Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 760

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1B
Chunk 760
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 the date on which
the Company consummates an initial business combination.

On December 18, 2023, IOAC
issued (i) an unsecured convertible promissory note (the “New Ananda Trust Note”), the principal amount of $2,027,840,
which is equal to the total amount owed to Ananda Trust under the September 2022 Note, January 2023 Note, First Extension Note, May 2023
Note, Second Extension Note, August 2023 Note, October 2023 Note and December 2023 Note (collectively, the “Existing Notes”),
and which bears no interest and the principal balance of the New Ananda Trust Note will be payable by the Company 90 days after the consummation
of the Business Combination, or April 24, 2024 (the “Maturity Date”), and, on the Maturity Date, the holder of the
New Ananda Trust Note may convert any amounts outstanding into shares of Common Stock, at a conversion price lower than the redemption
price per public share in connection with the Business Combination; and (ii) unsecured promissory notes to certain passive investors of
the Sponsor, the principal amounts of which are equal to the total amounts owed to such passive investors under the Existing Notes, with
substantially the same terms of the Existing Notes issued to such passive investors (together with the New Ananda Trust Note, the “Replacement
Notes”). The Replacement Notes replace the Existing Notes, which are considered satisfied and discharged in full, forever, and
terminated and of no further effect. At the time of Merger Closing an aggregate of $3,257,518 was outstanding under the Replacement Notes.

106

Ananda Trust Subscription Agreements

Simultaneously with the execution
of the Merger Agreement, on October 13, 2022, Ananda Trust entered into a subscription agreement with IOAC (the “Ananda Trust
Signing Subscription Agreement”) to subscribe for 1,000,000 newly issued shares of Common Stock at a purchase price of $10.00
per share, contingent upon the Closing. Furthermore, simultaneously with the signing of the Merger Agreement, Ananda Trust invested an
aggregate of $10,000,000 in Zoomcar (the “Ananda Trust Signing Investment”), in exchange for a convertible promissory
note issued by Zoomcar to Ananda Trust (the “Ananda Trust Zoomcar Note”). At the Closing, Zoomcar’s repayment