Company: ZCARW
Filing Date: 2025-01-10
Form Type: PRER14A
Source: 0001213900-25-002658
Chunk: 29

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-01-10
Form: PRER14A
Chunk 29
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. Nishijima and/or Mr. Levine
to be compensatory, we note that the number of shares of Common Stock to be issued to each of them and the value per share of such shares
of Common Stock will be determined based on a formula set forth in the Reg D Offering Transaction Documents. We do not know what the ultimate
number of such shares of Common Stock will be or the value per share of such shares of Common Stock. As a result, the Company is seeking
stockholder approval of the issuances for purposes of complying with Nasdaq Listing Rule 5635(c).

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Rule 5635(d)

Nasdaq Listing Rule 5635(d)
requires stockholder approval prior to the issuance of securities in connection with a transaction, other than a public offering, involving
the sale, issuance or potential issuance by the Company of Common Stock (or securities convertible into or exercisable or exchangeable
for Common Stock) equal to 20% or more of the Common Stock or voting power outstanding prior to the execution of the first Reg D Offering
Securities Purchase Agreement, unless sold at a price equal to or greater than the Nasdaq Minimum Price.

As described above, we agreed
to seek stockholder approval in connection with the exercise of, and certain of the provisions included in, the Reg D Investors Bridge
Warrants. We are seeking stockholder approval in accordance with the terms of the Reg D Investors Bridge Warrants to (i) permit the holders
of the Reg D Investors Bridge Warrants to exercise the Reg D Investors Bridge Warrants, (ii) be able to lower the Reg D Offering Floor
Price of the Reg D Investors Series A Warrants upon a Dilutive Issuance and a Share Combination Event and (iii) comply with applicable
Nasdaq Listing Rules, including Nasdaq Listing Rule 5635(d). Under Nasdaq Listing Rule 5635(d), stockholder approval is required for a
transaction other than a public offering involving the sale, issuance or potential issuance by an issuer of common stock (or securities
convertible into or exercisable for common stock) at a price that is less than the greater of book or market value of the stock if the
number of shares of common stock to be issued is or may be equal to 20% or more of the common stock, or 20% or more of the voting power,
outstanding immediately prior to the date of execution of the first Reg D Offering Stock Purchase Agreement