Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 327

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 327
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 be voted upon, holders of Common Stock and holders of Preferred Stock will vote together as a single class. They are entitled to receive dividends at the discretion of the Board of Directors. In the event of liquidation, after paying debts and any preferential amounts to Preferred Stockholders, Common Stockholders are entitled to share in the remaining assets ratably.

<div align='center'>F-35

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</div>

| 22 | Derivative            
 financial instruments |

The following is a summary of the Company’s derivative financial instruments as of December 31, 2024 and March 31, 2024:

| (In USD)              
 As at                 |     | Fair              
 Value Outstanding 
 December          
 31,               
 2024              |           |     | March 
 31,   
 2024  |   |
|:----------------------|:----|:------------------|----------:|:----|:------|:--|
| Current               |     |                   |           |     |       |   |
| Series A              
 and Series B Warrants |     | $                 | 7,950,503 |     | $     | - |
| Total                 |     | $                 | 7,950,503 |     | $     | - |

On November 7, 2024, the Company had issued, in the November 2024 Offering, 4,275,700 Series A warrants, each exercisable for one share of Common Stock at an initial exercise price of $4.03 per share. Each Series A warrant is exercisable on or after the initial exercise date as defined in the agreement and until expiry of five years from such date. On the Reset Date, as defined in the agreement, the exercise price of the warrants 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 Reset Price is defined as greater of a) the lowest daily volume weighted average price (“VWAP”) during the ten trading day period following the Reset Date and b) the floor price as mentioned in the agreement. The Company has issued 427,570 Series A warrants to the placement agent as a part of compensation for services rendered in connection with the November 2024 offering.

The Company had also sold, in the