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ISTANBUL - Marti Technologies, Inc. (NYSE American: MRT), a prominent mobility service provider in Türkiye with a market capitalization of $168.19 million, has announced an extension to its share repurchase program. The company’s Board of Directors has authorized a six-month prolongation of the existing program, now allowing the repurchase of up to $2.5 million of its outstanding Class A ordinary shares at a revised ceiling price of up to $6.00 per share, effective immediately until October 9, 2025.
The initial share repurchase initiative commenced on January 10, 2024, with the previous amendment extending the term to April 9, 2025. The recent amendment raises the maximum price per share for buybacks from the earlier cap of $5.00. While Marti’s stock has shown remarkable growth with a 265.61% return over the past year, InvestingPro analysis suggests the stock is currently trading above its Fair Value. As of the last market close on March 21, 2025, Marti’s share price stood at $2.87.
The repurchases may be conducted in privately negotiated transactions or on the open market, adhering to the Securities Exchange Act of 1934 regulations, specifically Rule 10b-18. The timing and volume of the buybacks are subject to the company management’s discretion, contingent on factors like the intrinsic value of the shares, market conditions, liquidity, legal and regulatory constraints, and the company’s strategic priorities. InvestingPro data reveals potential challenges, with the company maintaining a weak financial health score and negative gross profit margins of -9.99%.
Marti Technologies, founded in 2018, is Türkiye’s leading mobility super app, facilitating various transportation services such as ride-hailing for cars, motorcycles, and taxis, alongside a fleet of rental e-mopeds, e-bikes, and e-scooters. The services are supported by Marti’s proprietary software and IoT infrastructure. With total debt of $69.6 million and challenging market conditions ahead, subscribers to InvestingPro can access 14 additional key insights about the company’s financial outlook and market position.
The company’s Board retains the right to review and potentially alter the terms of the Repurchase Program or suspend or discontinue it at any time. This announcement is based on a press release statement and includes forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those anticipated.
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