Company: ZCARW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076590
Chunk: 59

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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 makers (i.e., quotations) and corporate governance. In the event that the Company’s bid price, market capitalization,
or the number of market makers, or Corporate Governance falls below the minimum criteria established, a cure period of 90 calendar days
to regain compliance shall begin, during which, the applicable criteria must be met by the Company for 10 consecutive trading days. Accordingly,
the 90-calendar day cure period shall expire on November 3, 2025. During the cure period, if the Company’s market capitalization
has not stayed at or above the $5 Million for minimum ten consecutive trading days, then the Company’s security will be removed from OTCQX.
Additionally, the Company may opt to apply to be traded on the OTCQB market or the Pink market. 

(B)Pursuant to the decision dated June 4, 2025 on commencement of bankruptcy proceedings of Zoomcar Vietnam
Mobility LLC by The People’s Court Of Ho Chi Minh City, Sen Viet Management and Liquidation of Assets Partnership Company (“Sen
Viet”) has been appointed as asset management and liquidation enterprise of Zoomcar Vietnam Mobility LLC w.e.f. order dated July
17, 2025. The rights and obligations of such appointed asset management and liquidation enterprise are specifically stipulated in Article
16 of the Law on Bankruptcy in Vietnam.

(C)On July 7, 2025, the Board of Directors have approved additional
4,638,706 shares of common stock for the issuance of awards under the 2023 Equity and Incentive Plan, which has been considered by the
Company to grant new share-based awards to its employees subsequent to the period ended June 30, 2025.

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42

Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations

The following “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with our Unaudited Condensed
Consolidated Financial Statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q for the three months
ended June 30, 2025 and 2024. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results
could differ materially from such forward-looking statements. Factors that could cause or contribute to those differences include, but
are not limited to, those identified below and those discussed in the sections titled “Risk Factors” and “Special Note