Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 14

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 14
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 either of these continuing listing standards for at least 10 trading days, by May 5, 2025, our Common Stock and Public Warrants will, in all likelihood, be delisted from trading on Nasdaq and our securities will, thereafter, be quoted on the OTC Markets. Given the maximum amount of $18,000,000 in gross proceeds raised in this offering, it is highly unlikely that we will achieve either an MVLS of $35,000,000 or an MSE of $2,500,000, and our Common Stock will be delisted from trading on Nasdaq. 2 Strategic Advisory Agreement; Board Appointment Letter; Board Resignation On October 22, 2024, the Company entered into a strategic advisory agreement with Uri Levine (the “Strategic Advisory Agreement”). Pursuant to the terms of the agreement, Mr. Levine will provide strategic oversight to the Company’s management team with a focus on problem solving, operations, and capital growth. As compensation for services rendered under the agreement, the Company agreed to pay Mr. Levine a cash fee of $29,166 per month, payable monthly in arrears and a joining bonus of $500,000 payable in cash and shares of Common Stock. Additionally, the Company will recommend to the Board and the Compensation Committee of the Board that the Company grant to Mr. Levine, subject to the approval of the Company’s stockholders, an equity grant equal to 3% of the Company’s outstanding equity as of its last financing as of December 31, 2024, which such grant will be subject to certain vesting restrictions as determined by the independent members of the Board or a subcommittee thereof. Further, pursuant to the agreement, if the Company is sufficiently capitalized in the sole determination of Mr. Levine, Mr. Levine has agreed to accept (at the Board’ discretion) a nomination or, if there is a vacancy on the Board, an appointment by the Board, to serve as a director and Chairman of the Board. The Strategic Advisory Agreement may be terminated by the Company with 90 days written notice. On March 28, 2025, the Company, pursuant to the terms of a Board Appointment Letter (the “Board Letter”), appointed Mr. Levine as a member and Chairman of the Board, effective as of March 31, 2025, to serve as a Class III Director filling the vacancy created by the previous resignation of Mark Bailey. The Company has agreed to (i) pay Mr. Levine a service fee of $