Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 111

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 111
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arrants and all of the Placement Agent Warrants other than Placement Agent Series A
Warrants) are all out of the money, the mere existence of a significant number of shares of Common Stock issuable upon exercise of these
securities may be perceived by the market as having a potential dilutive effect, which could lead to a decrease in the price of our Common
Stock.

Future sales, or the perception of future sales, by us or our stockholders in the public market could cause the market price for the Common Stock to decline.

The sale of shares of our
Common Stock on the public market, or the perception that such sales could occur, could harm the prevailing market price of shares of
Common Stock. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities
in the future at a time and at a price that it deems appropriate.

As of March 25, 2025, we
have a total of [ ] shares of Common Stock outstanding (i) without giving effect to any awards that may be
issued under the Incentive Plan and (iii) assuming no exercise of the outstanding options and warrants. All shares currently held by public
stockholders and all of the shares issued in the Business Combination to former Zoomcar Stockholders are freely tradable without registration
under the Securities Act, and without restriction by persons other than our “affiliates” (as defined under Rule 144 under
the Securities Act, (“Rule 144”)), including our directors, executive officers and other affiliates.

In addition, the shares of
Common Stock reserved for future issuance under the Incentive Plan will become eligible for sale in the public market once those shares
are issued, subject to any applicable vesting requirements, lock-up agreements and other restrictions imposed by law. As of January 1,
2025, a total of 19,609 shares of Common Stock have been reserved for future issuance under the Incentive Plan, all of which have been
registered in a Form S-8 Registration Statement filed with SEC on February 11, 2025. On March 31, 2025, the number of shares of Common
Stock reserved under the Incentive Plan will be increased by a number of shares of Common Stock equal to 15% of the number of shares of
Common Stock issued an outstanding on March 31, 2025. We intend to file a registration statement on Form S-8 under the Securities Act