Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 18

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 18
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 compliance with the MVLS Rule and as a result of its noncompliance with the PHS Rule.

Additionally,
as previously reported in a Current Report on Form 8-K, filed with the Commission on July 26, 2024, the Company also received a notice
from Nasdaq notifying that it was no longer in compliance with Nasdaq Listing Rule 5450(b)(2)(C) to maintain a minimum market value of
publicly held shares of $15,000,000 (the “MVPHS Rule”). The Company was given 180 days (i.e. January 21, 2025) to regain compliance
with the (“MVPHS Rule”).

On
November 7, 2024, the Company received notice from the Nasdaq Stock Market that the staff has determined that for 12 consecutive business
days, from October 22, 2024, to November 6, 2024, the closing bid price of the Company’s Common Stock has been at $1.00 per share
or greater and, accordingly, the Company has regained compliance with Minimum Bid Price Rule.

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On
November 13, 2024, the Company submitted a request for a hearing before a Nasdaq Hearings Panel. This hearing request automatically stayed
Nasdaq’s delisting of the Company’s Common Stock and warrants pending the Panel’s decision and any extension provided
by the Panel. On November 20, 2024, the Company received a letter from Nasdaq accepting Company’s request and has fixed January
9, 2025 as the date of hearing. The Company presented its plan of compliance to the Nasdaq Hearings Panel (the “Panel”) on
January 9, 2025, which included a transfer to The Nasdaq Capital Market listing tier, pursuant to a Panel exception. The Company retained
Donohoe Advisory Associates LLC to assist the Company in its preparation for the hearing and developing its compliance plan.

On
January 23, 2025, the Company received a further notice from Nasdaq notified the Company that its failure to regain compliance with the
MVPHS Rule serves as an additional basis for delisting the Company’s securities from The Nasdaq Stock Market, and that the Panel
will consider this matter in their decision regarding the Company’s continued listing on The Nasdaq Global Market. The notice provided
that the Company has until January 30, 2025, to present its views with respect to