Company: ZCARW
Filing Date: 2025-01-10
Form Type: PRER14A
Source: 0001213900-25-002658
Chunk: 47

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-01-10
Form: PRER14A
Chunk 47
---

combination that results in all of the public shareholders having the right to exchange their ordinary shares for cash, securities or
other property. Any permitted transferees will be subject to the same restrictions and other agreements of the Sponsor, IOAC’s officers
and directors with respect to any founder shares.

On August 18, 2022, the Sponsor
granted an aggregate of 15,000 founder shares to three of IOAC’s directors and advisors (the “Special Committee Shares”)
in recognition of and as compensation for services to the Company as members of the newly formed Special Committee of the IOAC Board.

IOAC Private Placement

The Sponsor, Cantor and CCM
purchased an aggregate of 1,060,000 Class A ordinary shares at a price of $10.00 per share ($10,600,000 in the aggregate) in a private
placement that closed simultaneously with the closing of the IPO. Of those 1,060,000 Private Placement Shares, the Sponsor has purchased
960,000 Private Placement Shares, CCM has purchased 30,000 Private Placement Shares, and Cantor purchased 70,000 Private Placement Shares.
The Sponsor, Cantor and CCM are permitted to transfer the Private Placement Shares they hold to certain permitted transferees, including
their respective directors, officers, and other persons or entities affiliated with or related to them, but the transferees receiving
such securities will be subject to the same agreements with respect to such securities. In addition, the Private Placement Shares will
not, subject to certain limited exceptions, be transferable or salable until 30 days after the completion of our initial business combination.
The Private Placement Shares will not be redeemable by us so long as they are held by the initial purchasers or their respective permitted
transferees. If the Private Placement Shares are held by holders other than the initial purchasers or their respective permitted transferees,
the Private Placement Shares will be redeemable by us and exercisable by the holders on the same basis as the shares and warrants included
in the units sold in the IPO. Other than as described above, the Private Placement Shares have terms and provisions that are identical
to those of the public shares sold in the IPO.

In connection with the Closing
of the Business Combination, the Private Placement Shares held by the Sponsor, Cantor and CCM and the founder shares held by the Sponsor
were converted on a 1-for-1 basis into an equal number of shares of Common Stock and were