Seagull launches a share buyback program

Local mobility initiative Seagullin the US via the SPAC method last July. on the New York Stock Exchange had made its public offering. Then the company upset its investors on the New York Stock Exchange. If the company is now approximately 7.9% of the company’s shareshas announced that its Class A shares, which are .

Martı shares, after the public offering from $8.69 It started trading. Seagull The shares fell below $1 in the first month after that. It’s hard to say that Martı shares have remained stable since then. With the aim of changing this situation, Martı up to $2.5 million announced its decision to repurchase its Class A shares.

Seagull shares fell from $8.69 to less than $1

Seagull’s buyback project on January 10 has entered into force and will be valid for six months. Within the scope of the decision, currently $0.65 Shares trading at approximately $1.65 per share will be repurchased. In addition, Martı’s management will regularly review the buyback program. Decisions will be made on extending the terms and increasing the amounts based on the results of these studies. The company’s statement also noted that the share buyback process could be suspended or halted by a decision of the board.

Share buyback projects in the stock market can be carried out for purposes such as protecting companies’ shares, renewing investor confidence, providing cash support to shareholders, or preventing competitors from gaining control of the company. Share their opinions about the program Martı CEO Alper Öktem, “As the buyback program will be financed through a $5 million convertible bond transaction, we believe it will create immediate value for our shareholders. In addition, the unused portion of the proceeds from the convertible bond transaction will allow us to invest in our business and accelerate the growth of our taxi service, which we believe will create longer-term value for our shareholders.” he said.