Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 101

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 101
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 the issue date of the Series A Warrants,
in which case the holder would not pay a cash purchase price upon exercise, but instead would receive upon such exercise the number of
common shares equal to the product of (x) the aggregate number of common shares that would be issuable upon a cash exercise of the Series
A Warrant and (y) two and a half (2.5). Accordingly, it is highly unlikely that a holder of the Series A Warrants would wish to pay an
exercise price in cash to receive one common share when they could instead choose the alternate cashless exercise option and pay no cash
to receive two and a half (2.5) common shares. As a result, we will likely not receive any additional funds and do not expect to receive
any additional funds upon the exercise of the Series A Warrants.

You will experience immediate and substantial dilution in the net tangible book value of the shares you purchase in this offering, and future sales or dilution of our equity, including the issuance of shares from Series A Warrant exercises which will result in severe dilution, could adversely affect the market price of our common shares.

The public offering price
will be substantially higher than the net tangible book value per share of our outstanding common shares. As a result, investors in this
offering will incur immediate dilution of $ per share based on the assumed public offering
price of $ per Unit. Investors in this offering will pay a price per Unit
that substantially exceeds the book value of our assets after subtracting our liabilities. See “Dilution” for a more
complete description of how the value of your investment will be diluted upon the completion of this offering.

Additionally, under the alternate
cashless exercise option of the Series A Warrants, during the period of 90 calendar days following the issue date of the Series A Warrants,
a holder of the Series A Warrant has the right to receive, without payment of any additional cash to the Company, an aggregate number
of shares equal to the product of (x) the aggregate number of common shares that would be issuable upon a cash exercise of the Series
A Warrant and (y) two and a half (2.5). The Series A Warrants also include exercise price reset provisions, which could result in the
issuance of a significantly higher number of shares upon exercise. At 4:01 p.m. Eastern time on the 7th trading day after the date of
issuance (