Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 237

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 237
---
 (the “VWAP Formula”) is less than the per unit purchase price on the Closing Date, and, if so, the exercise price would be reduced to such lower price and the number of shares exercisable would be increased so that the aggregate exercise price of the Series A Warrants would remain the same. For the purposes of determining the reset price, the VWAP Formula is subject to a floor price of $0.312 (the “December Post-Stockholder Approval Floor Price”). In addition, the December Series A Warrants include a provision that resets the exercise price with a proportionate adjustment to the number of shares underlying the December Series A Warrants in the event of a reverse split of the Company’s Common Stock at any time after the issuance date (a “Share Combination Event”). In the event of a Share Combination Event, the exercise price of the December Series A Warrants will be reset to a price equal to the lesser of (i) the then exercise price and (ii) the lowest volume weighted average price (VWAP) during the period commencing five trading days immediately after the date the Company effects a reverse stock split (the “Event Market Price”), provided that the adjustment to the exercise price shall not reduce the exercise price below the December Post-Stockholder Approval Floor Price; and provided further that notwithstanding the foregoing, if one or more Share Combination Events occur prior to the Stockholder Approval being obtained and the reduction of the exercise price is limited to $1.56, which is the floor price prior to the Stockholder Approval, then once the Stockholder Approval is obtained, the exercise price will automatically be reduced to equal the greater of (a) the lowest Event Market Price with respect to any Share Combination Event that occurred prior to the Stockholder Approval being obtained and (b) the December Post-Stockholder Approval Floor Price. The December Series A Warrants are also subject to full ratchet anti-dilution protection for any issuances of Company securities (other than certain excluded issuances) at a price or effective price (as determined in accordance with the terms of the December Series A Warrants, the “Dilutive Issuance Price”) that is less than the then current exercise price of the December Series A Warrants following the issuance date (a “Dilutive Issuance”). In the event of a Dilutive Issuance, the exercise price of the December Series A Warrants will be reduced to the Dilutive Issuance Price, subject to the December Floor Price. Upon any adjustment