Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 189

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1
Chunk 189
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 Statements or disclosures.

F-22

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

    3
    Reverse Stock Split

The Company’s
shareholders authorized, and the Board of Directors approved for a 1-for-100 Reverse Stock Split (the “First Reverse Stock
Split”), which became effective on October 21, 2024. Any fractional shares that would have otherwise resulted from the First
Reverse Stock Split were rounded up to the nearest whole share.

Every 100 shares of issued and outstanding Common Stock
has been consolidated into one share, without affecting the par value. In addition, (i) a proportionate adjustment has been made to the
number of outstanding warrants, per share exercise price and the number of shares issuable upon the exercise of all outstanding stock
options and warrants to purchase shares of common stock as per the terms and conditions of the respective warrant agreements, and (ii)
the number of shares reserved for issuance pursuant to the Company’s equity incentive plans was also reduced proportionately.

The Company’s shareholders authorized,
and the Board of Directors approved for a 1-for-20 Reverse Stock Split (the “Second Reverse Stock Split”), which became effective
on March 21, 2025. Any fractional shares that would have otherwise resulted from the Reverse Stock Split were rounded up to the nearest
whole share.

Every 20 shares of issued and outstanding Common Stock has
been consolidated into one share, without affecting the par value. In addition, (i) a proportionate adjustment has been made to the number
of outstanding warrants, per share exercise price and the number of shares issuable upon the exercise of all outstanding stock options
and warrants to purchase shares of common stock as per the terms and conditions of the respective warrant agreements, and (ii) the number
of shares reserved for issuance pursuant to the Company’s equity incentive plans was also reduced proportionately.

    4
    Troubled Debt Restructuring

7.7% Debenture

On September 25, 2024, the Company
entered into a settlement agreement with Blacksoil Capital Private Limited (lender). As per the agreement, the lender has agreed to waive
off 25% of the outstanding amount and the Company agreed to make full settlement of its outstanding amount (net of 25% waiver) by November
15, 2024 (original date was October 31, 2024) and in case of default, the Company is liable to