Türkiye's leading mobility super app Marti Technologies, Inc. ("Marti" or the "Company") (NYSE:MRT) today announced an amendment to its share repurchase program.
On April 24, 2024, the Company's Board of Directors (the "Board") authorized a 3 month extension to its original 6 month share repurchase program under which the Company may repurchase up to $2.5 million of its outstanding Class A ordinary shares, which was originally initiated on January 10, 2024. In addition, the Board set a ceiling price of $3.30 per share for the share repurchases, giving the Company the ability to perform share repurchases up to a maximum share price of $3.30. As of market close on April 24, 2024, the Company's share price was $1.53.
The amended repurchase program is effective immediately and is valid until October 9, 2024 (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.