Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 353

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 353
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 (‘SSCPN’)       |

The following is a summary of the Company’s SSCPN payable for which it elected the fair value option as of March 31, 2024 and March 31, 2023:

(In USD)

| As at                         |     | Fair              
 Value Outstanding 
 March             
 31,               
 2024              |   |     | March 
 31,   
 2023  |            |
|:------------------------------|:----|:------------------|:--|:----|:------|-----------:|
| SSCPN                         |     | $                 | - |     | $     | 17,422,132 |
| Warrants issued against SSCPN |     |                   | - |     |       | 14,373,856 |
| Total                         |     |                   | - |     |       | 31,795,988 |

The Company has raised $ 8,109,954during the year ended March 31, 2023 and $ 13,175,027during the year ended March 31, 2024 against SSCPN, Warrants and placement agents warrants. The terms and conditions are given below in note.

During the year ended March 31, 2024, as a result of consummation of the Business Combination by way of a Reverse Recapitalization, the SSCPN outstanding were converted into 42,482( 4,248,178prior to Reverse Stock Split) shares of the Company’s Common Stock.

The Company had measured the SSCPN under the fair value option election of ASC 825 and were adjusted for their carrying value through Statement Of Operations up to the date of conversion on Reverse Recapitalization. On the date of Reverse Recapitalization, the carrying amounts of the SSCPN and Notes were credited to the capital accounts upon conversion.

The (gain)/ loss on change in fair value of the SSCPN recorded was $( 3,448,845) for the year ended March 31, 2024 and $ 9,312,177for the year ended March 31, 2023, which were recognized in the Consolidated Statement of Operations for their respective period (as no portion of such fair value adjustment resulted from instrument-specific credit risk).

As of March 31, 2023, and March 31, 2024, the principal balances of the SSCPN were $ 8,109,954and $ NIL, respectively. The fair values of these SSCPNs were $ 17