Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 104

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 104
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 price and any issuance of additional securities in connection with investments or acquisitions may result in additional
dilution to you.

The market price and trading volume of our Common Stock may continue to be highly volatile, which could lead to a loss of all or part of a stockholder’s investment.

The market price of our Common
Stock has fluctuated widely since the closing of our Business Combination. During the period from January 1, 2024, to March [ ], 2025,
the trading price of our Common Stock has fluctuated from an intra-day high of $15,220 on January 12, 2024, to an intra-day low of $ [
] on [ ], 2025.

The market price of our common stock
is affected by a variety of factors, including but not limited to:

| ● | our ability to execute our anticipated business plans and strategy; |

| ● | actual or anticipated fluctuations in our quarterly or annual operating results; |

| ● | our ability to obtain additional capital which will be necessary to continue our business and operations; |

| ● | changes in financial or operational estimates or projections; |

| ● | changes in the economic performance or market valuations of companies similar to ours; |

| ● | the impact of pandemics, inflation, war, other hostilities and other disruptive events on our business or that of our customers, partners, and supply chain or on the global economy; and |

| ● | our ability to comply with the continued listing requirements of Nasdaq and maintain our listing on Nasdaq. |

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In addition, the trading
price and trading volume of our Common Stock has very recently and at certain other times in the past exhibited, and may continue to exhibit,
extreme volatility, including within a single trading day. Such volatility could cause purchasers of our Common Stock to incur substantial
losses. For example, on November 5, 2024, the trading price of our Common Stock ranged from an intra-day high of $16.04 to an intra-day
low of $4.24, on trading volume of approximately 33.42 million shares, and on December 19, 2024, the trading price of our Common Stock
ranged from an intra-day high of $6.20 to an intra-day low of $1.28, on trading volume of approximately 290 thousand shares. With respect
to certain such instances of trading volatility, we are not aware of any material changes in our financial condition