Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 352

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 352
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 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 Company entered into a settlement agreement with Randall Yanker to settle claims arising out of a certain consulting agreement, dated May 1, 2020, for which claims had been brought by Mr. Yanker. Pursuant to the Settlement Agreement, the Company agreed to issue an aggregate of (i) 1,000,000 shares and/or Pre-Funded Warrants, (ii) Series A Warrants to initially purchase up to an aggregate of 2,500,000 shares of Common Stock and (iii) Series B Warrants, in connection with the second closing of December 2024 offering. The settlement agreement is considered a recognized subsequent event and hence, as on December 31, 2024, the Company has recorded a provision for expense under ‘Accounts payable’ under Condensed Consolidated Balance Sheets for an amount equal to the fair value of instruments issued on settlement on February 4, 2025 and has recorded the corresponding expense as ‘Loss on litigation settlement’ under ‘Other income/expense’ in the Condensed Consolidated Statements of Operations.

<div align='center'>F-53

ZOOMCAR HOLDINGS, INC.

CONSOLIDATED BALANCE SHEET</div>

(in USD, except number of shares)

|                                                                                                                                     | As 
 at |   |        March 
          31, 
         2024 |