Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 348

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 348
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 Recapitalization. As such, the shares and corresponding capital amounts and loss per share related to Zoomcar, Inc. Common Stock prior to the Reverse Recapitalization have been retroactively recast as shares reflecting the exchange ratio of 0.0284established in the Reverse Recapitalization.

In connection with Reverse Recapitalization,
then-outstanding public warrants of IOAC were assumed and converted automatically into a warrant of the Company on the closing.
public warrants entitled each holder, the right
to purchase 1 share of common stock at an exercise price of $

F- 77 ZOOMCAR HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Ananda Trust Closing Subscription Agreement

On
December 19, 2023, IOAC and Ananda Trust, an affiliate of the Sponsor, entered into a subscription agreement (the “Ananda Trust
Closing Subscription Agreement”), pursuant to which, upon the Closing, Ananda Trust purchased ( prior to Second Reverse
Stock Split and prior to First Reverse Stock Split) IOAC Class A ordinary shares at a price of $ ($ prior to Second
Reverse Stock Split and $ prior to First Reverse Stock Split) per share for aggregate gross proceeds of $. This investment
was consummated concurrently with the closing of the Reverse Recapitalization.

The number of shares of common stock outstanding following
the consummation of the Reverse Recapitalization are as follows:

|                                                                                   | Particulars |     |      March 31, 
    2024 (After 
 Second Reverse 
   Stock Split) |     |     |                              March 31, 
 2024 (After First Reverse Stock Split) |     |     |                           March 31, 
 2024 (Prior to Reverse Stock Split) |
|:----------------------------------------------------------------------------------|:------------|:----|---------------:|:----|:----|---------------------------------------:|:----|:----|------------------------------------:|
| Conversion of Zoomcar, Inc. Common Stock and Preferred Stock outstanding prior to 
 Reverse Recapitalization                                                          |             |     |         14,229 |     |     |                                273,791 |     |     |                          27,327,481 |
| Common stock – issuance to IOAC shareholders                                      |             |     |          4,597 |     |     |                                 91,924 |     |     |                           9,192,377 |
| Shares issued to Mohan Ananda                                                     |             |     |          1,