Marti Technologies Inc. ( MRT ) shares dropped Tuesday after the company announced an extension to its share repurchase program.

What To Know: The board of directors approved a six-month extension, allowing Marti to buy back up to $2.5 million worth of its Class A ordinary shares until Oct. 9, 2025. The company also raised the maximum repurchase price from $5 to $6 per share.

Despite the extension, the stock is falling, likely due to concerns over how the company is allocating its capital. Investors may see the buyback as insufficient or question whether the company should be using cash for repurchases instead of other business needs.

As of March 21, Marti's stock was trading at $2.87, well below the new repurchase ceiling, signaling that management views the stock as undervalued. Buybacks will depend on available liquidity, market conditions and compliance with debt agreements and the board retains the right to modify or discontinue the program.

MRT Price Action: Marti Technologies ( MRT ) shares were down 9.55% at $3.22 at publication Tuesday, according to Benzinga Pro.

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