Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 15

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 15
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 the Company has regained compliance with Minimum Bid Price Rule. 2 On November 13, 2024, the Company submitted a request for a hearing before a Nasdaq Hearings Panel. This hearing request automatically stayed Nasdaq’s delisting of the Company’s Common Stock and warrants pending the Panel’s decision and any extension provided by the Panel. On November 20, 2024, the Company received a letter from Nasdaq accepting Company’s request and has fixed January 9, 2025 as the date of hearing. The Company presented its plan of compliance to the Nasdaq Hearings Panel (the “Panel”) on January 9, 2025, which included a transfer to The Nasdaq Capital Market listing tier, pursuant to a Panel exception. The Company retained Donohoe Advisory Associates LLC to assist the Company in its preparation for the hearing and developing its compliance plan. On January 23, 2025, the Company received a further notice from Nasdaq notified the Company that its failure to regain compliance with the MVPHS Rule serves as an additional basis for delisting the Company’s securities from The Nasdaq Stock Market, and that the Panel will consider this matter in their decision regarding the Company’s continued listing on The Nasdaq Global Market. The notice provided that the Company has until January 30, 2025, to present its views with respect to 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. Strategic Advisory Agreement 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