Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 24

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 24
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ion Capital LLC, a variable rate transaction, without the prior consent of ACM. Further, on June 25, 2024, the Company received the second
notice of default from ACM stating that the Company has incurred indebtedness in the form of $3,600,000 in principal amount of notes in
a transaction involving Aegis Capital Corp. (“Aegis”) acting as the placement agent prior to which, the consent of ACM was
not obtained. As per the terms of the ACM note, in the event of any default, all accrued but unpaid interest plus liquidated damages and
other amounts thereof, shall become immediately due and payable in cash. On November 7, 2024, ACM filed a notice of motion for summary
judgement in in lieu of complaint against Zoomcar in New York courts for payment of $5,997,832.72 due under the ACM note and related legal
expenses, pursuant to breach of the terms of the note. On December 6, 2024, the court allowed adjournment of the return date of motion
from December 24, 2024 to January 24, 2025, with the Company’s opposition due by January 14, 2025 and plaintiff’s reply by
January 23, 2025. The Company has filed its opposition on January 14, 2025. On January 23, 2025, the attorneys for ACM sent a letter to
the New York County Supreme Court Justice requesting a stay or adjournment for 30 days for the completion of settlement paperwork, in
connection with a settlement in principle by the parties.

On
March 14, 2025, the Company received a demand letter (the “Demand Letter”) from the attorneys for the placement agent (the
“Prior Placement Agent”), with which the Company had entered into an engagement agreement on or about May 23, 2024 (the “Prior
Placement Agreement”). A claim has been made, pursuant to the terms of the Prior Placement Agreement, for the payment of cash fees
and the issuance of warrants to the Prior Placement Agent, as and for “tail fees” owed in connection with any financings within
18 months after the expiration or termination of the Prior Placement Agreement. The claims are made with respect to the sales of securities
in the offerings closed by the Company in June 2024, November 2024, December 2024 and February 2025. The demand is for 7% of the aggregate