Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 1117

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 3
Chunk 1117
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 shares must close at $15,000,000 or more for a minimum of 10 consecutive business
days during this 180-day compliance period. The Company failed to regain compliance with the MVPHS Rule within the compliance period and
on January 23, 2025, the Company received an additional delist notice for non-compliance with the MVPHS Rule.

On October 29, 2024, the
Company received a deficiency notice from the Nasdaq Staff indicating that the Company’s publicly held shares are below the 1,100,000
shares minimum requirement for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(b)(1)(B) (the “MPLS
Requirement”) but on January 3, 2025 the Company received a notice from the Panel that the Company had regained compliance with
the MPLS Requirement.

118

On February 10, 2025, the Company received a letter
from the Panel (the “Panel Decision Letter”) stating that, based on the information presented, the Panel has determined to
grant the Company’s request for continued listing on Nasdaq, subject to the Company satisfying certain conditions, including transferring
its listing to The Nasdaq Capital Market and demonstrating compliance with Nasdaq Listing Rule 5550(b)(1), which requires a stockholders'
equity of at least $2.5 million for continued listing on The Nasdaq Capital Market (the “Equity Rule”), on or before March
31, 2025.

The Company is diligently working to satisfy the conditions set forth
in the Panel Decision Letter, including applying to transfer the listing of its securities to The Nasdaq Capital Market on or before February
19, 205. However, there can be no assurance that the Company will be successful in meeting such conditions or that the Company will be
able to maintain its listing on Nasdaq.

If we fail to comply with
the above condition and if Nasdaq thereafter delists our securities from trading on its exchange for failure to meet its listing standards,
and we are not able to list such securities on another national securities exchange, then our Common Stock could be quoted on an over-the-counter
market. If this were to occur, we and our stockholders could face significant material adverse consequences, including:

    ●
    a limited availability of market quotations for our securities;

    ●
    reduced liquidity for our securities;

    ●
    a determination that the Common Stock is a “penny stock,”