Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 3006

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 13
Chunk 3006
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 Ananda Trust (the “Ananda Trust Zoomcar Note”). At the Closing, Zoomcar’s repayment
obligations under the Ananda Trust Zoomcar Note was offset against Ananda Trust’s payment obligations under the Ananda Trust Signing
Subscription Agreement and Ananda Trust received newly issued shares of Common Stock in accordance with the terms of the Ananda Trust
Signing Subscription Agreement.

The Ananda Trust Signing
Subscription Agreement includes registration rights obligations on the part of IOAC and is conditioned on the concurrent Closing and other
customary closing conditions. Among other things, Ananda Trust will not have any right, title, interest or claim of any kind in or to
any monies in the Trust Account, and agreed not to, and waived any right to, make any claim against the trust account (including any distributions
therefrom). In the event that the Business Combination is not consummated, the Ananda Trust Note issued by Zoomcar in consideration of
the Ananda Trust Investment will be exchanged for a new convertible promissory note issued by Zoomcar, and such note will be convertible
upon the consummation of a subsequent financing of Zoomcar in which Zoomcar raises an aggregate of at least $5 million, and the Ananda
Trust Subscription Agreement will terminate automatically.

On December 19, 2023, IOAC
and Ananda Trust, an affiliate of the Sponsor, entered into a subscription agreement (the “Ananda Trust Closing Subscription
Agreement”), pursuant to which, upon the Closing, Ananda Trust purchased 1,666,666 IOAC Class A ordinary shares at a price of
$3.00 per share (the “Ananda Trust Closing Investment”). Other than with respect to the per share purchase price, the
terms of the Ananda Trust Closing Subscription Agreement were substantially similar to the terms of the Ananda Trust Signing Subscription
Agreement.

Ananda Trust is an affiliate
of the Sponsor. Further, the Trustee and control person with regard to the Ananda Trust, Mohan Ananda, was, prior to the Closing, the
Chief Executive Officer and Chairman of the board of directors of IOAC; additionally, Mr. Ananda was a director of IOAC and has been appointed
to serve as the initial chairman of the Company Board from and after the Closing. Additionally, based on the Company’s capitalization
immediately after the Closing, Ananda Trust is the Company’s largest stockholder, though Ananda Trust’s proportionate interest
and voting power with