Company: ZCARW
Filing Date: 2025-01-21
Form Type: DEF 14A
Source: 0001213900-25-005022
Chunk: 54

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-01-21
Form: DEF 14A
Chunk 54
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 million, and the Ananda
Trust Subscription Agreement will terminate automatically.

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 1,666,666 IOAC Class A ordinary shares
at a price of $3.00 per share (the “Ananda Trust Closing Investment”). Other than with respect to the per share purchase price,
the terms of the Ananda Trust Closing Subscription Agreement were substantially similar to the terms of the Ananda Trust Signing Subscription
Agreement.

Ananda
Trust is an affiliate of the Sponsor. Further, the Trustee and control person with regard to the Ananda Trust, Mohan Ananda, was, prior
to the Closing, the Chief Executive Officer and Chairman of the board of directors of IOAC; additionally, Mr. Ananda was a director of
IOAC and has been appointed to serve as the initial chairman of the Company Board from and after the Closing. Additionally, based on the
Company’s capitalization immediately after the Closing, Ananda Trust is the Company’s largest stockholder, though Ananda Trust’s
proportionate interest and voting power with regard to the Company may change over time and from time to time.

The
terms of the Ananda Trust Closing Investment are not necessarily reflective of the terms and conditions of a transaction negotiated at
arm’s length, and it is possible that, if such terms were negotiated at arm’s length, they would have been different from,
and more favorable to, the Company and its stockholders; however, the disinterested members of the IOAC Board approved the terms of the
Ananda Trust Closing Investment, which they believed to be the best terms available, under the circumstances, to facilitate the consummation
of the proposed Business Combination and deliver capital required by the Company to pursue its business plans.

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Sponsor Support Agreement

In connection with entering
into the Merger Agreement, on October 13, 2022, the Sponsor, IOAC and Zoomcar entered into the Sponsor Support Agreement. Pursuant to
the Sponsor Support Agreement, in order to induce Zoomcar to enter into the Merger Agreement and for no additional consideration, the
Sponsor agreed to (i) vote all ordinary shares of IOAC held by Sponsor at any meeting of the shareholders of IOAC in favor of the