Marti Announces Amendment to Extend its Share Repurchase Program
Marti Technologies (NYSE American: MRT), Türkiye's leading mobility super app, has announced an extension to its share repurchase program. The company's Board of Directors has authorized a six-month extension allowing repurchases of up to $2.5 million of outstanding Class A ordinary shares until October 9, 2025.
The program, initially launched on January 10, 2024, includes an amendment to increase the ceiling price from $5.00 to $6.00 per share. As of March 21, 2025, MRT's share price stood at $2.87. The repurchases may be conducted through private negotiations or open-market transactions, complying with securities laws including Rule 10b-18.
The Board retains discretion to review, extend, increase, suspend, or discontinue the program, with specific timing and amount of repurchases determined by management based on factors including intrinsic value assessment, market conditions, liquidity, and business strategy.
Marti Technologies (NYSE American: MRT), la principale super app di mobilità in Turchia, ha annunciato un'estensione del suo programma di riacquisto di azioni. Il Consiglio di Amministrazione dell'azienda ha autorizzato un'estensione di sei mesi che consente il riacquisto di fino a 2,5 milioni di dollari di azioni ordinarie di Classe A in circolazione fino al 9 ottobre 2025.
Il programma, lanciato inizialmente il 10 gennaio 2024, include una modifica per aumentare il prezzo massimo da 5,00 a 6,00 dollari per azione. Al 21 marzo 2025, il prezzo delle azioni MRT era di 2,87 dollari. I riacquisti possono essere effettuati tramite negoziazioni private o transazioni sul mercato aperto, in conformità con le leggi sui titoli, inclusa la Regola 10b-18.
Il Consiglio conserva la discrezione di rivedere, estendere, aumentare, sospendere o interrompere il programma, con specifici tempi e importi di riacquisto determinati dalla direzione in base a fattori quali la valutazione del valore intrinseco, le condizioni di mercato, la liquidità e la strategia aziendale.
Marti Technologies (NYSE American: MRT), la principal super app de movilidad en Turquía, ha anunciado una extensión de su programa de recompra de acciones. La Junta Directiva de la compañía ha autorizado una extensión de seis meses que permite la recompra de hasta 2.5 millones de dólares de acciones ordinarias Clase A en circulación hasta el 9 de octubre de 2025.
El programa, lanzado inicialmente el 10 de enero de 2024, incluye una enmienda para aumentar el precio máximo de 5.00 a 6.00 dólares por acción. Al 21 de marzo de 2025, el precio de las acciones de MRT era de 2.87 dólares. Las recompras pueden llevarse a cabo a través de negociaciones privadas o transacciones en el mercado abierto, cumpliendo con las leyes de valores, incluida la Regla 10b-18.
La Junta mantiene la discreción para revisar, extender, aumentar, suspender o discontinuar el programa, con momentos específicos y montos de recompra determinados por la dirección en función de factores como la evaluación del valor intrínseco, las condiciones del mercado, la liquidez y la estrategia empresarial.
Marti Technologies (NYSE American: MRT), 터키의 선도적인 모빌리티 슈퍼 앱이 자사 주식 매입 프로그램의 연장을 발표했습니다. 회사 이사회는 250만 달러의 보통주 A 클래스 주식을 2025년 10월 9일까지 매입할 수 있도록 6개월 연장을 승인했습니다.
이 프로그램은 2024년 1월 10일에 처음 시작되었으며, 주당 최대 가격을 5.00달러에서 6.00달러로 인상하는 수정안이 포함되어 있습니다. 2025년 3월 21일 기준으로 MRT의 주가는 2.87달러였습니다. 매입은 사적 협상이나 공개 시장 거래를 통해 진행될 수 있으며, 증권법 및 규칙 10b-18을 준수해야 합니다.
이사회는 내재 가치 평가, 시장 상황, 유동성 및 비즈니스 전략과 같은 요인에 따라 관리자가 결정한 특정 시기와 매입 금액에 따라 프로그램을 검토, 연장, 증가, 중단 또는 종료할 수 있는 재량권을 보유합니다.
Marti Technologies (NYSE American: MRT), la principale super application de mobilité en Turquie, a annoncé une prolongation de son programme de rachat d'actions. Le Conseil d'Administration de l'entreprise a autorisé une extension de six mois permettant le rachat de jusqu'à 2,5 millions de dollars d'actions ordinaires de Classe A en circulation jusqu'au 9 octobre 2025.
Le programme, lancé initialement le 10 janvier 2024, comprend un amendement pour augmenter le prix plafond de 5,00 à 6,00 dollars par action. Au 21 mars 2025, le prix de l'action MRT était de 2,87 dollars. Les rachats peuvent être effectués par le biais de négociations privées ou de transactions sur le marché libre, conformément aux lois sur les valeurs mobilières, y compris la Règle 10b-18.
Le Conseil conserve la discrétion de revoir, d'étendre, d'augmenter, de suspendre ou d'interrompre le programme, le moment et le montant spécifiques des rachats étant déterminés par la direction en fonction de facteurs tels que l'évaluation de la valeur intrinsèque, les conditions du marché, la liquidité et la stratégie commerciale.
Marti Technologies (NYSE American: MRT), die führende Mobilitäts-Super-App in der Türkei, hat eine Erweiterung ihres Aktienrückkaufprogramms angekündigt. Der Vorstand des Unternehmens hat eine sechsmonatige Verlängerung genehmigt, die Rückkäufe von bis zu 2,5 Millionen Dollar ausstehenden Stammaktien der Klasse A bis zum 9. Oktober 2025 ermöglicht.
Das Programm, das ursprünglich am 10. Januar 2024 gestartet wurde, beinhaltet eine Änderung zur Erhöhung des Höchstpreises von 5,00 auf 6,00 Dollar pro Aktie. Am 21. März 2025 betrug der Aktienkurs von MRT 2,87 Dollar. Die Rückkäufe können durch private Verhandlungen oder Transaktionen am offenen Markt erfolgen und müssen den Wertpapiergesetzen, einschließlich der Regel 10b-18, entsprechen.
Der Vorstand behält sich das Ermessen vor, das Programm zu überprüfen, zu verlängern, zu erhöhen, auszusetzen oder einzustellen, wobei der spezifische Zeitpunkt und der Betrag der Rückkäufe von der Geschäftsleitung basierend auf Faktoren wie der Bewertung des inneren Wertes, den Marktbedingungen, der Liquidität und der Geschäftsstrategie bestimmt werden.
- Extension of share buyback program signals management's confidence in company value
- Increased ceiling price from $5.00 to $6.00 provides more flexibility for repurchases
- Current share price of $2.87 is well below the $6.00 ceiling, offering potential value opportunity
- buyback size of $2.5 million may have minimal impact on share price
- Program's discretionary nature provides no guarantee of actual share repurchases
Insights
Marti's share repurchase program extension reveals strategic capital allocation priorities worth examining. The program's $2.5 million authorization represents approximately 1.35% of Marti's market capitalization at current prices, providing modest but meaningful support for shareholder value.
The ceiling price increase from
While the authorization size remains unchanged, the six-month extension signals continued commitment to capital return. However, investors should note the discretionary implementation clause, which provides management flexibility to pause or cancel repurchases based on market conditions, liquidity needs, or alternative investment opportunities.
The repurchase program, though modest in scale, can potentially enhance earnings per share through share count reduction and provide price support by increasing demand. At Marti's current valuation metrics, repurchases at prices below management's perceived intrinsic value would be accretive to continuing shareholders.
This measured approach to share repurchases balances capital return with maintaining financial flexibility for the mobility technology company's operational needs in the competitive Turkish market.
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 October 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.
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Investor Contact
Marti Technologies, Inc.
Turgut Yilmaz
Investor.relations@marti.tech
Source: Marti Technologies, Inc.
FAQ
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