Company: ZCARW
Filing Date: 2025-05-12
Form Type: S-1/A
Source: 0001213900-25-041769
Chunk: 382

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-12
Form: S-1/A
Chunk 382
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 peer group of publicly traded companies. |

| 2. | The risk-free rate for the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date. |

(This space has been left intentionally blank) F-109 ZOOMCAR HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

| 34 | Financial                                         
 Instruments - Fair Value Measurements (Continued) |

Atalaya Note

The Company measures its notes at fair value based on significant inputs not observable in the market, which caused them to be classified as Level 3 measurements within the fair value hierarchy. Changes in the fair value of unsecured convertible note related to updated assumptions and estimates were recognized as change in fair value of Atalaya Note within the Consolidated Statements of Operations and Comprehensive Loss.

The Company used the following assumptions for the valuation of Atalaya Note as on March 31, 2024 in the model of Valuation of:

|                                                                                        |     | Atalaya 
 Note    |           |   |
| Remaining term (years)                                                                 |     |         |      4.75 |   |
| Volatility1                                                                            |     |         |        80 | % |
| Risk-free rate2                                                                        |     |         |      4.90 | % |
| Conversion Price3 (after Second Reverse Stock Split and First Reverse Stock Split)     |     | $       | 20,000.00 |   |
| Fair Value per Share4 (after Second Reverse Stock Split and First Reverse Stock Split) |     | $       |  1,200.00 |   |

| 1. | Expected volatility is based upon the historical volatility of a peer group of publicly traded companies. |

| 2. | The risk-free rate for the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date. |
| 3. | Conversion Price prior to Second Reverse Stock Split and First Reverse Stock Split was $1,000 and $10 respectively.              |
| 4. | Fair Value per share prior to Second Reverse Stock Split and First Reverse Stock Split was $600 and $0.6 respectively.           |

The changes in the fair value are summarized below:

|                                                                                                                                         |     | Preferred               
 stock warrant liability |            |   |     | Notes |            |   |     | SSCPN |             |   |     | Unsecured                         
 Convertible Note (‘Atalaya Note’) |