Marti Technologies, Inc. - MRT STOCK NEWS

Marti Technologies, Türkiye’s leading mobility super app, announced that its ride-hailing service exceeded its June 30, 2024 targets, reaching over 1,100,000 riders and 170,000 registered drivers. This represents a 121% increase in riders and a 60% increase in drivers from December 31, 2023. The company has now set new targets for September 30, 2024: over 1,300,000 riders and 190,000 registered drivers. In Istanbul alone, Marti boasts over 141,000 drivers compared to 19,845 taxis. Marti’s drivers undergo background checks and hold an average rating of 4.8 out of 5 stars. The Turkish ride-hailing market is projected to grow significantly, with McKinsey & Company estimating it could reach $15 billion to $20 billion by 2030.

Pershing Square Capital Management (PSCM) has announced the sale of a 10% common equity interest in Pershing Square Holdco, a new partnership owning 100% of PSCM, for $1.05 billion to strategic investors including Arch Capital Group (ACGL). This sale involves an internal reorganization of PSCM's ownership structure, resulting in a deemed assignment under the Investment Advisers Act of 1940. The reorganization has been approved by the Pershing Square Holdings (PSH) board, ensuring no changes to PSCM's management team or its investment management role. Furthermore, an independent Board of Directors has been established. Bill Ackman remains the largest shareholder of the controlling The transaction aims to accelerate growth in assets under management and maintain high long-term returns for investors.

Pershing Square Capital Management announced the sale of a 10% common equity interest in Pershing Square Holdco for $1.05 billion to a group of strategic investors, including Arch Capital Group (NASDAQ: ACGL). This strategic investment aims to accelerate Pershing Square's growth in assets under management.

Additionally, Pershing Square has established an independent Board of Directors and reorganized its ownership structure. This reorganization includes the creation of a liability company controlled by senior management. The transaction will not affect Pershing Square’s investment management services.

Bill Ackman, Pershing Square's founder and CEO, expressed enthusiasm about the new investors and the growth opportunities they bring. Key appointments following the transaction include Ben Hakim as President and Nick Botta as Vice Chairman.

Marti Technologies, Türkiye’s leading mobility app, announced substantial growth in its ride-hailing service, reaching over 925,000 riders and 155,000 registered drivers as of May 20, 2024. This surpasses its June 2024 targets of 900,000 riders and 155,000 drivers, achieved 1.5 months early. Rider numbers increased by 86% and drivers by 46% from December 2023 to May 2024.

Encouraged by this growth, Marti revised its June 2024 targets to 1,000,000 riders and 165,000 drivers. Notably, over 130,000 of these drivers operate in Istanbul, which has only 19,845 taxis. Marti ensures rider safety through formal background checks, and drivers are rated 4.8 out of 5 stars.

Despite not enabling online payments or charging fees, Marti's ride-hailing service has significantly disrupted the market. McKinsey & Company estimates Türkiye's taxi market at $9-12 billion, with potential growth to $15-20 billion by 2030 due to ride-hailing.

Marti Technologies has appointed Oguz Erkan as the new CFO, effective May 17, 2024, replacing Cem Yasar Ozey. Erkan brings extensive experience from his roles at GlaxoSmithKline and Arçelik-Beko, making him well-suited to support Marti’s growth. The company appreciates Ozey's contributions during their first year as a US public company. CEO Oguz Alper Oktem highlighted Erkan's expertise in managing large-scale finances and completing value-creation projects. Erkan holds degrees in Business Administration and an Executive MBA from Koç University.

Marti Technologies, Inc. announced an amendment to its share repurchase program, extending it for 3 months with a ceiling price of $3.30 per share. The program allows the repurchase of up to $2.5 million of outstanding Class A ordinary shares until October 9, 2024.

Marti Technologies, Inc. has achieved significant milestones in its ride-hailing business, reaching over 788,000 unique riders and over 145,000 registered drivers as of April 23, 2024. The company has experienced a 58% growth in ride-hailing riders and a 36% growth in registered drivers from December 31, 2023, to April 23, 2024. Marti plans to increase its target to 900,000 unique riders by June 30, 2024, while maintaining a target of 155,000 registered drivers. The company operates in Türkiye and aims to provide safe, affordable rides for riders while offering economic opportunities for drivers. With over 145,000 registered drivers, Marti surpasses the number of taxis in Istanbul by 6.2 times, ensuring widespread availability across the city. McKinsey & Company estimates the potential size of the Turkish ride-hailing market to reach $15 billion to $20 billion by 2030.

Marti Technologies, Inc. announces its financial and operational results for the full year 2023, highlighting capital efficient investments in ride-hailing and operational efficiencies in the two-wheeled electric vehicle rental business. Despite a net loss of $33.8M, Marti achieved revenue of $20.0M and adjusted EBITDA of $(17.7)M, in line with forecasts. The company retained 59% market share in the two-wheeled electric vehicle rental segment and plans to increase investments in ride-hailing in 2024.

Marti Technologies, Inc. (MRT) will release its full year 2023 financial and operational results on April 16, 2024. The company, known as Türkiye’s leading mobility super app, will host a conference call and webcast to discuss the results. Investors can access the live webcast and participate in the call to gain insights into Marti's performance.