Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 20

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 20
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,000 in principal amount of notes in a transaction involving Aegis Capital Corp. (“Aegis”) acting as the placement agent prior to which, the consent of ACM was not obtained. As per the terms of the ACM note, in the event of any default, all accrued but unpaid interest plus liquidated damages and other amounts thereof, shall become immediately due and payable in cash. On November 7, 2024, ACM filed a notice of motion for summary judgement in in lieu of complaint against Zoomcar in New 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. Reverse Stock Split On October 22, 2024, the Company effected a one-for-one hundred (1:100) Reverse Split of the Company’s issued and outstanding Common Stock. As a result of the Reverse Split, every one hundred (100) shares of the Company’s issued and outstanding Common Stock was automatically converted into one share of Common Stock, without any change in the par value per share. In addition, (i) a proportionate adjustment was made to the per share exercise price and the number of shares issuable upon the exercise of all outstanding stock options and warrants to purchase shares of Common Stock, and (ii) the number of shares reserved for issuance pursuant to the Company’s equity incentive plans was also reduced proportionately. The Company’s authorized shares were not affected by the Reverse Split. The November Offering On November 5, 2024, the Company entered into a Securities Purchase Agreement, in connection with a private placement offering, which was closed on November 7, 2024 (the “November Offering”), the November Offering was closed, pursuant to which the Company sold to certain purchasers an aggregate of 2,137,850 units at a price of $4.28 per unit