Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 17

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 17
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 are often outdated,
expensive and, in many cases, inflexible and inconvenient for short-term needs. Our business model and platform offerings continue to
evolve with changing consumer expectations and the observable shift in emerging market populations toward personalized, digitized goods
and services offered on-demand. We believe that our positioning in most major cities in the three countries in which we currently operate,
together with our scalable technology and platform features, make Zoomcar well-positioned to continue attracting customers from addressable
markets with few parallels in terms of scale and size. More fully described in the “Business” section.

Recent Developments

As
previously reported in a Current Report on Form 8-K, filed with the Securities and Exchange Commission (the “Commission”)
on May 9, 2024, the Company received Notice from Nasdaq indicating that, because the market value of the Company’s Common Stock
had been below $50,000,000 for 30 consecutive business days, the Company no longer complied with the minimum market value of listed securities
requirement for continued listing on the Nasdaq Global Market under Rule 5450(b)(2)(A) of Nasdaq Listing Rules (the “MVLS Rule”),
and that, because the closing bid price for the Common Stock has fallen below $1.00 per share for more than 30 consecutive business days,
the Company no longer complied with the minimum bid price requirement for continued listing on the Nasdaq Global Market under Rule 5450(a)(1)
of Nasdaq Listing Rules (the “Minimum Bid Price Rule”).

The
Company was provided with an initial compliance period of 180 calendar days, or until November 4, 2024, to regain compliance with the
MVLS Rule and the Minimum Bid Price Rule. The Company did not regain compliance with the MVLS Rule or the Minimum Bid Price Rule during
the allotted time period.

Further,
as previously reported in a Current Report on Form 8-K filed with the Commission on November 4, 2024, the Company received a notice from
Nasdaq notifying the Company that it was no longer in compliance with the Nasdaq Listing Rule 5450(b)(1)(B) (the “PHS Rule”)
to maintain minimum requirement for publicly held shares at 1,100,000.

Accordingly,
on November 6, 2024, the Company received a staff delist determination letter from the Nasdaq Listing Qualifications Department, as a
result of its failure to regain