Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 2704

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 9B
Chunk 2704
---
 initial business combination is extended
past July 29, 2023.

On August 18, 2023, IOAC
issued a promissory note (the “August 2023 Note”), in the amount of up to $500,000 to the Sponsor. The August 2023
Note bears no interest, and it is non-convertible. The principal balance is payable on the date of the consummation of IOAC’s initial
business combination.

On October 3, 2023, IOAC
issued a promissory note in favor of the Sponsor (the “October 2023 Note”) in the principal amount of up to $90,000
for expenses accrued in connection with the extension of the date by which IOAC must consummate its initial business combination from
September 29, 2023 to October 29, 2023. The October 2023 Note is non-convertible and bears no interest, and the principal balance is payable
by the Company on the date on which the Company consummates an initial business combination.

On December 1, 2023, IOAC
issued an unsecured promissory note (the “December 2023 Note”), in the amount of up to $200,000 to the Sponsor. The
December 2023 Note is non-convertible and bears no interest, and the principal balance is payable by the Company on the date on which
the Company consummates an initial business combination.

On December 18, 2023, IOAC
issued (i) an unsecured convertible promissory note (the “New Ananda Trust Note”), the principal amount of $2,027,840,
which is equal to the total amount owed to Ananda Trust under the September 2022 Note, January 2023 Note, First Extension Note, May 2023
Note, Second Extension Note, August 2023 Note, October 2023 Note and December 2023 Note (collectively, the “Existing Notes”),
and which bears no interest and the principal balance of the New Ananda Trust Note will be payable by the Company 90 days after the consummation
of the Business Combination, or April 24, 2024 (the “Maturity Date”), and, on the Maturity Date, the holder of the
New Ananda Trust Note may convert any amounts outstanding into shares of Common Stock, at a conversion price lower than the redemption
price per public share in connection