Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 314

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 314
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 Market (“Nasdaq”) under the symbols “ZCAR” and “ZCARW,” respectively, on December 28, 2023. Refer to Note 3 to these consolidated financial statements for more information on the Reverse Recapitalization.

Zoomcar, Inc., determined that it was the accounting acquirer in the Reverse Recapitalization based on an analysis of the criteria outlined in ASC 805, Business Combinations. The determination was primarily based on the following facts:

| ■ | Zoomcar, Inc’s shareholders,                                                                             
 prior to the Reverse Recapitalization, have the largest voting interest in the post-combination Company; |

| ■ | Zoomcar, Inc., prior to the Closing,                                                                                                       
 appointed the majority of the Company’s Board of Directors (effective upon the Reverse Recapitalization, the Company’s Board               
 consists of seven directors, including two directors designated                                                                            
 by IOAC prior to the Closing and five directors designated                                                                                 
 by Zoomcar, Inc., prior to the Closing; four of the Company’s directors immediately after the Closing have been determined to be           
 independent within the meaning of the independent director standards of the Securities and Exchange Commission and The Nasdaq Stock Market 
 LLC);                                                                                                                                      |

| ■ | The executive officers of Zoomcar,                                                            
 Inc. became the initial executive officers of the Company after the Reverse Recapitalization; |

| ■ | Zoomcar, Inc., is the larger entity,                  
 in terms of substantive operations and employee base; |

| ■ | Zoomcar, Inc., will comprise the               
 ongoing operations of the combined entity; and |

| ■ | The combined entity will continue        
 under the name of Zoomcar Holdings, Inc. |

F-60 ZOOMCAR HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

| 1. | Organization, Business operation 
 and Going concern. (Continued)   |

Accordingly, for accounting purposes, the Reverse Recapitalization was treated as the equivalent of Zoomcar, Inc., issuing stock for the net assets of IOAC. The primary asset acquired from IOAC was cash that was assumed. Separately, the Company also assumed warrants that were reclassified to equity upon close of the Reverse Recapitalization. No goodwill or other intangible assets were recorded as a result of the Reverse Recapitalization. While IOAC was the legal acquirer in the Reverse Recapitalization, because Zoomcar, Inc., was deemed to be the accounting acquirer, the historical financial statements of Zoomcar, Inc