Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 91

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 91
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 staff delist determination letter from the Nasdaq Listing Qualifications Department on November 6, 2024, for its failure under the MVLS standard. Further, on July 22, 2024, the Company received another notice from the Nasdaq staff notifying the Company that, based on the market value of publicly held shares for the previous 30 consecutive business days, the listing of the Company’s listed securities was not in compliance with Nasdaq Listing Rule 5450(b)(2)(C) (the “MVPHS Rule”) to maintain a minimum market value of publicly held shares of $15,000,000. To regain compliance, the minimum market value of publicly held shares must close at $15,000,000 or more for a minimum of 10 consecutive business days during this 180-day compliance period. The Company failed to regain compliance with the MVPHS Rule within the compliance period and on January 23, 2025, the Company received an additional delist notice for non-compliance with the MVPHS Rule. On October 29, 2024, the Company received a deficiency notice from the Nasdaq Staff indicating that the Company’s publicly held shares are below the 1,100,000 shares minimum requirement for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(b)(1)(B) (the “MPLS Requirement”), but on January 3, 2025, the Company received a notice from the Panel that the Company had regained compliance with the MPLS Requirement. On November 13, 2024, the Company submitted a request for a hearing before a Nasdaq Hearings Panel. This hearing request automatically stayed Nasdaq’s delisting of the Company’s Common Stock and warrants pending the Panel’s decision and any extension provided by the Panel. On November 20, 2024, the Company received a letter from Nasdaq accepting Company’s request and has fixed January 9, 2025 as the date of hearing. The Company presented its plan of compliance to the Nasdaq Hearings Panel (the “Panel”) on January 9, 2025, which included a transfer to The Nasdaq Capital Market listing tier, pursuant to a Panel exception. The Company retained Donohoe Advisory Associates LLC to assist the Company in its preparation for the hearing and developing its compliance plan. On February 10, 2025, the Company received a letter from the Panel (the “Panel Decision Letter”) stating that, based on the information presented,