Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 302

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 302
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 (i) the Company shall apply for transfer to The Nasdaq Capital
Market on or before February 19, 2025 (ii) The Company shall demonstrate compliance with the listing rule 5550(b)(1) which requires
the Stockholder's equity to be atleast $2.5 million on or before March 31, 2025 (iii) The Company must file a public disclosure
describing any transactions undertaken by the Company to increase its equity and providing an indication of its equity following
those transactions on or before March 31,2025 (iv) The Company must provide the Panel with an update on its fundraising plans,
updated income projections for the next 12 months, with all underlying assumptions clearly stated on or before March 31, 2025.

(C) On January 31, 2025, the Company entered into a securities
purchase agreement with certain additional accredited investors, for the second closing of the December 2024 Offering (the “Second
Closing”). In connection with the second closing, the Company issued 1,049,796 shares of common stock of the Company, Pre-funded
warrants issued to certain investors, at their option, exercisable for an aggregate of up to 872,000 shares of Common Stock, Series A
Warrants to initially purchase up to an aggregate of 4,804,491 shares of Common Stock and Series B Warrants to purchase initially no shares
of Common Stock and then up to such number of shares of Common Stock, as determined on the Reset Date for an aggregate investment of $3
million. The Securities were offered at a price of $1.56. Out of the total proceeds of $3 million, the Company did not receive any cash
proceeds with respect to Securities with a subscription price of $1.56 million, as those Securities were issued in consideration for the
settlement of litigation with Randall Yanker. Hence, the Company raised gross proceeds of $1.44 million and net proceeds of $1.25 million
after deduction of offering expenses amounting to $0.2 million.

(D)
In August 2022, the Company received a complaint and a demand for trial by jury from Randall Yanker (complainant) towards non-payment
of performance bonus consideration seeking damages amounting to $15.9 million towards breach of contract claims, as well as costs, attorneys’
fees, and interest on the $15.9 million amount.

On February 4, 2025, the