Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 269

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 269
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 to an aggregate of 1,267,728 shares (52,966,102 prior
to Reverse Stock Split) of Company Common Stock for gross proceeds of $3,000,000. The closing occurred on June 20, 2024.

Pursuant to the funding received on November 7, 2024, the
Company has repaid the outstanding amount of the redeemable promissory notes (including interest accrued) and the difference between the
amount paid and the net carrying amount of the redeemable promissory notes (post amortization of discount on issue and issuance cost until
the date of payment) has been recognized as ‘Loss on extinguishment of the redeemable promissory note’ under other income/(expense) in
the Condensed Consolidated Statements of Operations.

Terms of Warrants issued along with Redeemable Promissory
Note

The warrants are each exercisable for one share of Common
Stock at an exercise price of $2.832 per share ($0.1416 per share prior to Reverse Stock Split) and may be exercised at any time after
six months and up to 5 years the date of issue.

During the period ended December 31, 2024, 930,522 warrants
have been exercised and are converted into Common Stock. As of December 31, 2024, 1,394,062 warrants are outstanding (after considering
antidilution effect).

These Warrants are classified as equity on the Condensed
Consolidated Balance Sheets.

17Unsecured
promissory note to related parties

The following is a summary of the Company’s unsecured
promissory note payable as of December 31, 2024 and March 31, 2024:

    Outstanding 
  
    (In USD)
As at 
    December 31,
 2024  
    March 31,
 2024 
  
    Unsecured promissory note 
    $            -  
    $2,027,840 
  
    Total  
     -  
     2,027,840 

During the nine months ended December
2024, Ananda Small Business Trust has opted for conversion of the Unsecured promissory note into the common stock of the Company at the
agreed conversion price of $300 ($3.00 prior to Reverse Stock Split) per share. On October 2, 2024, 6,759 shares (675,946 shares prior