Loan & DebtJun 10, 2026, 05:11 PM
Marti Technologies Lowers Convertible Note Conversion Rate
AI Summary
Marti Technologies, Inc. announced an amendment to its Note Subscription Agreement for the 12.50% Convertible Senior Secured Notes due 2029. The amendment reduces the multiplier used in calculating the "Reset Conversion Rate" from 1.65 to 1.05, effectively lowering the conversion price upon a reset event. As of the amendment date, $13.0 million in notes had been drawn, with an additional $10.0 million available for future drawdowns, all subject to the new conversion rate.
Key Highlights
- Marti Technologies amended its Note Subscription Agreement for 12.50% Convertible Senior Secured Notes due 2029.
- The multiplier for the Reset Conversion Rate was reduced from 1.65 to 1.05.
- This reduction lowers the effective conversion price applicable upon a reset event.
- $13.0 million principal amount of notes have been drawn to date.
- $10.0 million principal amount remains available for future drawdowns.
- The amended Reset Conversion Rate applies to all outstanding and issuable notes.
Price Impact
More from MRT