Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 107

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 107
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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.

On November 13, 2024, the
Company submitted a request for a hearing before a Nasdaq Hearings Panel. This hearing request automatically stayed Nasdaq’s delisting
of the Company’s Common Stock and warrants pending the Panel’s decision and any extension provided by the Panel. On November
20, 2024, the Company received a letter from Nasdaq accepting Company’s request and fixed January 9, 2025 as the date of hearing.
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. 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 (the “Stockholders’ Equity Requirement”) for continued
listing on The Nasdaq Capital Market, on or before March 31, 2025. On February 18, 2025, the Company filed an