Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 257

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 257
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 Series
A Warrants (the “Reset Date”). The reset occurring on the Reset Date would occur if the price of the Common Stock, at such
time, determined by a volume weighted average formula (the “VWAP Formula”) is less than the per unit purchase price on the
Closing Date, and, if so, the exercise price would be reduced to such lower price and the number of shares exercisable would be increased
so that the aggregate exercise price of the Series A Warrants would remain the same. For the purposes of determining the reset price,
the VWAP Formula is subject to a floor price of $16.12 (the “Post-Stockholder Approval Floor Price”).

In
addition, the November Series A Warrants include a provision that resets the exercise price with a proportionate adjustment to the number
of shares underlying the November Series A Warrants in the event of a reverse split of the Company’s Common Stock at any time after
the issuance date (a “Share Combination Event”). In the event of a Share Combination Event, the exercise price of the November
Series A Warrants will be reset to a price equal to the lesser of (i) the then exercise price and (ii) the lowest volume weighted average
price (VWAP) during the period commencing five trading days immediately after the date the Company effects a reverse stock split (the
“Event Market Price”), provided that the adjustment to the exercise price shall not reduce the exercise price below the Post-Stockholder
Approval Floor Price; and provided further that notwithstanding the foregoing, if one or more Share Combination Events occur prior to
the Stockholder Approval being obtained and the reduction of the exercise price is limited to $4.03, which is the floor price prior to
the Stockholder Approval, then once the Stockholder Approval is obtained, the exercise price will automatically be reduced to equal the
greater of (a) the lowest Event Market Price with respect to any Share Combination Event that occurred prior to the Stockholder Approval
being obtained and (b) the Post-Stockholder Approval Floor Price.

The
November Series A Warrants are also subject to full ratchet anti-dilution protection for any issuances of Company securities (other than
certain excluded issuances) at a price or effective price (as determined in accordance with the terms of the November Series A Warrants,
the “Dilutive Issuance Price”) that is less than the then current exercise price of the November Series A Warrants following