Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 317

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 317
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 On January 22, 2025, the Company entered into
a contract with AON Premium Finance LLC to refinance its D&O insurance, totaling $, with Allied World Insurance Company,
Axis Insurance Company, National Union Fire Insurance Company, XL Specialty Insurance Company, and Berkshire Hathaway Specialty. The Company
is required to make a % cash down payment, with the remaining balance to be paid in four equal monthly installments at an interest rate
of % per annum, commencing on January 28, 2025.

(B) The Company had received multiple
notices from the staff of The Nasdaq Stock Market LLC (“Nasdaq”) regarding non-compliance with the Nasdaq Listing Rule 5450(b)(2)(C)
(“MVPHS Rule”), as its publicly held shares failed to meet the minimum market value requirement of $. On February
10, 2025, the Nasdaq Hearing Panel granted the Company’s request for continued listing in the exchange and granted an extension
until March 31 2025 subject to following requirements (i) the Company shall apply for transfer to The Nasdaq Capital Market on or before
February 19, 2025 (ii) The Company shall demonstrate compliance with the listing rule 5550(b)(1) which requires the Stockholder’s
equity to be at least $ million on or before March 31, 2025 (iii) The Company must file a public disclosure describing any transactions
undertaken by the Company to increase its equity and providing an indication of its equity following those transactions on or before March
31,2025 (iv) The Company must provide the Panel with an update on its fundraising plans, updated income projections for the next 12 months,
with all underlying assumptions clearly stated on or before March 31, 2025.

(C) On January 31, 2025, the Company entered into a
securities purchase agreement with certain additional accredited investors, for the second closing of the December 2024 Offering (the
“Second Closing”). In connection with the second closing, the Company issued shares ( prior to Second Reverse
Stock Split) of common stock of the Company, Pre-funded warrants issued to certain investors, at their option, exercisable for an aggregate
of up to ( prior to Second Reverse Stock Split) shares of Common Stock, Series A Warrants to initially purchase up to an
aggregate of ( prior to Second Reverse Stock Split) shares of Common Stock and Series B Warrants to purchase initially