Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 106

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 106
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 complementary companies, products or technologies and issue equity securities to pay for
any such acquisition or investment. Any such issuances of additional capital stock may cause stockholders to experience significant dilution
of their ownership interests and the per share value of our Common Stock to decline.

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There can be no assurance that we will be able to regain compliance with the continuing listing standards of Nasdaq.

Our continued eligibility
to maintain the listing of our Common Stock and Public Warrants on Nasdaq depends on a number of factors, including the price of our Common
Stock and Public Warrants and the number of persons that hold our Common Stock and Public Warrants. On May 6, 2024, the Company received
two letters from the Nasdaq staff indicating that the Company no longer complies with (i) Listing Rule 5450(b)(2)(A) as it relates to
the requirement to maintain a minimum market value of listed securities of $50,000,000 (“MVLS”) and (ii) Listing Rule
5450(a)(1) as it relates to the requirement to maintain minimum bid price of $1 per share. On November 8, 2024, the Company received a
notice from Nasdaq stating that, since the closing bid price over the 12 consecutive days between October 22, 2024, and November 6, 2024,
had been $1.00 per share or greater, the Company is now in compliance with Listing Rule 5550(a)(2) and, hence, has resolved this matter.

However, the market value
of listed securities of the Company did not close at $50,000,000 or more for ten consecutive business days prior to November 4, 2024.
The Company failed to regain the compliance with the minimum market value requirement within the stipulated timeframe and thus, it received
a staff delist determination letter from the Nasdaq Listing Qualifications Department on November 6, 2024, for its failure under the MVLS
standard.

Further, on July 22, 2024,
the Company received another notice from the Nasdaq staff notifying the Company that, based on the market value of publicly held shares
for the previous 30 consecutive business days, the listing of the Company’s listed securities was not in compliance with Nasdaq
Listing Rule 5450(b)(2)(C) (the “MVPHS Rule”) to maintain a minimum market value of publicly held shares of $