Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 535

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part II, Item 1
Chunk 535
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2024. This hearing request has automatically stayed Nasdaq’s
delisting of the Company’s Common Stock and Public Warrants pending the Panel’s decision and any extension provided by the
Panel. 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.

Further, on July 22,
2024, the Company received another notice from the Nasdaq staff notifying the Company that, based on the market value of publicly held
shares for the previous 30 consecutive business days, the listing of the Company’s listed securities was not in compliance with
Nasdaq Listing Rule 5450(b)(2)(C) (the “MVPHS Rule”) to maintain a minimum market value of publicly held shares of $15,000,000.
To regain compliance, the minimum market value of publicly held 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