Seagull, which could not achieve a stable chart in the stock market after its public offering, will buy back its Class A shares worth up to 2.5 million dollars from the shareholders.
Local mobility initiative Seagullin the USA through the SPAC method last July. on the New York Stock Exchange had made its public offering. Afterwards, the company upset its investors in the New York Stock Exchange. If the company is now approximately 7.9% of the company’s sharesannounced that it will repurchase its Class A shares representing .
Martı shares, after the public offering from $8.69 It started to be traded. Seagull Its shares fell below $1 in the first month thereafter. It is difficult to say that Martı shares have maintained a stable chart since then. Aiming to change this situation, Martı up to $2.5 million announced its decision to buy back its Class A shares.
Seagull shares fell from $8.69 to less than $1
Seagull’s buyback project on January 10 has started and will be valid for six months. Within the scope of the decision, currently $0.65 Shares traded at around $1.65 per share will be repurchased. Additionally, Martı management will review the Buyback Program regularly. Based on the results of these reviews, decisions regarding extending maturities and increasing amounts will be determined based on these reviews. In the statement from the company, it was also stated that the share buyback process could be suspended or stopped by the board’s decision.
Share buyback projects in the stock market can be carried out for purposes such as protecting the shares of companies, renewing the confidence of investors, providing cash support to shareholders or preventing competitors from gaining control over the company. Sharing their opinions about the program Martı CEO Alper Öktem, “As the Repurchase Program will be funded through a $5 million convertible bond transaction, we believe this will create immediate value for our shareholders. Additionally, the unused portion of the proceeds from the convertible note transaction will enable us to invest in our business and accelerate the growth of our ride-hailing service, which we believe will create longer-term value for our shareholders.” he said.
Source :
https://ir.marti.tech/news-events/press-releases/detail/57/marti-announces-up-to-2-5m-share-repurchase-program