Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 2963

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 12
Chunk 2963
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 Trust Note will be payable by the Company 90 days after the consummation
of the Business Combination, or April 24, 2024 (the “Maturity Date”), and, on the Maturity Date, the holder of the
New Ananda Trust Note may convert any amounts outstanding into shares of Common Stock, at a conversion price lower than the redemption
price per public share in connection with the Business Combination; and (ii) unsecured promissory notes to certain passive investors of
the Sponsor, the principal amounts of which are equal to the total amounts owed to such passive investors under the Existing Notes, with
substantially the same terms of the Existing Notes issued to such passive investors (together with the New Ananda Trust Note, the “Replacement
Notes”). The Replacement Notes replace the Existing Notes, which are considered satisfied and discharged in full, forever, and
terminated and of no further effect. At the time of Merger Closing an aggregate of $3,257,518 was outstanding under the Replacement Notes.

106

Ananda Trust Subscription Agreements

Simultaneously with the execution
of the Merger Agreement, on October 13, 2022, Ananda Trust entered into a subscription agreement with IOAC (the “Ananda Trust
Signing Subscription Agreement”) to subscribe for 1,000,000 newly issued shares of Common Stock at a purchase price of $10.00
per share, contingent upon the Closing. Furthermore, simultaneously with the signing of the Merger Agreement, Ananda Trust invested an
aggregate of $10,000,000 in Zoomcar (the “Ananda Trust Signing Investment”), in exchange for a convertible promissory
note issued by Zoomcar to Ananda Trust (the “Ananda Trust Zoomcar Note”). At the Closing, Zoomcar’s repayment
obligations under the Ananda Trust Zoomcar Note was offset against Ananda Trust’s payment obligations under the Ananda Trust Signing
Subscription Agreement and Ananda Trust received newly issued shares of Common Stock in accordance with the terms of the Ananda Trust
Signing Subscription Agreement.

The Ananda Trust Signing
Subscription Agreement includes registration rights obligations on the part of IOAC and is conditioned on the concurrent Closing and other
customary closing conditions. Among other things, Ananda Trust will not have any right, title, interest or claim of any kind in or to
any monies in the Trust Account, and agreed not to, and waived any right to, make any claim against the trust account (