Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 309

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 309
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31, 2024 and March 31, 2024, respectively. The Company believes these orders are unlikely to be sustained at the higher appellate authorities. (I) The Company entered into a placement agent agreement with Aegis Capital Corp. (‘Aegis’) dated November 5, 2024 wherein Aegis will act as the placement agent in connection with the November 2024 and December 2024 offering. Along with a cash fee payable and warrants issuable to Aegis as a placement agent commission, Aegis is also entitled to a fee of 5% of the gross proceeds from cash exercise of any Series A warrants issued in the November 2024 and December 2024 offering, payable upon exercise. The Company has not recognized a provision for such fee payable in the books as the Company believes that the exercise of warrants is not probable as of December 31, 2024. The Company will record the fee in the books in the period in which the warrants will be exercised. F-52 ZOOMCAR HOLDINGS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

| 33 | Subsequent events |

(A) On January 22, 2025, the Company entered into a contract with AON Premium Finance LLC to refinance its D&O insurance, totaling $ 1,069,500, with Allied World Insurance Company, Axis Insurance Company, National Union Fire Insurance Company, XL Specialty Insurance Company, and Berkshire Hathaway Specialty. The Company is required to make a 40% cash down payment, with the remaining balance to be paid in four equal monthly installments at an interest rate of 8.25% per annum, commencing on January 28, 2025.

(B) The Company had received multiple notices from the staff of The Nasdaq Stock Market LLC (“Nasdaq”) regarding non-compliance with the Nasdaq Listing Rule 5450(b)(2)(C) ("MVPHS Rule"), as its publicly held shares failed to meet the minimum market value requirement of $ 15,000,000. On February 10, 2025, the Panel granted the Company's request for continued listing in the exchange and granted an extension until March 31 2025 subject to following requirements (i) the Company shall apply for transfer to The Nasdaq Capital Market on or before February 19, 2025 (ii) The Company shall demonstrate compliance with the listing rule 5550(b)(1) which