Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 260

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 260
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 Company’s obligations
under the November Series B Warrants with the same effect as if such successor entity had been named in such warrants itself. If holders
of Company’s Common Stock are given a choice as to the securities, cash or property to be received in a Fundamental Transaction,
then the holder shall be given the same choice as to the consideration it receives upon any exercise of such warrants following such Fundamental
Transaction.

A
holder of November Series B Warrants does not have the right to exercise any portion of the November Series B Warrants if the holder (together
with its affiliates) would beneficially own in excess of 4.99% of the number of shares of the Company’s Common Stock outstanding
immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the November
Series B Warrants. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, provided
that any increase in such percentage shall not be effective until 61 days following notice from the holder to the Company.

The
November Series B Warrants contain a standard cashless exercise provision permitting the holder to exercise the November Series B Warrants
on a cashless basis if the market price of the Company’s Common Stock at the time of exercise is in excess of the exercise price
of the November Series B Warrants and there is not an effective resale registration statement available for the resale of the shares of
Common Stock underlying the November Series B Warrants.

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The December Series A Warrants
were initially exercisable at an exercise price of $1.95 per share and the exercise price was adjusted to $1.56 per share on December
31, 2024, as a result of the adjustment in exercise of the November Series A Warrants. The December Series A Warrants also contain a reset
adjustment occurring on the date that is the later of (a) ten trading days after Stockholder Approval or (b) the earliest of (i) the date
which is ten consecutive trading days Resale Registration Effective Date or (ii) 12 months and ten trading days following the issuance
date of the December Series A Warrants (the “Reset Date”). The reset occurring on the Reset Date would occur if the price
of the Common Stock, at such time, determined by a volume weighted average formula (the “VWAP Formula”) is less than the per
unit purchase price on the