Company: ZCARW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076590
Chunk: 557

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part II, Item 1
Chunk 557
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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.

64

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 “tail fees” owed in connection with any financings within 18 months after the expiration
or termination of the Prior Placement Agreement. The claims are made with respect to the sales of securities in the offerings closed by
the Company in June 2024, November 2024, December 2024 and February 2025. The demand is for 7% of the aggregate gross proceeds received
by the Company in each of those offerings from investors on a “tail list” provided by the Prior Placement Agent and warrants
to purchase up to 7% of the aggregate number of shares of common stock issued in each of the offerings to investors on the “tail
list,” which warrants are to have the same terms and warrants offered to investors in each of the offerings, with an exercise price
equal to 125% of the applicable offering price.

With respect to the offering
closed in June 2024, the claim is made with respect to one investor claimed to be on the “tail list,” for a cash fee of 7%
of the aggregate gross proceeds received from such investor and 7% warrant coverage, with respect to that investor, but no specific amount
is claimed. With respect to the offering closed in November 2024, there is a claim for a cash fee of $77,000 and warrants to purchase
an aggregate of 17,900