Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 329

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 329
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 obtained by subtracting (a) the total number of shares and warrants purchased by the holder from (b) the quotient determined by dividing (i) the aggregate purchase price paid by the holder (including all exercise prices paid or payable in respect of pre-funded warrants) by (ii) the Reset Price. The Company also issued Series B Warrants to the placement agent exercisable for a number of shares equal to 10% of the shares that will be exercisable by investors pursuant to their Series B Warrants at the Reset Date. These Series B warrants have the same terms and conditions as the Series B warrants that were issued at Closing .

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ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</div>

The Company has classified both the Series A and Series B warrants (both November 2024 and December 2024 offering) as derivative financial instruments as per ASC 815-10-15-83.

The gain on fair value change of the derivative financial instruments recorded was $5,471,519 and $5,471,519, respectively, for three months and nine months ended December 31, 2024 which was recognized in the Condensed Consolidated Statements of Operations for their respective period (as no portion of such fair value adjustment resulted from instrument-specific credit risk).

As per the terms of the agreement, the number of warrants issued in the November 2024 and December 2024 offering are subject to anti-dilution adjustments wherein the exercise price of these Warrants will be adjusted to equal the floor price, if the Company secures any funding in a variable rate transaction and the number of warrants will also be adjusted such that aggregate exercise price of the warrants remains the same. Hence, the exercise price of warrants issued in November 2024 offering will be adjusted to equal the floor price once the stockholder’s approval is received and the exercise price of the warrants issued in December 2024 offering will also be adjusted to equal the price so adjusted for the warrants issued in the November 2024 offering.

The fair value of derivative financial instruments as on December 31, 2024 and March 31, 2024 are as follows:

|                                                        |     | December              
 31, 2024              |     |       |           |     | March                 
 31, 2024              |     |       |   |
|:-------------------------------------------------------|:----|:----------------------|: