Marti Announces Amendment to Extend its Share Repurchase Program
Marti Technologies, Inc. (NYSE American: MRT), Türkiye's leading mobility super app, has extended its share repurchase program by six months until April 9, 2025. The program, initially launched on January 10, 2024, allows the company to repurchase up to $2.5 million of its outstanding Class A ordinary shares. The Board has also increased the ceiling price for share repurchases from $3.30 to $5.00 per share. As of October 8, 2024, Marti's share price was $2.04.
The repurchase program can be executed through privately negotiated or open-market transactions, subject to applicable securities laws. The Board retains the right to review, extend, or increase the program, which can also be suspended or discontinued at any time. The timing and amount of repurchases will be determined by management based on various factors, including the company's assessment of its shares' intrinsic value, market conditions, and strategic considerations.
Marti Technologies, Inc. (NYSE American: MRT), la principale super app di mobilità della Turchia, ha esteso il suo programma di riacquisto di azioni di sei mesi fino al 9 aprile 2025. Il programma, lanciato inizialmente il 10 gennaio 2024, consente all'azienda di riacquistare fino a 2,5 milioni di $ delle sue azioni ordinarie di Classe A in circolazione. Il Consiglio di Amministrazione ha anche aumentato il prezzo massimo per i riacquisti di azioni da 3,30 $ a 5,00 $ per azione. All'8 ottobre 2024, il prezzo delle azioni di Marti era di 2,04 $.
Il programma di riacquisto può essere eseguito attraverso transazioni private o sul mercato aperto, in conformità con le leggi sui valori mobiliari applicabili. Il Consiglio si riserva il diritto di rivedere, estendere o aumentare il programma, che può anche essere sospeso o interrotto in qualsiasi momento. Il momento e l'importo dei riacquisti saranno determinati dalla direzione sulla base di vari fattori, tra cui la valutazione da parte dell'azienda del valore intrinseco delle proprie azioni, le condizioni di mercato e considerazioni strategiche.
Marti Technologies, Inc. (NYSE American: MRT), la principal super app de movilidad de Turquía, ha ampliado su programa de recompra de acciones por seis meses hasta el 9 de abril de 2025. El programa, que se lanzó inicialmente el 10 de enero de 2024, permite a la empresa recomprar hasta $2.5 millones de sus acciones ordinarias Clase A en circulación. La Junta también ha Aumentado el precio tope para las recompras de acciones de $3.30 a $5.00 por acción. Al 8 de octubre de 2024, el precio de la acción de Marti era de $2.04.
El programa de recompra puede ejecutarse a través de transacciones negociadas de manera privada o en el mercado abierto, sujeto a las leyes de valores aplicables. La Junta se reserva el derecho de revisar, extender o aumentar el programa, que también puede suspenderse o finalizarse en cualquier momento. El momento y la cantidad de las recompensas serán determinados por la dirección en función de varios factores, incluida la evaluación de la empresa de su valor intrínseco, condiciones del mercado y consideraciones estratégicas.
Marti Technologies, Inc. (NYSE American: MRT)는 터키의 선도적인 이동 수단 슈퍼 앱으로 자사 주식 매입 프로그램을 6개월 연장하여 2025년 4월 9일까지 지속하기로 했습니다. 이 프로그램은 2024년 1월 10일에 처음 시작되었으며, 회사는 250만 달러까지의 유통 중인 A등급 보통주를 재매입할 수 있습니다. 이사회는 또한 주식 매입 가격 상한을 $3.30에서 $5.00로 인상했습니다. 2024년 10월 8일 현재 Marti의 주가는 $2.04였습니다.
주식 매입 프로그램은 사적으로 협상된 거래 또는 공개 시장 거래를 통해 실행될 수 있으며, 관련 증권 법률에 따릅니다. 이사회는 이 프로그램을 검토, 연장 또는 증액할 권리를 보유하고 있으며, 언제든지 중단하거나 종료할 수도 있습니다. 매입의 시기와 금액은 회사의 자산 본질 가치 평가, 시장 여건 및 전략적 고려 사항 등을 기반으로 경영진이 결정합니다.
Marti Technologies, Inc. (NYSE American: MRT), la principale super application de mobilité de Turquie, a étendu son programme de rachat d'actions de six mois jusqu'au 9 avril 2025. Le programme, lancé initialement le 10 janvier 2024, permet à l'entreprise de racheter jusqu'à 2,5 millions de $ de ses actions ordinaires de Classe A en circulation. Le Conseil d'Administration a également augmenté le plafond pour les rachats d'actions de 3,30 $ à 5,00 $ par action. Au 8 octobre 2024, le prix de l'action de Marti était de 2,04 $.
Le programme de rachat peut être exécuté par le biais de transactions négociées en privé ou sur le marché ouvert, conformément aux lois sur les valeurs mobilières applicables. Le Conseil se réserve le droit de revoir, d'étendre ou d'augmenter le programme, qui peut également être suspendu ou interrompu à tout moment. Le calendrier et le montant des rachats seront déterminés par la direction sur la base de divers facteurs, y compris l'évaluation par l'entreprise de la valeur intrinsèque de ses actions, les conditions du marché et des considérations stratégiques.
Marti Technologies, Inc. (NYSE American: MRT), die führende Mobilitäts-Super-App in der Türkei, hat ihr Aktienrückkaufprogramm um sechs Monate bis zum 9. April 2025 verlängert. Das Programm, das ursprünglich am 10. Januar 2024 gestartet wurde, erlaubt es dem Unternehmen, bis zu 2,5 Millionen $ seiner ausstehenden Stammaktien der Klasse A zurückzukaufen. Der Vorstand hat auch den Höchstpreis für den Aktienrückkauf von 3,30 $ auf 5,00 $ pro Aktie erhöht. Am 8. Oktober 2024 lag der Aktienkurs von Marti bei 2,04 $.
Das Rückkaufprogramm kann durch privat ausgehandelte oder offene Markttransaktionen durchgeführt werden, unterliegt den geltenden Wertpapiergesetzen. Der Vorstand behält sich das Recht vor, das Programm zu überprüfen, zu verlängern oder zu erhöhen, und es kann jederzeit ausgesetzt oder eingestellt werden. Der Zeitpunkt und die Höhe der Rückkäufe werden von der Geschäftsleitung basierend auf verschiedenen Faktoren, einschließlich der Bewertung des inneren Wertes der Aktien durch das Unternehmen, der Marktbedingungen und strategischer Überlegungen, festgelegt.
- Extension of share repurchase program until April 9, 2025
- Increase in ceiling price for repurchases from $3.30 to $5.00 per share
- Potential to enhance shareholder value through stock buybacks
- Current share price ($2.04) significantly below the new ceiling price ($5.00)
- Allocation of $2.5 million for buybacks may impact available capital for other investments
Insights
The extension of Marti's share repurchase program is a strategic move that signals management's confidence in the company's intrinsic value. The increase in the ceiling price from
This program allows Marti to potentially acquire up to
The flexibility in timing and amount of repurchases gives management room to optimize capital allocation. While this move can be seen as positive for shareholder value, it's important to monitor the company's cash position and growth investments to ensure the buyback doesn't compromise long-term strategic initiatives.
Marti's decision to extend its share repurchase program reflects a broader trend among tech companies to leverage buybacks as a tool for capital return and stock price support. As Türkiye's leading mobility super app, this move could be interpreted as a defensive strategy in a competitive market landscape.
The extension until April 9, 2025, provides a significant window for the company to act on market opportunities. The increased ceiling price suggests management's optimistic outlook on future growth prospects. However, investors should consider the potential impact on liquidity and free float, especially given Marti's relatively small market cap of
This program may also serve as a signal to the market about the company's financial health and confidence in its business model. Yet, it's essential to analyze this move in the context of Marti's overall financial performance and industry position to gauge its long-term implications.
The Company’s Board of Directors (the “Board”) authorized a six month extension to its share repurchase program under which the Company may repurchase up to
The amended repurchase program is effective immediately and is valid until April 9, 2025 (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 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.
About Marti:
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, motorcycle, and taxi 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:
Certain statements made in this press release constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements related to the Repurchase Program and the timing of repurchases, if any. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including the risks discussed in the Company’s filings with the SEC, including the Company’s Annual Report on Form 20-F. Marti undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241009599420/en/
Marti Technologies, Inc.
Turgut Yilmaz
Investor.relations@marti.tech
Source: Marti Technologies, Inc.
FAQ
What is the new expiration date for Marti's (MRT) share repurchase program?
How much can Marti (MRT) spend on share repurchases under the extended program?
What is the new ceiling price for Marti's (MRT) share repurchases?
When was Marti's (MRT) share repurchase program originally initiated?
