Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 1236

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 4
Chunk 1236
---
 of $50,000,000 and (ii) Listing Rule 5450(a)(1) as it relates
to the requirement to maintain minimum bid price of $1 per share. Further to this, on November 8, 2024, the Company received a notice
from NASDAQ stating that, since the closing bid price over the 12 consecutive days between October 22, 2024, and November 6, 2024, has
been $1.00 per share or greater, the Company is now in compliance with Listing Rule 5550(a)(2) and, hence, has resolved this matter.

However, the market value
of listed securities of the Company did not close at $50,000,000 or more for ten consecutive business days prior to November 4, 2024.
The Company failed to regain the compliance with the minimum market value requirement within the stipulated timeframe and thus, it received
a staff delist determination letter from the Nasdaq Listing Qualifications Department on November 6, 2024, for its failure under the MVLS
standard. The Company submitted a request for a hearing on November 13, 2024. This hearing request has automatically stayed Nasdaq’s
delisting of the Company’s Common Stock and Public Warrants pending the Panel’s decision and any extension provided by the
Panel. 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.

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