Company: ZCARW
Filing Date: 2025-05-12
Form Type: S-1/A
Source: 0001213900-25-041769
Chunk: 14

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-12
Form: S-1/A
Chunk 14
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 The Nasdaq Capital Market (the “Equity Rule”), on or before March 31, 2025. Upon presentation of an update to the Panel on March 28, 2025, the Panel granted the Company’s request to extend the period of time in which to satisfy the Equity Rule for continued listing to May 5, 2025, and to remain listed on Nasdaq until that date, subject to certain conditions. These conditions included that the Company provide a written update on the status of its plans to obtain financing and strengthen its balance sheet, as well as provide prompt notification of any significant events that may occur during the period of extension that may affect the Company’s compliance with Nasdaq requirements. 2 Strategic Advisory Agreement; Board Appointment Letter; Board Resignation 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. As compensation for services rendered under the agreement, the Company agreed to pay Mr. Levine a cash fee of $29,166 per month, payable monthly in arrears and a joining bonus of $500,000 payable in cash and shares of Common Stock. Additionally, the Company will recommend to the Board and the Compensation Committee of the Board that the Company grant to Mr. Levine, subject to the approval of the Company’s stockholders, an equity grant equal to 3% of the Company’s outstanding equity as of its last financing as of December 31, 2024, which such grant will be subject to certain vesting restrictions as determined by the independent members of the Board or a subcommittee thereof. Further, pursuant to the agreement, if the Company is sufficiently capitalized in the sole determination of Mr. Levine, Mr. Levine has agreed to accept (at the Board’ discretion) a nomination or, if there is a vacancy on the Board, an appointment by the Board, to serve as a director and Chairman of the Board. The Strategic Advisory Agreement may be terminated by the Company with 90 days written notice. On March 28, 2025, the Company, pursuant to the terms of a Board Appointment Letter (the “Board Letter”), appointed Mr. Levine as a member and Chairman of the Board, effective as of March 31, 2025, to serve as a Class III Director filling the vacancy created by the previous resignation