Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 279

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 279
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 upon the exercise of all outstanding stock options and warrants to purchase shares of common stock as per the terms and conditions of the respective warrant agreements, and (ii) the number of shares reserved for issuance pursuant to the Company’s equity incentive plans was also reduced proportionately.

| 4 | Troubled Debt 
 Restructuring |

7.7% Debenture

On September 25, 2024, the Company entered into a settlement agreement with Blacksoil Capital Private Limited (lender). As per the agreement, the lender has agreed to waive off 25% of the outstanding amount and the Company agreed to make full settlement of its outstanding amount (net of 25% waiver) by November 15, 2024 (original date was October 31, 2024) and in case of default, the Company is liable to pay fixed coupon interest @ 10% p.a. on the revised outstanding amount for the period starting October 31, 2024 till December 15, 2024 (“Long stop date”). As of December 31, 2024, the Company has fully repaid its outstanding liability to the lender.

The Company has accounted for this transaction as troubled debt restructuring under ASC 470-60. The gain on troubled debt restructuring recorded during the three and nine months ended December 31, 2024 is $ NILand $ 83,645, respectively.

Mercury Car Rentals Limited

During the nine months ended December 31, 2024, the Company has entered into a new arrangement with Mercury Car Rentals Limited whereby the lender has waived all penal interest amounting to $ 31,951charged due to non-payment of bullet payment which was due in January, 2024. As per the agreed terms, the company was to make payment in 3 installments starting from September 2024 until November 30, 2024. As of December 31, 2024, the Company has fully repaid its outstanding liability to Mercury Car Rentals Limited.

The Company has accounted for this transaction as troubled debt restructuring under ASC 470-60. The gain on troubled debt restructuring recorded during the three and nine months ended December 31, 2024 is $ NILand $ 31,951, respectively.

Jain and Sons Services Limited

On November 06, 2024, the Company has entered into a settlement arrangement with Jain and Sons Services Limited, under which the lender waived a portion of the outstanding liability. The remaining liability was to be settled by December 23