Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1174

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 2
Chunk 1174
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-up period for the shares held by Ananda
Trust were amended to terminate upon the earlier of (i) twelve months after the Closing Date or (ii) subsequent to the Business Combination,
the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transactions that
results in all of the Company’s stockholders having the right to exchange their shares of cash, securities or other property.

Zoomcar, Inc.

Amendment to Zoomcar’s Investors’
Rights Agreement

Prior to the Closing, Zoomcar
solicited and received consents from requisite outstanding Zoomcar shares to a proposed amendment to an investor rights agreement (the
“IRA”) between Zoomcar and holders of Zoomcar preferred shares (the “IRA Amendment”), which was adopted on December
28, 2023. Pursuant to the IRA Amendment, subject to certain exceptions, the securities issuable in the Business Combination to
each investor party thereto would be restricted from disposing of or hedging any of Company securities beneficially owned by them, including
shares of Company Common Stock issuable upon exercise or conversion of any convertible securities issuable to such investors in connection
with the Merger, including, without limitation, any shares of Common Stock (“Company Shares”) issuable upon the exercise of
options or warrants held by them immediately after the Effective Time, or any other securities convertible into or exercisable or exchangeable
for Company Shares held by them immediately after the Effective Time during the period from the date of the Closing and ending (i) as
to one-third of such shares, six (6) months after the Closing, (ii) as to one-third of such shares, nine (9) months after the Closing,
and (iii) as to the remainder of such shares, twelve (12) months after the Closing, provided that all of such lock-up restrictions will
terminate upon completion of a liquidation, merger, capital stock exchange, reorganization or other similar transactions that result in
all of Company’s stockholders having the right to exchange their shares for cash, securities or other property. The IRA Amendment
provides the foregoing lock-up restrictions supersede the transfer restrictions provided for in the IRA prior to the adoption of the IRA
Amendment, assuming the consummation of the Business Combination. Prior to Closing, the board
of directors of Zoomcar approved an exclusion from the lock-up terms under the IRA applicable to five (5%) of the Company Shares that
would have otherwise been subject to lock