Company: ZCARW
Filing Date: 2025-01-10
Form Type: PRER14A
Source: 0001213900-25-002658
Chunk: 19

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-01-10
Form: PRER14A
Chunk 19
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.3, Exhibit 10.2
and Exhibit 10.3 to our Current Report on Form 8-K filed with the SEC on November 8, 2024.

Why the Company Needs Stockholder Approval

Our Common Stock is listed
on the Nasdaq Global Market of The Nasdaq Stock Market LLC (“Nasdaq”), and as a result, we are subject to Nasdaq’s Listing
Rules. We are seeking stockholder approval in order to comply with Nasdaq Listing Rule 5635 and to fulfill our obligations under the Institutional
Offering Securities Purchase Agreement, the Institutional Investors Bridge Warrants and other related agreements (the “Institutional Offering Transaction Documents”).

Nasdaq Listing Rule 5635(c)

Nasdaq Listing Rule 5635(c)
requires stockholder approval for the issuance of securities when a stock option or purchase plan is established or materially amended
or other equity compensation arrangement made or materially amended, pursuant to which shares of Common Stock may be acquired by officers,
directors, employees or consultants of the Company. Mark Bailey, a former director of the Company, was one of the Institutional Investors
in the Institutional Offering and is a holder of Institutional Investors Bridge Warrants. While we are not asserting that the issuance
of the securities, including the Institutional Investors Bridge Warrants, to Mr. Bailey, in connection with the Institutional Offering,
is equity compensation within the meaning of Rule 5635(c), Nasdaq may deem all or a portion of any arrangement as compensatory in nature,
particularly in circumstances where the value deemed received by the Company is less than the fair value of the securities purchased
in the Institutional Offering. If Nasdaq were to deem all or a portion of the issuances to Mr. Bailey to be compensatory, we note that
the number of shares of Common Stock to be issued to Mr. Bailey and the value per share of such shares of Common Stock will be determined
based on a formula set forth in the Institutional Offering Transaction Documents. We do not know what the ultimate number of such shares
of Common Stock will be or the value per share of such shares of Common Stock. As a result, the Company is seeking stockholder approval
of the issuances for purposes of complying with Nasdaq Listing Rule 5635(c).

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Rule 5635(d)

Nasdaq Listing Rule 5635(d)
requires stockholder approval prior to the issuance of securities in connection with a transaction, other than a public offering, involving