Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 417

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 417
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 Company’s Notes, SSCPN, preferred stock warrant liability and derivative financial instrument.

The fair value of the warrant liability is estimated using a Monte Carlo simulation model as the series and number of shares issued upon exercise is contingent upon the outcome of multiple discrete scenarios. The fair value of the underlying shares used within the Monte Carlo simulation model was estimated using an option pricing model to estimate the allocation of value to the various classes of securities of the Company. The significant unobservable inputs into the valuation model include the expected warrant term, the fully-diluted stock value, and volatility. A significant increase/(decrease) in any of the unobservable inputs in isolation would result in a material increase/(decrease) in the Company’s estimate of fair value of the derivative financial instrument.

Warrant

The Company used the following assumptions for the valuation of warrant liability and derivative financial instrument in the model:

|                          |     |   | December 
 28, 2023 |   |     |   |    March 
 31, 2023 |   |
|:-------------------------|:----|:--|---------:|:--|:----|:--|---------:|:--|
| Remaining term (years)   |     |   |      5.0 |   |     |   |      5.2 |   |
| Volatility1              |     |   |       55 | % |     |   |       53 | % |
| Risk-free rate2          |     |   |     3.80 | % |     |   |     3.60 | % |
| Estimated exercise price |     | $ |      3.0 |   |     | $ |   0.23-5 |   |
| Fair value per share     |     | $ |      3.7 |   |     | $ |     10.7 |   |

| 1. | Expected volatility is                                                             
 based upon the historical volatility of a peer group of publicly traded companies. |

| 2. | The risk-free rate for                                                                                    
 the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date. |

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F-106

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

| 34 | Financial Instruments                 
 - Fair Value Measurements (Continued) |

Atalaya Note