Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 19

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 19
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 this additional deficiency to the Panel in writing.
The Company timely submitted its plan of compliance to the Panel,

On
February 10, 2025, the Company received a letter from the Panel (the “Panel Decision Letter”) stating that, based on the information
presented, the Panel has determined to grant the Company’s request for continued listing on Nasdaq, subject to the Company satisfying
certain conditions, including transferring its listing to The Nasdaq Capital Market and demonstrating compliance with Nasdaq Listing Rule
5550(b)(1), which requires a stockholders’ equity of at least $2.5 million for continued listing on The Nasdaq Capital Market, on
or before March 31, 2025. On February 18, 2025, the Company filed an application with Nasdaq for the transfer of its listing to The Nasdaq
Capital Market.

There is a possibility that
we will not meet the terms of the Panel’s extension but we believe that we may be able satisfy the MVLS requirement. Additionally,
it is unlikely that the Company will satisfy the MVLS of $50 million for listing on the Nasdaq Global Market, the Company is attempting
to satisfy the MVLS of $35 million for listing on the Nasdaq Capital Market to satisfy the continued listing standards. This MVLS must
be maintained for at least ten consecutive trading days before the standard will be satisfied. The Company is currently taking certain
actions which it believes could result in the market value of listed securities equaling or exceeding $35 million, although not for ten
consecutive trading days by March 31, 2025. We plan to submit a compliance update and extension request in writing to the Panel before
March 31, 2025, requesting additional time from the Panel to demonstrate compliance. There is no assurance that any of the above actions
will result in the Company’s satisfaction of all of the Nasdaq continuing listing standards or that Nasdaq will permit the Company
additional time to satisfy all of those continuing listed standards.

On October 22, 2024, the
Company entered into a strategic advisory agreement with Uri Levine (the “Strategic Advisory Agreement”). Pursuant to the
terms of the agreement, Mr. Levine will provide strategic oversight to the Company’s management team with a focus on problem solving,
operations, and capital growth. As compensation for services rendered under the agreement, the Company will pay Mr. Levine a cash fee
of $29,166 per month, payable monthly in arrears and