Company: ZCARW
Filing Date: 2025-05-12
Form Type: S-1/A
Source: 0001213900-25-041769
Chunk: 312

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-12
Form: S-1/A
Chunk 312
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2023, the City Civil and Sessions Judge at Mayo Hall, Bengaluru,
issued an interim injunction to restrain each of Zoomcar, Inc. and Zoomcar Holdings, Inc. from “alienating or dealing” the
shares of Zoomcar, Inc. claimed by the former employee while the suit is pending. Zoomcar believes that such claims are baseless
and is attempting to have the interim order vacated. In addition, Zoomcar India filed an application in the former employee’s suit,
seeking that Zoomcar Holdings, Inc. be deleted from the array of parties in the suit.

(D) On January 30, 2024, the
Company received a statement of arbitration claims involving warrant holders seeking damages of at least $ purportedly arising
from the alleged breaches of certain agreements between the Company and warrant holders. Additionally, the Claim requests additional amounts
for attorneys’ fees and costs, as well as an order of rescission regarding the issuance of certain allegedly wrongfully dilutive
shares of the Company’s stock issued in connection with the business combination or, alternatively, an order mandating a purportedly
anti-dilutive issuance of additional shares of Zoomcar common stock to the warrant holders. The Court denied the temporary injunctive
relief and passed an order to prevent issuance of securities to insiders and allowing Claimants to attach Company’s assets up to $
if, and only if, located in New York. No further action has been taken as JAMS arbitration panel is yet to be appointed. The claimants
have filed a case in New York County Supreme Court for seeking relief in aid of the arbitration claim to secure potential recovery. On
June 18, 2024, the parties agreed to defer all further action with respect to the arbitration and associated litigation until June 18,
2025. Zoomcar is examining its legal options with respect to the Claim and the Court action. The Company believes that the claims are
baseless and there was no breach of agreements as alleged.

(This space has been left intentionally blank) F-50 ZOOMCAR HOLDINGS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (E) The Company received a notice from Nasdaq on November 6, 2024 stating that the Company has still not regained compliance with the Rule 5450 (b)(2)(A). Accordingly, its securities will be delisted from The Nasdaq Global Market. In that regard, unless the Company requests an appeal of Staff’s