Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 357

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 357
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679prior to Reverse Stock Split) warrants at the Closing of the Reverse Recapitalization. The Private Warrants are classified as equity instruments, in accordance with ASC 815-40. In February 2024, warrant holders exercised the cashless option for 1,102( 1,101,473prior to Reverse Stock Split) warrants which were converted to 311equity shares ( 310,977equity shares prior to Reverse Stock Split). As on March 31, 2024, 380,011( 37,956,206prior to Reverse Stock Split) private warrants are outstanding.

(This space has been left intentionally blank) F-90 ZOOMCAR HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

| 20 | Unsecured Convertible Note (‘Atalaya 
 Note’)                               |

The following is a summary of the Company’s Atalaya Note payable for which it elected the fair value option as of March 31, 2024 and March 31, 2023:

(In USD)

| As at        |     | Fair              
 Value Outstanding 
 March             
 31,               
 2024              |            |     | March 
 31,   
 2023  |   |
|:-------------|:----|:------------------|-----------:|:----|:------|:--|
| Atalaya Note |     | $                 | 10,067,601 |     | $     | - |
| Total        |     |                   | 10,067,601 |     |       | - |

The unsecured convertible notes were issued to ACM Zoomcar Convert LLC (“Atalaya”) for making payment of $ 1,231,368against the outstanding unsecured promissory note and $ 6,570,642to various vendors on behalf of the Company. All outstanding payments to vendors were recorded within accounts payable in the Consolidated Balance Sheet. Payments made by Atalaya to the vendors were recorded as a decrease in accounts payable and accrued liabilities. Further, Atalaya also made payment to promissory note holder which were recorded as a decrease in Unsecured Promissory Note.

The Atalaya Note were initially recorded at the fair value of $ 10,167,194on issuance. The Atalaya Note was issued at 7.5% discount on principal amounting to $ 632,596.

As of March 31, 2024, the principal balance of the Atalaya