Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 263

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 263
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 not in excess of 9.99%, provided that any increase in such
percentage shall not be effective until 61 days following notice from the holder to the Company.

The December Series A Warrants
contain a standard cashless exercise provision permitting the holder to exercise the December Series A Warrants on a cashless basis if
the market price of the Company’s Common Stock at the time of exercise is in excess of the exercise price of the December Series
A Warrants and there is not an effective resale registration statement available for the resale of the shares of Common Stock underlying
the December Series A Warrants.

The December Series A Warrants
are callable by the Company at a price of $0.0001 per December Series A Warrant, provided that the daily VWAP of the
Common Stock for each of five (5) consecutive trading days equals or is greater than 300% of the initial exercise price of the December
Series A Warrants, or $4.68 (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like), unless
such December Series A Warrants are exercised by the holders.

The December Series B Warrants
have an exercise price of $0.0001 per share and are not initially exercisable for any shares of Common Stock, but also contain a reset
adjustment on the December Reset Date, depending on the price determined by the VWAP Formula, if it is less than the per unit purchase
price on the Closing Date, then the maximum eligibility number of shares of Common Stock will be determined so that the sum of (a) the
number of shares of Common Stock and/or shares of Common Stock underlying Pre-Funded Warrants issued on the Closing Date and (b) the number
of Shares issued pursuant to the December Series B Warrants on the December Reset Date would equal the number of shares of Common Stock
and/or Pre-Funded Warrants that would have been issued to certain of the December Selling Holders on the Closing Date if the per unit
purchase price had been the price determined pursuant to the VWAP Formula. For the purposes of determining the reset price, the VWAP Formula
will be subject to the December Post-Stockholder Approval Floor Price.

The December Series B Warrants
are also subject to customary adjustments for stock dividends, stock splits, distributions and the like. If a Fundamental Transaction
(as defined in the December Series A Warrants) occurs, then the successor entity will succeed to, and be substituted for the