Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 265

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 265
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 Prospective investors should carefully review the terms and provisions of the form of
Series A Warrants for a complete description of the terms and conditions of the Series A Warrants.

Duration, Exercise Price and Form

Each Series A Warrant will
have an initial exercise price of $ per share, which equals 150% of the public offering price per Unit. The Series A Warrants will be
immediately exercisable upon issuance and will expire two and one-half (2.5) years after the original issuance date. The exercise price
and the number of common shares issuable upon exercise are subject to adjustment in the event of share dividends, share splits, reorganizations,
or similar events affecting our common shares and the exercise price. In addition, at 4:01 p.m. Eastern time on the 7th trading day after
the date of issuance (the “First Reset Date”), the exercise price of the Series A Warrants will be reset to a price equal
to the lower of (i) the exercise price then in effect and (ii) the greater of (a) 80% of lowest daily volume weighted average price (“VWAP”)
during the period beginning on the 5th trading day after the date of issuance and ending on the First Reset Date, and (b) 40% of most
recent Nasdaq Official Close Price preceding execution of the Underwriting Agreement; and the number of shares issuable upon exercise
will be increased such that the aggregate exercise price of the Series A Warrants on the issuance date for the common shares underlying
the Series A Warrants then outstanding shall remain unchanged. Subsequently, at 4:01 p.m. Eastern time on the 15th trading day after the
date of issuance (the “Second Reset Date”), the exercise price of the Series A Warrants will be reset to a price equal to
the lower of (i) the exercise price then in effect and (ii) the greater of (a) 80% of lowest VWAP during the period beginning on the 13th
trading day after the date of issuance and ending on the Second Reset Date, and (b) 20% of the most recent Nasdaq Official Close Price
preceding execution of the Underwriting Agreement; and the number of shares issuable upon exercise will be increased such that the aggregate
exercise price of the Series A Warrants on the issuance date for the common shares underlying the Series A Warrants then outstanding shall
remain unchanged. Any reduction to