From Investing.com:

Marti Technologies, Inc. launches a $2.5 million share repurchase program, representing 7.9% of its market capitalization. The six-month program will be conducted through open-market or privately negotiated transactions, following SEC rules. Proceeds from a $5 million convertible note investment back the move, with unused funds going towards corporate purposes and ride-hailing expansion.

CEO Alper Oktem expresses confidence in the repurchase program, citing the company’s solid performance and ride-hailing business expansion. The initiative aims to generate immediate shareholder value and long-term growth. Management will base repurchases on stock intrinsic value, market conditions, and business strategy, among other factors.

Marti Technologies, Inc., a leading mobility app provider in Türkiye, offers ride-hailing and a fleet of rental e-mopeds, e-bikes, and e-scooters. Founded in 2018, the company is powered by proprietary software and IoT infrastructure. The share repurchase program is expected to enhance shareholder value while fostering the growth of their ride-hailing service.



Read more: Marti Technologies initiates $2.5 million buyback By Investing.com