Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 14

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 14
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, the Company no longer complied with the minimum market value of listed securities requirement for continued listing on the Nasdaq Global Market under Rule 5450(b)(2)(A) of Nasdaq Listing Rules (the “MVLS Rule”), and that, because the closing bid price for the Common Stock has fallen below $1.00 per share for more than 30 consecutive business days, the Company no longer complied with the minimum bid price requirement for continued listing on the Nasdaq Global Market under Rule 5450(a)(1) of Nasdaq Listing Rules (the “Minimum Bid Price Rule”). The Company was provided with an initial compliance period of 180 calendar days, or until November 4, 2024, to regain compliance with the MVLS Rule and the Minimum Bid Price Rule. The Company did not regain compliance with the MVLS Rule or the Minimum Bid Price Rule during the allotted time period. Further, as previously reported in a Current Report on Form 8-K filed with the Commission on November 4, 2024, the Company received a notice from Nasdaq notifying the Company that it was no longer in compliance with the Nasdaq Listing Rule 5450(b)(1)(B) (the “PHS Rule”) to maintain minimum requirement for publicly held shares at 1,100,000. Accordingly, on November 6, 2024, the Company received a staff delist determination letter from the Nasdaq Listing Qualifications Department, as a result of its failure to regain compliance with the MVLS Rule and as a result of its noncompliance with the PHS Rule. Additionally, as previously reported in a Current Report on Form 8-K, filed with the Commission on July 26, 2024, the Company also received a notice from Nasdaq notifying that it was no longer in compliance with Nasdaq Listing Rule 5450(b)(2)(C) to maintain a minimum market value of publicly held shares of $15,000,000 (the “MVPHS Rule”). The Company was given 180 days (i.e. January 21, 2025) to regain compliance with the (“MVPHS Rule”). On November 7, 2024, the Company received notice from the Nasdaq Stock Market that the staff has determined that for 12 consecutive business days, from October 22, 2024, to November 6, 2024, the closing bid price of the Company’s Common Stock has been at $1.00 per share or greater and, accordingly,