Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 53

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 53
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 price of $0.0001
per share. On March 18, 2025. the Board determined to fix the “Reset Price” of all of the Series B Warrants issued in the
Offering down to the “Floor Price” of $0.312 (or $6.24 upon effectiveness of the reverse stock split which will be effective
as of March 21, 2025). The Company has agreed to deem the “Reset Date” of the Series B Warrants to be effective. Accordingly,
the Series B Warrant will be immediately exercisable up to the “Maximum Eligibility Amount” based on a “Reset Price”
that is equal to the “Floor Price,” subject to the beneficial ownership limitations set forth therein.

If December 2024 Series A
Warrants and the February 2024 Series A Warrants are reset or ratcheted down to their respective Floor Prices, then there would be (in
each case subject to rounding) (i) investor December 2024 Series A Warrants to purchase [ ]
shares of Common Stock at an exercise price of $6.24 per share, (ii) December 2024 Placement Agent warrants to purchase [ ] shares at
an exercise price of $6.24 per share, (iii) December 2024 Placement Agent Series A warrants to purchase [ ] shares at an exercise price
of $6.24 per share, (iv) investor January/February Series A Warrants to purchase [ ] shares at an exercise price of $6.24 per share,
(v) January/February Placement Agent warrants to purchase [ ] shares at an exercise
price of $6.24 per share and (vi) January/February Placement Agent Series A warrants to purchase [ ] shares at an exercise price of $6.24
per share.

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Further, the warrants issued
in our June 2024 financing contain the “alternative cashless exercise” provision, and the all the warrants issued in
the November financing and the First Closing and Second Closing of this Offering contain reset provisions and full ratchet anti-dilution
protection described elsewhere herein; provided that the warrants issued in the November financing have already been adjusted down to
the respective Floor Prices. Because the market for our Common Stock is thinly traded, the sales and/or the perception that those
sales may occur, could adversely affect the market price of our Common Stock. Furthermore, even though, as of the date hereof, the