Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 205

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 205
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 the case in Delaware Superior Court. Mr. Moran refiled his lawsuit in the Superior Court of the
State of Delaware on November 1, 2024. On 27 November 2024, the Company has filed a motion to dismiss certain of the causes of action
for failure to state a cause of action, and the briefing on that motion was filed on 7 January 2025. Even if the Company prevails
on the motion, there will still be remaining count of breach of contract the Company will be required to defend.

The Company received two
default notices from ACM. The first notice was issued on May 22, 2024 which stated that the Company is in default of the terms of the
Unsecured Convertible Note issued to ACM on December 28, 2023, since the Company had entered into an equity line arrangement with White
Lion Capital LLC, a variable rate transaction, without the prior consent of ACM. Further, on June 25, 2024, the Company received the second
notice of default from ACM stating that the Company has incurred indebtedness in the form of $3,600,000 in principal amount of notes in
a transaction involving Aegis Capital Corp. (“Aegis”) acting as the placement agent prior to which, the consent of ACM was
not obtained. As per the terms of the ACM note, in the event of any default, all accrued but unpaid interest plus liquidated damages and
other amounts thereof, shall become immediately due and payable in cash. On November 7, 2024, ACM filed a notice of motion for summary
judgement in in lieu of complaint against Zoomcar in New York courts for payment of $5,997,832.72 due under the ACM note and related legal
expenses, pursuant to breach of the terms of the note. On December 6, 2024, the court allowed adjournment of the return date of motion
from December 24, 2024 to January 24, 2025, with the Company’s opposition due by January 14, 2025 and plaintiff’s reply by
January 23, 2025. The Company has filed its opposition on January 14, 2025. On January 23, 2025, the attorneys for ACM sent a letter to
the New York County Supreme Court Justice requesting a stay or adjournment for 30 days for the completion of settlement paperwork, in
connection with a settlement in principle by the parties