Company: ZCARW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110391
Chunk: 93

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 93
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 a going concern.

63

In October 2022, we entered
into a Business Combination Agreement (BCA) for merger with Innovative International Acquisition Corp. (“IOAC”) In October
2022, we entered into a note purchase agreement with Ananda small business trust, an affiliate of the SPAC sponsor. Ananda small business
trust has purchased notes worth $10.00 million. Additionally, pursuant to signing the BCA, the Company has entered into a warrant and
convertible note agreement in February 2023 with new investors and raised a total of $21.28 million (before fees) as of August 16, 2023
(which has converted at a discount in the deSPAC). On December 28, 2023, we completed our deSPAC transaction with IOAC and received cash
of $5.77 million, assumed liabilities amounting to $21.5 million and unsecured promissory notes of $3.26 million were also assumed.

On June 18, 2024, the Company
entered into a securities purchase agreement with certain institutional accredited investors (the “June Aegis Securities Purchase
Agreement”) pursuant to which the Company issued and sold an aggregate of $3.60 million in principal amount of notes (the “June
Notes”) and warrants to purchase up to an aggregate of 1,267,728 shares (52,966,102  shares prior to Reverse Stock Split) shares
of Company Common Stock (the “June Warrants”) for gross proceeds to the Company of $3.00 million. The June Notes are due nine
(9) months from the date of issuance, provided that the Company is required to use the proceeds at the closing date of one or more
subsequent equity, debt or other capital raise(s) or any sale of tangible or intangible assets with net proceeds sufficient to repay all
or any portion of the amounts due under the June Notes, and bear interest at a rate of 15% per annum (up to 20% per annum during
the occurrence of an Event of Default). The June Notes are also subject to optional redemption at the option of the Note Holder in the
event of a change of control or upon occurrence of an Event of Default (in which case the June Notes are redeemable at a premium of 125%
of the amount due thereunder). The June Notes contain certain negative covenants including, but not limited to, a prohibition on
incurring indebted