Company: ZCARW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110391
Chunk: 332

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 332
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 that transaction was never effectuated; and (ii) the second Form 8-K by tendering to the Court evidence confirming
that the subject transaction involved Excluded Debt. The effect of the foregoing is the transactions were excluded from the definitions
of Events of Default and extinguished ACM’s alleged entitlement to accelerated payment under the Note. Additional defenses
were also presented by Zoomcar to the Motion. On March 28, 2025, New York County Supreme Court Justice granted a summary judgment
in favor of ACM in the amount of $5,656,086.72, as well as default interest in the amount of $346,481.00, post-judgment interest at the
statutory rate, attorneys’ fees, and costs. The issue of attorneys’ fees was referred to a special referee to report
and recommend on submission from the parties. On April 22, 2025, the Company filed a Notice of Appeal seeking to reverse the March
28, 2025, order granting summary judgment in favor of ACM. On May 9, 2025, the Court reduced the award of attorneys’ fees and
costs to $12,000.00. Based on the foregoing, on July 1, 2025, the Clerk of the Court entered two (2) money judgments against the
Company for the underlying liability and attorneys’ fees: $5,997,832.72 and $12,000.00. On July 29, 2025, the Company filed
Notices of Appeal seeking to reverse both money judgments in favor of ACM. The Company will continue to vigorously prosecute its
appeals. . For more information see the section herein titled “Risk Factors — ACM has filed a notice of motion for summary
judgement in lieu of complaint against Zoomcar in New York courts for payment of amounts due under the Note pursuant to breach of the
terms of a note.”

76

Litigation with Prior
Placement Agent

On March 14, 2025, the Company
received a demand letter (the “Demand Letter”) from the attorneys for the placement agent (the “Prior Placement Agent”),
with which the Company had entered into an engagement agreement on or about May 23, 2024 (the “Prior Placement Agreement”).
A claim has been made, pursuant to the terms of the Prior Placement Agreement, for the payment of cash fees and the issuance of warrants
to the Prior Placement Agent, as and for