Marti Technologies Extends Share Repurchase Program by $2.5M
Ticker: MRT · Form: 6-K · Filed: Oct 9, 2024 · CIK: 1852767
Sentiment: neutral
Topics: share-repurchase, extension, board-authorization
TL;DR
Marti extends buyback by $2.5M for 6 more months, board likes the stock price.
AI Summary
On October 9, 2024, Marti Technologies, Inc. announced that its board of directors has authorized a six-month extension for its share repurchase program. Under this extended program, the company is permitted to repurchase up to an additional $2.5 million of its outstanding Class A ordinary shares.
Why It Matters
This extension signals continued confidence from Marti's board in the company's valuation and its commitment to returning capital to shareholders.
Risk Assessment
Risk Level: low — The filing is a routine update on a previously announced share repurchase program, with no new material risks introduced.
Key Numbers
- $2.5M — Share Repurchase Authorization (Additional amount the company can repurchase.)
Key Players & Entities
- Marti Technologies, Inc. (company) — The company making the announcement.
- $2.5 million (dollar_amount) — The maximum amount authorized for repurchase.
- October 9, 2024 (date) — The date of the announcement.
FAQ
What is the total authorized amount for the share repurchase program after this extension?
The filing states the company may repurchase up to an additional $2.5 million, implying this is an extension or addition to a previous authorization, but the total cumulative amount is not explicitly stated in this excerpt.
What is the duration of the extension for the share repurchase program?
The board authorized a six-month extension to the share repurchase program.
What class of shares is eligible for repurchase?
The company may repurchase its outstanding Class A ordinary shares.
Who authorized the extension of the share repurchase program?
The board of directors of Marti Technologies, Inc. authorized the extension.
What was the previous status of the share repurchase program?
The filing indicates the program was extended, suggesting it was either nearing its end or had an existing authorization that was being modified.
Filing Stats: 270 words · 1 min read · ~1 pages · Grade level 9.7 · Accepted 2024-10-09 06:36:04
Key Financial Figures
- $2.5 million — which the Company may repurchase up to $2.5 million of its outstanding Class A ordinary sha
- $3.30 — he Board amended the ceiling price from $3.30 per share to up to $5.00 per share for
- $5.00 — ing price from $3.30 per share to up to $5.00 per share for the share repurchases. A
Filing Documents
- ea0217136-6k_marti.htm (6-K) — 19KB
- ea021713601ex99-1_marti.htm (EX-99.1) — 7KB
- 0001213900-24-086387.txt ( ) — 27KB
From the Filing
OF FOREIGN PRIVATE ISSUER UNITED SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of October 2024 Commission File Number: 001-40588 Marti Technologies, Inc. Buyukdere Cd. No:237 Maslak, 34485 Sariyer/Istanbul, Türkiye (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F Form 40-F EXPLANATORY NOTE On October 9, 2024, Marti Technologies, Inc. (the “Company”) issued a press release announcing that the board of directors of the Company authorized a six month extension to its share repurchase program under which the Company may repurchase up to $2.5 million of its outstanding Class A ordinary shares until April 9, 2025. The share repurchase program was originally initiated on January 10, 2024 and was previously amended to extend the term until October 9, 2024. In addition, the Board amended the ceiling price from $3.30 per share to up to $5.00 per share for the share repurchases. A copy of the Company’s press release is furnished hereto as Exhibit 99.1. 1 EXHIBIT INDEX Exhibit No. Description of Exhibit 99.1 Press Release of Marti Technologies, Inc., dated October 9, 2024. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MARTI TECHNOLOGIES, INC. Date: October 9, 2024 By: /s/ Oguz Alper Öktem Name: Oguz Alper Öktem Title: Chief Executive Officer 3