Marti Technologies, Inc. has recently announced a significant development regarding its share repurchase program, marking a strategic move to boost shareholder value and enhance flexibility. Here are the key points
Extension and Amendment
Marti Technologies, Inc. has extended its share repurchase program by six months, enabling the repurchase of up to $2.5 million of its outstanding Class A ordinary shares until April 9, 2025. Additionally, the ceiling price for the repurchase program has been raised from $3.30 to up to $5.00 per share, demonstrating the company's commitment to maximizing shareholder returns.
Repurchase Methods
Under the amended program, Marti Technologies, Inc. is authorized to repurchase Class A ordinary shares through privately negotiated transactions or open-market transactions, in compliance with relevant securities regulations, including Rule 10b-18. This flexibility allows the company to adapt its repurchase strategy based on market conditions and intrinsic share value.
Board Authority
The Board of Marti Technologies, Inc. maintains the authority to assess, extend, modify, or suspend the terms of the repurchase program as deemed necessary. This provides the company with the agility to adjust its capital allocation strategy in response to evolving market dynamics and business priorities.
Management Discretion
The timing and volume of share repurchases under the program will be determined by Marti's management team, considering various factors such as intrinsic share value, prevailing market conditions, regulatory requirements, and overall corporate strategy. This approach reflects a prudent and strategic decision-making process aimed at enhancing long-term shareholder value.
This announcement from Marti Technologies, Inc. underscores the company's commitment to effective capital management and delivering value to its shareholders. By extending and enhancing its share repurchase program, Marti demonstrates a proactive stance towards optimizing capital allocation and fostering shareholder confidence in its long-term growth prospects.