Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 20

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 20
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 York courts for payment of $5,997,832.72 due under the ACM note and related legal expenses, pursuant to breach of the terms of the note. On December 6, 2024, the court allowed adjournment of the return date of motion from December 24, 2024 to January 24, 2025, with the Company’s opposition due by January 14, 2025 and plaintiff’s reply by January 23, 2025. The Company has filed its opposition on January 14, 2025. On January 23, 2025, the attorneys for ACM sent a letter to the New York County Supreme Court Justice requesting a stay or adjournment for 30 days for the completion of settlement paperwork, in connection with a settlement in principle by the parties. On March 28, 2025, New York County Supreme Court Justice granted a summary judgment in favor of ACM in the amount of $5,656,086.72, as well as default interest in the amount of $346,481.00, post-judgment interest at the statutory rate, attorneys’ fees, and costs. The Company has filed an appeal against the said order on April 23, 2025. . Litigation with Prior Placement Agent On March 14, 2025, the Company received a demand letter (the “Demand Letter”) from the attorneys for the placement agent (the “Prior Placement Agent”), with which the Company had entered into an engagement agreement on or about May 23, 2024 (the “Prior Placement Agreement”). A claim has been made, pursuant to the terms of the Prior Placement Agreement, for the payment of cash fees and the issuance of warrants to the Prior Placement Agent, as and for “tail fees” owed in connection with any financings within 18 months after the expiration or termination of the Prior Placement Agreement. The claims are made with respect to the sales of securities in the offerings closed by the Company in June 2024, November 2024, December 2024 and February 2025. The demand is for 7% of the aggregate gross proceeds received by the Company in each of those offerings from investors on a “tail list” provided by the Prior Placement Agent and warrants to purchase up to 7% of the aggregate number of shares of common stock issued in each of the offerings to investors on the “tail list,” which warrants are to have the same terms and warrants offered to investors in each of the offerings, with an