Company: ZCARW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076590
Chunk: 28

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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 as consideration payable to its customer. ASU 2025-04 is effective for fiscal years beginning after December 15, 2026, including
interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the impact that adoption of the provisions
of ASU 2025- 04 will have on the Company’s Condensed Consolidated Financial Statements.

There are other new accounting
pronouncements issued by the FASB that the Company has adopted or will adopt, as applicable, and the Company does not believe any of these
accounting pronouncements have had, or will have, a material impact on its Condensed Consolidated Financial Statements or disclosures.

22

ZOOMCAR HOLDINGS, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3AReverse
Stock Split

The Company’s shareholders authorized, and the Board of Directors approved for a 1-for-100 Reverse
Stock Split (the “First Reverse Stock Split”), which became effective on October 21, 2024. Any fractional shares that would
have otherwise resulted from the First Reverse Stock Split were rounded up to the nearest whole share.
     
    Every 100 shares of issued and outstanding Common Stock has been consolidated into one share, without affecting the par value. In addition, (i) a proportionate adjustment has been made to the number of outstanding warrants, per share exercise price and the number of shares issuable 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.

    The Company’s shareholders authorized, and the Board of Directors approved for a 1-for-20 Reverse Stock Split (the “Second Reverse Stock Split”), which became effective on March 21, 2025. Any fractional shares that would have otherwise resulted from the Reverse Stock Split were rounded up to the nearest whole share.
     
    Every 20 shares of issued and outstanding Common Stock has been consolidated into one share, without affecting the par value. In addition, (i) a proportionate adjustment has been made to the number of outstanding warrants, per share exercise price and the number of shares issuable 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