Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1957

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 6
Chunk 1957
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 (the “Ananda Trust Closing Subscription
Agreement”), pursuant to which, upon the Closing, Ananda Trust purchased 1,666,666 IOAC Class A ordinary shares at a price of
$3.00 per share (the “Ananda Trust Closing Investment”). Other than with respect to the per share purchase price, the
terms of the Ananda Trust Closing Subscription Agreement were substantially similar to the terms of the Ananda Trust Signing Subscription
Agreement.

Ananda Trust is an affiliate
of the Sponsor. Further, the Trustee and control person with regard to the Ananda Trust, Mohan Ananda, was, prior to the Closing, the
Chief Executive Officer and Chairman of the board of directors of IOAC; additionally, Mr. Ananda was a director of IOAC and has been appointed
to serve as the initial chairman of the Company Board from and after the Closing. Additionally, based on the Company’s capitalization
immediately after the Closing, Ananda Trust is the Company’s largest stockholder, though Ananda Trust’s proportionate interest
and voting power with regard to the Company may change over time and from time to time.

The terms of the Ananda Trust
Closing Investment are not necessarily reflective of the terms and conditions of a transaction negotiated at arm’s length, and it
is possible that, if such terms were negotiated at arm’s length, they would have been different from, and more favorable to, the
Company and its stockholders; however, the disinterested members of the IOAC Board approved the terms of the Ananda Trust Closing Investment,
which they believed to be the best terms available, under the circumstances, to facilitate the consummation of the proposed Business Combination
and deliver capital required by the Company to pursue its business plans.

Sponsor Support Agreement

In connection with entering
into the Merger Agreement, on October 13, 2022, the Sponsor, IOAC and Zoomcar entered into the Sponsor Support Agreement. Pursuant to
the Sponsor Support Agreement, in order to induce Zoomcar to enter into the Merger Agreement and for no additional consideration, the
Sponsor agreed to (i) vote all ordinary shares of IOAC held by Sponsor at any meeting of the shareholders of IOAC in favor of the approval
and adoption of the Merger Agreement and the Business Combination; and (ii) not to redeem or transfer any of the shares held by the Sponsor,
or deposit into a voting trust or enter into a voting agreement in a manner inconsistent with