Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 234

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 234
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 exercised. The underwriter fully exercised its over-allotment option on October 29, 2021, so no founder shares were forfeited.

The Sponsor, IOAC’s
officers and directors agreed not to transfer, assign or sell any of their founder shares and any Class A ordinary shares issuable upon
conversion thereof until the earlier to occur of: (A) one year after the completion of the initial business combination or (B) the date
on which IOAC completes a liquidation, merger, share exchange, reorganization or other similar transaction after the initial business
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