Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 295

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 295
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 Offering, ( prior to Second Reverse Stock Split) Series A warrants, each exercisable for share of Common
Stock at an initial exercise price of $ ($ prior to Second Reverse Stock Split) per share. Each Series A warrant is exercisable
on or after the initial exercise date as defined in the agreement and until expiry of from such date. On the Reset Date, as
defined in the agreement, the exercise price of the Series A warrant shall be adjusted to equal the lower of the exercise price and the
Reset Price. Upon such reset, the number of warrant shares issuable upon exercise shall be increased such that aggregate exercise price
remains unchanged. The Company has issued ( prior to Second Reverse Stock Split) Series A warrants to the placement agent
as a part of compensation for services rendered in connection with the December 2024 offering, which has similar terms as those Series
A warrants issued to investors, but cannot be recalled.

On December 24, 2024, the Company had sold, in the December
2024 Offering, Series B warrants, with a maximum eligibility at issue date equal to zero which shall be increased on the reset date as
defined in the agreement to equal the Reset Share Amount. Each warrant will be exercisable for share of Common Stock at a nominal
exercise price of $ ($ prior to Second Reverse Stock Split) per share. Reset Share Amount means the number of shares of common
stock obtained by subtracting (a) the total number of shares and warrants purchased by the holder from (b) the quotient determined by
dividing (i) the aggregate purchase price paid by the holder (including all exercise prices paid or payable in respect of pre-funded warrants)
by (ii) the Reset Price. The Company also issued Series B Warrants to the placement agent exercisable for a number of shares equal to
% of the shares that will be exercisable by investors pursuant to their Series B Warrants at the Reset Date. These Series B warrants
have the same terms and conditions as the Series B warrants that were issued at Closing .

F- 35 ZOOMCAR HOLDINGS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The Company has classified both the Series A and Series B
warrants (both November 2024 and December 2024 offering) as derivative financial instruments as per ASC 815-10-15-83.

The gain on fair value change of the derivative financial
instruments recorded was $ and $ for three