.
The Bonds, Loans, and ESG Capital Markets event is a leading corporate finance and investment banking event in emerging and frontier markets across Eastern Europe, Middle East, Asia, South America, and Africa. This year’s CEE, CIS & Türkiye event was attended by finance ministries, large corporations, investment banks, and legal firms across the region. Other awardees at this year’s event included the Republic of Türkiye for its $2.5 billion green bond issuance and the payments arm of Türkiye’s leading telecommunications operator Turkcell for its 200 million TL sukuk issuance.
Marti is an innovator in Türkiye’s urban transportation sector, as the first company to introduce e-scooter rental services in the country in 2019. Marti built on its track record of innovation by being the first company to introduce e-bike and e-moped rental services in Türkiye in 2021. Marti most recently launched its car and motorcycle ride-hailing services in the country in 2022.
As of November 13, 2023, Marti’s ride-hailing service had reached over 380,000 riders and over 90,000 registered drivers. Over 70,000 of these drivers are in Türkiye’s largest city, Istanbul. This is in contrast to 19,016 taxis serving the city. These figures have already exceeded the year-end targets of 375,000 riders and 80,000 registered drivers which Marti set in June 2023, and have been achieved a month and a half earlier than planned. Encouraged by the growth in its rider and driver bases, Marti has set revised targets for 450,000 riders and 100,000 registered drivers by December 31, 2023.
Complementing its role as a pioneer in introducing innovative urban transportation services in Türkiye, Marti’s July 2023 public listing on the NYSE American marks the first direct listing of a company in Türkiye on the NYSE. Marti hopes that this pioneering transaction, now recognized as the International Equity Capital Markets Deal of the Year in CEE, CIS & Türkiye’s Capital Markets, serves as a model for other companies in Türkiye and the region. Marti will continue to innovate by introducing and scaling first of its kind services in Türkiye, and by performing first of its kind financial transactions that clear the path for other companies in Türkiye and the region.
About Marti Technologies, Inc.
Founded in 2018, Marti is Türkiye’s leading mobility app, offering multiple transportation services to its riders. Marti operates a ride-hailing service that matches riders with car and motorcycle drivers, and operates a large fleet of rental e-mopeds, e-bikes, and e-scooters. All of Marti’s offerings are serviced by proprietary software systems and IoT infrastructure. For more information visit www.marti.tech.
Cautionary Note Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, also known as the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this press release that are not statements of historical fact and generally relate to future events, hopes, intentions, strategies, or performance may be deemed to be forward-looking statements, including but without limitation statements regarding the anticipated growth, including the number of riders and registered drivers of the ride-hailing business, the full year 2023 updated ride-hailing targets, the expected future performance and market opportunities of Marti and the ride-hailing business, and the Company’s ability to innovate and scale first of its kind services and financial transactions. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “might,” “possible,” “believe,” “predict,” “potential,” “continue,” “aim,” “strive,” and similar expressions may identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expressed or implied forwarding-looking statements, including, but not limited to: (i) the effect of the public listing of our securities on our business relationships, performance, financial condition and business generally, (ii) risks that the business combination may disrupt our current plans or divert management’s attention from our ongoing business operations, (iii) the outcome of any legal proceedings that may be instituted against us or our directors or officers related to the business combination or otherwise, (iv) our ability to maintain the listing of our securities on the NYSE American, (v) volatility in the price of our securities due to a variety of factors, including without limitation changes in the competitive and highly regulated industries in which we plan to operate, variations in competitors’ performance and success and changes in laws and regulations affecting our business, (vi) our ability to implement business plans, forecasts, and other expectations, and identify opportunities, (vii) the risk of downturns in the highly competitive tech-enabled mobility services industry, (viii) our ability to build our brand and consumers’ recognition, acceptance and adoption of our brand, (ix) the risk that we may not be able to effectively manage our growth, including our design, research, development and maintenance capabilities, (x) technological changes and risks associated with doing business in an emerging market, (xi) risks relating to our dependence on and use of certain intellectual property and technology and (xii) and other important factors discussed under the caption “Risk Factors” in the Company’s preliminary prospectus filed with the Securities and Exchange Commission (the “SEC”) on July 31, 2023, as such factors may be updated from time to time in the Company’s other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Company’s website at https://ir.marti.tech. Any investors should carefully consider the risks and uncertainties described in the documents filed by the Company from time to time with the SEC as most of the factors are outside the Company’s control and are difficult to predict. As a result, the Company’s actual results may differ from its expectations, estimates and projections and consequently, such forward-looking statements should not be relied upon as predictions of future events. The Company cautions not to place undue reliance upon any forward-looking statements, including projections, which speak only as to management expectations and beliefs as of the date they are made. The Company disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.
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