Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 138

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 138
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 28, 2023, we completed our deSPAC transaction with IOAC and received cash of $5.77 million, assumed liabilities amounting to $21.5 million and unsecured promissory notes of $3.26 million were also assumed. Financing Arrangements We have financed our operations through revenue generated from sales, borrowings, and issuance of Common Stock, preferred stock, senior subordinated convertible promissory notes, convertible promissory note and unsecured convertible notes and redeemable promissory notes. Debentures and Other Borrowings from Financial Institutions We have obtained loan facilities from various financial institutions during earlier time periods, which remained outstanding as of December 31, 2024. Issue of Common Stock The Company’s shareholders authorized, and the Board of Directors approved for a 1-for-100 Reverse Stock Split, which became effective on October 21, 2024. In December 2023, we raised $5,000,000 against issuance of 16,667 shares (1,666,666 prior to Reverse Stock Split) to Mohan Ananda, Chairman of Board of Directors and our largest shareholder. In May 2024, we issued 6,256 shares (12,512,080 prior to the First Reverse Split and 125,120 shares prior to the Second Reverse Split) to Atalaya Note holders to settle a part of the unsecured promissory note liability. Issue of Unsecured Convertible Note In December 2023, we issued an Unsecured Convertible Note bearing a principal amount of $8,434,605. Issue of Redeemable Promissory Note On June 18, 2024 , the Company entered into a Securities Purchase Agreement with certain institutional accredited investors pursuant to which the Company issued and sold an aggregate of $3,600,000 in principal amount of notes and warrants to purchase up to an aggregate of 63,387 shares (52,966,102 shares prior to the First Reverse Stock Split and 1,267,728 shares prior to the Second Reverse Split) of Company Common Stock for gross proceeds of $3,000,000. The closing occurred on June 20, 2024. Out of the proceeds of November Offering, this note has been repaid along with accrued interest. 78 Private Placement of Equity and Warrants All share and per share information provided below does not reflect the Section Reverse Split in a ratio of 1-for-20. On November 7, 2024, the Company