Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 145

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 145
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 2024, the Staff notified the Company that  
 it did not comply with Listing Rule 5450(b)(1)(B), which requires that the Company’s ordinary shares maintain a minimum of 1,100,000     
 publicly held shares for continued listing. This matter serves as a separate and additional basis for delisting.                         |

As of date the Company has regained compliance with the minimum 1.1 million publicly held shares requirement in Listing Rule 5450(b)(1)(B). The Company requested a hearing before a Nasdaq Hearings Panel seeking an extension to comply with the requirements of Rule 5450(b)(2)(A). The Panel has granted an extension to comply with the requirements of the said rule until March 31, 2025. 82

| (F) | On November 1, 2024, Gregory Moran,                                                                                                     
 a former employee of Zoomcar India, has filed a case with the Superior Court, Delaware, challenging his termination without a cause or  
 a sufficient notice, claiming $100,000 payment that was agreed to be paid on the 6 month anniversary of the effective date of closing   
 of the SPAC transaction along with a 8% fully diluted equity interest in Zoomcar Holdings, Inc., non-payment of “vacation”              
 valued at approximately $30,000, leave encashment of approximately $42,000, $96,000 entitled to him for severance pay and gratuity as   
 per India’s Payment of Gratuity Act, 1972. Additionally, he has claimed 210,520 stock units already existing, fully vested. The         
 Company filed a motion to dismiss the matter on November 27, 2024. On January 7, 2025, the Company subsequently filed the opening brief 
 in support of the motion to dismiss filed on November 27, 2024.                                                                         |

| (G) | On November 7, 2024, the Company                                                                                                          
 received a notice from ACM Zoomcar Convert LLC (“ACM”) regarding a breach of obligations under the Unsecured Convertible                  
 Note executed on December 28, 2023. The Company had defaulted on its payment obligations to ACM on June 25, 2024, resulting in the entire 
 outstanding amount becoming payable on demand. ACM has initiated litigation with the Court to recover the principal amount of $5,656,087, 
 unpaid interest of $341,746, and interest at the contractual rate until the date of judgment. The