Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 116

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1
Chunk 116
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 presented by Zoomcar to the Motion.  On
March 28, 2025, New York County Supreme Court Justice granted a summary judgment in favor of ACM in the amount of $5,656,086.72, as well
as default interest in the amount of $346,481.00, post-judgment interest at the statutory rate, attorneys’ fees, and costs.  The
issue of attorneys’ fees was referred to a special referee to report and recommend on submission from the parties.   On
May 9, 2025, the Court reduced the award of attorneys’ fees and costs to $12,000.00.  On April 22, 2025, the Company filed
a Notice of Appeal seeking to reverse the March 28, 2025, order granting summary judgment in favor of ACM.  Zoomcar intends to vigorously
prosecute its appeal.

Litigation with Prior Placement Agent

On
March 14, 2025, the Company received a demand letter (the “Demand Letter”) from the attorneys for the placement agent (the
“Prior Placement Agent”), with which the Company had entered into an engagement agreement on or about May 23, 2024 (the “Prior
Placement Agreement”). A claim has been made, pursuant to the terms of the Prior Placement Agreement, for the payment of cash fees
and the issuance of warrants to the Prior Placement Agent, as and for “tail fees” owed in connection with any financings
within 18 months after the expiration or termination of the Prior Placement Agreement. The claims are made with respect to the sales
of securities in the offerings closed by the Company in June 2024, November 2024, December 2024 and February 2025. The demand is for
7% of the aggregate gross proceeds received by the Company in each of those offerings from investors on a “tail list” provided
by the Prior Placement Agent and warrants to purchase up to 7% of the aggregate number of shares of common stock issued in each of the
offerings to investors on the “tail list,” which warrants are to have the same terms and warrants offered to investors in
each of the offerings, with an exercise price equal to 125% of the applicable offering price.

With
respect to the offering closed in June 2024, the claim is made with respect to one investor claimed to be on the “tail list,”
for a cash fee of 7% of