Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 137

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 137
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2023 (which has converted at a discount in the deSPAC). On December 28, 2023, we completed our deSPAC transaction with IOAC and received cash of $5.77 million, assumed liabilities amounting to $21.5 million and unsecured promissory notes of $3.26 million were also assumed. Financing Arrangements We have financed our operations through revenue generated from sales, borrowings, and issuance of Common Stock, preferred stock, senior subordinated convertible promissory notes, convertible promissory note and unsecured convertible notes and redeemable promissory notes. Debentures and Other Borrowings from Financial Institutions We have obtained loan facilities from various financial institutions during earlier time periods, which remained outstanding as of December 31, 2024. Issue of Common Stock The Company’s shareholders authorized, and the Board of Directors approved for a 1-for-100 Reverse Stock Split, which became effective on October 21, 2024. In December 2023, we raised $5,000,000 against issuance of 16,667 shares (1,666,666 prior to Reverse Stock Split) to Mohan Ananda, Chairman of Board of Directors and our largest shareholder. In May 2024, we issued 125,120 shares (12,512,080 prior to Reverse Stock Split) to Atalaya Note holders to settle a part of the unsecured promissory note liability. Issue of Unsecured Convertible Note In December 2023, we issued an Unsecured Convertible Note bearing a principal amount of $8,434,605. Issue of Redeemable Promissory Note On June 18, 2024 , the Company entered into a Securities Purchase Agreement with certain institutional accredited investors pursuant to which the Company issued and sold an aggregate of $3,600,000 in principal amount of notes and warrants to purchase up to an aggregate of 1,267,728 shares (52,966,102 shares prior to Reverse Stock Split) of Company Common Stock for gross proceeds of $3,000,000. The closing occurred on June 20, 2024. Out of the proceeds of November 7 thPlacement, this note has been repaid along with accrued interest. Private Placement of Equity and Warrants On November 7, 2024, the Company sold (i) 1,302,850 Common Units, each consisting of one share of common stock, two Series A Warrants and maximum number of Series B W