Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 379

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 379
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 upon the adoption of the Post-Closing Amendment on December 29, 2023 resulting in the Earnout Shares becoming distributable to stockholders in accordance with the terms of the Merger Agreement.

The equity structure has been recast in all comparative periods up to the Closing date to reflect the number of shares of the Company’s Common Stock, $0.0001 par value per share, issued to Zoomcar, Inc. shareholders in connection with the Reverse Recapitalization. As such, the shares and corresponding capital amounts and loss per share related to Zoomcar, Inc. Common Stock prior to the Reverse Recapitalization have been retroactively recast as shares reflecting the exchange ratio of 0.0284 (prior to Reverse Stock Split) established in the Reverse Recapitalization.

In connection with Reverse Recapitalization, then-outstanding 11,500,000 public warrants of IOAC were assumed and converted automatically into a warrant of the Company on the closing. 100 (1 prior to Reverse Stock Split) public warrants entitled each holder, the right to purchase 1 share of common stock at an exercise price of $571 ($5.71 prior to Reverse Stock Split) per share and classified as equity instruments.

Ananda Trust Closing Subscription Agreement

On December 19, 2023, IOAC and Ananda Trust, an affiliate of the Sponsor, entered into a subscription agreement (the “Ananda Trust Closing Subscription Agreement”), pursuant to which, upon the Closing, Ananda Trust purchased 16,667 (1,666,666 prior to Reverse Stock Split) IOAC Class A ordinary shares at a price of $300 ($3 prior to Reverse Stock Split) per share for aggregate gross proceeds of $5,000,000. This investment was consummated concurrently with the closing of the Reverse Recapitalization.

The number of shares of common stock outstanding following the consummation of the Reverse Recapitalization are as follows:

|                                                                                                 | Particulars |     |                       March 
                    31, 2024 
 (After Reverse Stock Split) |     |     |                          March 
                       31, 2024 
 (Prior to Reverse Stock Split) |
|:------------------------------------------------------------------------------------------------|:------------|:----|----------------------------:|:----|:----|-------------------------------:|
| Conversion                                                                                      
 of Zoomcar, Inc. Common Stock and Preferred Stock outstanding prior to Reverse Recapitalization |             |     |                     273,791 |     |     |                     27,327,481 |
|