Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 78

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 78
---
 will record
the fee in the books in the period in which the warrants will be exercised.

51

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)

33Subsequent events

(A)  On January 22, 2025, the Company entered into
a contract with AON Premium Finance LLC to refinance its D&O insurance, totaling $1,069,500, with Allied World Insurance Company,
Axis Insurance Company, National Union Fire Insurance Company, XL Specialty Insurance Company, and Berkshire Hathaway Specialty. The Company
is required to make a 40% cash down payment, with the remaining balance to be paid in four equal monthly installments at an interest rate
of 8.25% per annum, commencing on January 28, 2025.

(B) The Company had received
multiple notices from the staff of The Nasdaq Stock Market LLC (“Nasdaq”) regarding non-compliance with the Nasdaq
Listing Rule 5450(b)(2)(C) ("MVPHS Rule"), as its publicly held shares failed to meet the minimum market value requirement
of $15,000,000. On February 10, 2025, the Panel granted the Company's request for continued listing in the exchange and granted an
extension until March 31 2025 subject to following requirements (i) the Company shall apply for transfer to The Nasdaq Capital
Market on or before February 19, 2025 (ii) The Company shall demonstrate compliance with the listing rule 5550(b)(1) which requires
the Stockholder's equity to be atleast $2.5 million on or before March 31, 2025 (iii) The Company must file a public disclosure
describing any transactions undertaken by the Company to increase its equity and providing an indication of its equity following
those transactions on or before March 31,2025 (iv) The Company must provide the Panel with an update on its fundraising plans,
updated income projections for the next 12 months, with all underlying assumptions clearly stated on or before March 31, 2025.

(C) On January 31, 2025, the Company entered into a securities
purchase agreement with certain additional accredited investors, for the second closing of the December 2024 Offering (the “Second
Closing”). In connection with the second closing, the Company issued 1,049,796 shares of common stock of the Company