Company: ZCARW
Filing Date: 2025-01-21
Form Type: DEF 14A
Source: 0001213900-25-005022
Chunk: 52

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-01-21
Form: DEF 14A
Chunk 52
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 The October 2023 Note is non-convertible and bears no interest, and the principal balance is payable by the
Company on the date on which the Company consummates an initial business combination.

On December 1, 2023, IOAC
issued an unsecured promissory note (the “December 2023 Note”), in the amount of up to $200,000 to the Sponsor. The December
2023 Note is non-convertible and bears no interest, and the principal balance is payable by the Company on the date on which the Company
consummates an initial business combination.

On December 18, 2023, IOAC
issued (i) an unsecured convertible promissory note (the “New Ananda Trust Note”), the principal amount of $2,027,840, which
is equal to the total amount owed to Ananda Trust under the September 2022 Note, January 2023 Note, First Extension Note, May 2023 Note,
Second Extension Note, August 2023 Note, October 2023 Note and December 2023 Note (collectively, the “Existing Notes”), and
which bears no interest and the principal balance of the New Ananda Trust Note will be payable by the Company 90 days after the consummation
of the Business Combination, or April 24, 2024 (the “Maturity Date”), and, on the Maturity Date, the holder of the
New Ananda Trust Note may convert any amounts outstanding into shares of Common Stock, at a conversion price lower than the redemption
price per public share in connection with the Business Combination; and (ii) unsecured promissory notes to certain passive investors of
the Sponsor, the principal amounts of which are equal to the total amounts owed to such passive investors under the Existing Notes, with
substantially the same terms of the Existing Notes issued to such passive investors (together with the New Ananda Trust Note, the “Replacement
Notes”). The Replacement Notes replace the Existing Notes, which are considered satisfied and discharged in full, forever, and terminated
and of no further effect. As of the date of this prospectus, an aggregate of $3,257,518.26 was outstanding under the Replacement Notes.

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In connection with the IPO,
IOAC entered into a registration and shareholder rights agreement pursuant to which our initial shareholders are entitled to certain registration
rights with respect to the founder shares, the Private Placement