Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 240

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 240
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 connection with a private placement offering  pursuant to which the Company raised gross proceeds of $9.15 million. After the deduction of fees, expenses payable to the Placement Agent and other offering expenses, including legal fees payable to the Company’s and Placement Agent’s counsel, the net proceeds to the Company was $7.625 million. Proceeds were also used to repay $3.804 million of outstanding indebtedness to debt investors pursuant to an offering in June 2024. After all of such deductions the Company retained net proceeds of $3.621 million. 

6

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

    b. On December 23, 2024, the Company entered into a securities purchase agreement in connection with a private placement offering  pursuant to which the Company raised gross proceeds of $5.48 million and after the deduction of fees and expenses payable to the Placement Agent and other offering expenses, including legal fees payable to the Company’s and Placement Agent’s counsel, the net proceeds to the Company was approximately $4.79 million. 

c.On January 31, 2025, the Company entered into a securities
purchase agreement, in connection with the second closing of the Offering (the “Second Closing”) pursuant to a Confidential
Private Placement Memorandum, dated December 3, 2024. The Securities were offered at a for an aggregate amount of $3 million; provided,
however, that the Company did not receive any cash proceeds with respect to Securities with a subscription price of $1.56 million of
such amount, as those Securities were issued in consideration for the settlement of litigation with a claimant. The Company received
balance net proceeds of approximately $1.25 million after the deduction of fees and expenses payable to the Placement Agent and other
offering expenses, including legal fees payable to the Company’s and Placement Agent’s counsel.

7

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

While these financing
arrangements resulted in the payment of certain outstanding indebtedness, the Company will still need to raise additional capital imminently
in order to have sufficient capital.

There can be no assurance that the
Company will be able to achieve its business plan, raise any additional capital or secure the additional financing necessary to implement
its current operating plan. The ability of the Company to continue as a going concern is dependent