Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 301

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 301
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 disposed off.

The Company has filed appeals against
the above orders before higher authority.

The Company has not recognized any
uncertain tax position as at December 31, 2024 and March 31, 2024, respectively. The Company believes these orders are unlikely to be
sustained at the higher appellate authorities.

(I) The Company entered
into a placement agent agreement with Aegis Capital Corp. (‘Aegis’) dated November 5, 2024 wherein Aegis will act as the placement agent
in connection with the November 2024 and December 2024 offering. Along with a cash fee payable and warrants issuable to Aegis as a placement
agent commission, Aegis is also entitled to a fee of 5% of the gross proceeds from cash exercise of any Series A warrants issued in the
November 2024 and December 2024 offering, payable upon exercise.

The Company has not recognized a provision for such fee
payable in the books as the Company believes that the exercise of warrants is not probable as of December 31, 2024. The Company will record
the fee in the books in the period in which the warrants will be exercised.

51

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)

33Subsequent events

(A)  On January 22, 2025, the Company entered into
a contract with AON Premium Finance LLC to refinance its D&O insurance, totaling $1,069,500, with Allied World Insurance Company,
Axis Insurance Company, National Union Fire Insurance Company, XL Specialty Insurance Company, and Berkshire Hathaway Specialty. The Company
is required to make a 40% cash down payment, with the remaining balance to be paid in four equal monthly installments at an interest rate
of 8.25% per annum, commencing on January 28, 2025.

(B) The Company had received
multiple notices from the staff of The Nasdaq Stock Market LLC (“Nasdaq”) regarding non-compliance with the Nasdaq
Listing Rule 5450(b)(2)(C) ("MVPHS Rule"), as its publicly held shares failed to meet the minimum market value requirement
of $15,000,000. On February 10, 2025, the Panel granted the Company's request for continued listing in the exchange and granted an
extension until March 31 2025 subject to following requirements