Marti Technologies Inc. said its board of directors approved an increase in the company's share repurchase program to $5 million from $2.5 million, extending the authorization through April 26, 2027.
The program retains a per-share price ceiling of $6.00. Approximately $3.8 million remained available for repurchases as of Monday, when Marti's shares closed at $2.13.
Since the program was launched in January 2024, the company has repurchased 795,467 Class A ordinary shares at an average price of $1.95 per share, spending roughly $1.6 million.
Repurchases may be made in open-market or privately negotiated transactions, subject to securities laws including Rule 10b-18 under the Securities Exchange Act of 1934. The company said timing and amounts will depend on capital needs, market conditions, share price, available liquidity, debt agreement compliance, and legal restrictions. The board reserves the right to modify, extend, suspend, or discontinue the program at any time.
Founded in 2018, Marti Technologies operates a mobility platform in Turkey that matches riders with car, motorcycle, and taxi drivers through a ride-hailing app. The company also offers delivery services and operates a fleet of rental e-mopeds, e-bikes, and e-scooters across Turkey. It is listed on NYSE American under the ticker MRT.
