Marti Announces Amendment to Extend its Share Repurchase Program
Marti Technologies, Inc. (NYSE American: MRT), T眉rkiye'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 mobilit脿 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 pu貌 essere eseguito attraverso transazioni private o sul mercato aperto, in conformit脿 con le leggi sui valori mobiliari applicabili. Il Consiglio si riserva il diritto di rivedere, estendere o aumentare il programma, che pu貌 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 Turqu铆a, ha ampliado su programa de recompra de acciones por seis meses hasta el 9 de abril de 2025. El programa, que se lanz贸 inicialmente el 10 de enero de 2024, permite a la empresa recomprar hasta $2.5 millones de sus acciones ordinarias Clase A en circulaci贸n. La Junta tambi茅n ha Aumentado el precio tope para las recompras de acciones de $3.30 a $5.00 por acci贸n. Al 8 de octubre de 2024, el precio de la acci贸n de Marti era de $2.04.
El programa de recompra puede ejecutarse a trav茅s 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 tambi茅n puede suspenderse o finalizarse en cualquier momento. El momento y la cantidad de las recompensas ser谩n determinados por la direcci贸n en funci贸n de varios factores, incluida la evaluaci贸n de la empresa de su valor intr铆nseco, condiciones del mercado y consideraciones estrat茅gicas.
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Marti Technologies, Inc. (NYSE American: MRT), la principale super application de mobilit茅 de Turquie, a 茅tendu son programme de rachat d'actions de six mois jusqu'au 9 avril 2025. Le programme, lanc茅 initialement le 10 janvier 2024, permet 脿 l'entreprise de racheter jusqu'脿 2,5 millions de $ de ses actions ordinaires de Classe A en circulation. Le Conseil d'Administration a 茅galement augment茅 le plafond pour les rachats d'actions de 3,30 $ 脿 5,00 $ par action. Au 8 octobre 2024, le prix de l'action de Marti 茅tait de 2,04 $.
Le programme de rachat peut 锚tre ex茅cut茅 par le biais de transactions n茅goci茅es en priv茅 ou sur le march茅 ouvert, conform茅ment aux lois sur les valeurs mobili猫res applicables. Le Conseil se r茅serve le droit de revoir, d'茅tendre ou d'augmenter le programme, qui peut 茅galement 锚tre suspendu ou interrompu 脿 tout moment. Le calendrier et le montant des rachats seront d茅termin茅s par la direction sur la base de divers facteurs, y compris l'茅valuation par l'entreprise de la valeur intrins猫que de ses actions, les conditions du march茅 et des consid茅rations strat茅giques.
Marti Technologies, Inc. (NYSE American: MRT), die f眉hrende Mobilit盲ts-Super-App in der T眉rkei, hat ihr 础办迟颈别苍谤眉肠办办补耻蹿辫谤辞驳谤补尘尘 um sechs Monate bis zum 9. April 2025 verl盲ngert. Das Programm, das urspr眉nglich am 10. Januar 2024 gestartet wurde, erlaubt es dem Unternehmen, bis zu 2,5 Millionen $ seiner ausstehenden Stammaktien der Klasse A zur眉ckzukaufen. Der Vorstand hat auch den 贬枚肠丑蝉迟辫谤别颈蝉 f眉r den Aktienr眉ckkauf von 3,30 $ auf 5,00 $ pro Aktie erh枚ht. Am 8. Oktober 2024 lag der Aktienkurs von Marti bei 2,04 $.
Das R眉ckkaufprogramm kann durch privat ausgehandelte oder offene Markttransaktionen durchgef眉hrt werden, unterliegt den geltenden Wertpapiergesetzen. Der Vorstand beh盲lt sich das Recht vor, das Programm zu 眉berpr眉fen, zu verl盲ngern oder zu erh枚hen, und es kann jederzeit ausgesetzt oder eingestellt werden. Der Zeitpunkt und die H枚he der R眉ckk盲ufe werden von der Gesch盲ftsleitung basierend auf verschiedenen Faktoren, einschlie脽lich der Bewertung des inneren Wertes der Aktien durch das Unternehmen, der Marktbedingungen und strategischer 脺berlegungen, 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 T眉rkiye'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鈥檚 Board of Directors (the 鈥淏oard鈥�) 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 鈥淩epurchase Program鈥�). 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鈥檚 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鈥檚 management team, and will depend on a variety of factors, including its assessment of the intrinsic value of the Company鈥檚 Class A ordinary shares, the market price of the Company鈥檚 Class A ordinary shares, general market and economic conditions, available liquidity, compliance with the Company鈥檚 debt and other agreements, applicable legal, regulatory and contractual restrictions and the Company鈥檚 capital and business strategy.
About Marti:
Founded in 2018, Marti is T眉rkiye鈥檚 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鈥檚 offerings are serviced by proprietary software systems and IoT infrastructure. For more information, visit .
Cautionary Note Regarding Forward-Looking Statements:
Certain statements made in this press release constitute forward-looking statements within the meaning of the 鈥渟afe harbor鈥� 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鈥檚 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鈥檚 filings with the SEC, including the Company鈥檚 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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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?
