# EDGAR Filing Document

**Accession Number:** 0001854275
**File Stem:** 0001213900-26-029670
**Filing Date:** 2026-3
**Character Count:** 324553
**Document Hash:** f182bcb488c1ceef099fe23af72a8439
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-029670.hdr.sgml**: 20260318

**ACCESSION NUMBER**: 0001213900-26-029670

**CONFORMED SUBMISSION TYPE**: SC TO-I/A

**PUBLIC DOCUMENT COUNT**: 22

**FILED AS OF DATE**: 20260318

**DATE AS OF CHANGE**: 20260318

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Zoomcar Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001854275
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92998
- **FILM NUMBER:** 26765620

**BUSINESS ADDRESS:**
- **STREET 1:** ANJANEYA TECHNO PARK, NO.147, 1ST FLOOR
- **STREET 2:** KODIHALLI
- **CITY:** BANGALORE
- **STATE:** K7
- **ZIP:** 560008
- **BUSINESS PHONE:** 91 99454-8382

**MAIL ADDRESS:**
- **STREET 1:** ANJANEYA TECHNO PARK, NO.147, 1ST FLOOR
- **STREET 2:** KODIHALLI
- **CITY:** BANGALORE
- **STATE:** K7
- **ZIP:** 560008

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Innovative International Acquisition Corp.
- **DATE OF NAME CHANGE:** 20210331
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Zoomcar Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001854275
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A

**BUSINESS ADDRESS:**
- **STREET 1:** ANJANEYA TECHNO PARK, NO.147, 1ST FLOOR
- **STREET 2:** KODIHALLI
- **CITY:** BANGALORE
- **STATE:** K7
- **ZIP:** 560008
- **BUSINESS PHONE:** 91 99454-8382

**MAIL ADDRESS:**
- **STREET 1:** ANJANEYA TECHNO PARK, NO.147, 1ST FLOOR
- **STREET 2:** KODIHALLI
- **CITY:** BANGALORE
- **STATE:** K7
- **ZIP:** 560008

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Innovative International Acquisition Corp.
- **DATE OF NAME CHANGE:** 20210331

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE TO**

**Amendment No. 4**

**TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)<br> OF THE SECURITIES EXCHANGE ACT OF 1934**

**ZOOMCAR HOLDINGS, INC.**

(Name of Subject Company and Filing Person (Issuer))

---

| | |
|:---|:---|
| **Common Stock Purchase Warrants**<br> **2026 Common Stock Purchase Warrants**<br> **Series A Common Stock Purchase Warrants**<br> **Series B Common Stock Purchase Warrants**<br> **Pre-Funded Warrants to Purchase Common Stock**<br> **Bridge Placement Agent Common Stock Purchase Warrants** <br> **Placement Agent Common Stock Purchase Warrants**<br> **Series A Placement Agent Warrants** | **N/A** |
| (Title of Class of Securities) | (CUSIP Number of Class of Securities) |

---

**Deepankar Tiwari**

**Anjaneya Techno Park, No.147, 1st Floor<br> Kodihalli, Bangalore, India 560008**

**+91 8048821871**

(Name, address, and telephone numbers of person authorized to receive notices and communications on behalf of filing persons)

***Copies of communications to:***

 ****

**Morris C. Zarif, Esq.**

**Zarif Law Group P.C.**

**808 Springwood Avenue, Suite 110**

**Asbury Park, NJ 07711**

**(732) 755-0146**

☐ Check the box if the filing relates solely to preliminary communications before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

☐ third-party tender offer subject to Rule 14d-1.

☒ issuer tender offer subject to Rule 13e-4.

☐ going-private transaction subject to Rule 13e-3.

☐ amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐

If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:

☐ Rule 13e-4(i) (Cross-Border Issuer Tender Offer) <br> ☐ Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)

**SCHEDULE TO**

**(Amendment No. 4)**

This Amendment No. 4 (this "Amendment") amends and restates in its entirety the Tender Offer Statement on Schedule TO (as amended by Amendment No. 1 filed on January 27, 2026, Amendment No. 2 filed on February 2, 2026, and Amendment No. 3 filed on March 2, 2026, collectively, the "Schedule TO"), initially filed with the Securities and Exchange Commission (the "SEC" or "Commission") on January 23, 2026, by Zoomcar Holdings, Inc., a Delaware corporation (the "Company," "Zoomcar," "we," "us," or "our").

This Amendment No. 4 is being filed: (i) to consolidate all prior amendments into a single, restated filing for clarity, (ii) to expand the Offer to Exchange (as defined below) to add an additional class of Common Stock Purchase Warrants, issued on February 25, 2026 (the "2026 Common Warrants") pursuant to a private placement (the "2026 Private Placement") made in reliance on on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), and Rule 506(c) of Regulation D promulgated thereunder to verified accredited investors, which were originally offered in a separate offer to exchange pursuant to a Schedule TO filed by the Company on February 27, 2026, as amended, and terminated on March 12, 2026, (iii) to extend the Expiration Date of the Offer to Exchange by twenty (20) additional days, such that the Offer to Exchange will now expire at 5:00 p.m., Eastern Time, on April 15, 2026, unless further extended by the Company, (iv) to add a capitalization table disclosing the Company's current capitalization table and a pro-forma capitalization table to reflect the impact of the Offer to Exchange on a fully diluted basis, (v) to update the financial information set forth in Item 10 of this Schedule TO to reflect the financial information of the Company for the quarter ended December 31, 2025, and (vi) to amend and restate the Offer to Exchange attached hereto as Exhibit (a)(1)(A).

This Schedule TO relates to the offer by the Company to all eligible holders of (i) the Company's outstanding common stock purchase warrants issued to certain investors prior to the consummation of the Company's business combination (the "Common Warrants"), (ii) the Company's outstanding Series A common stock purchase warrants (the "Series A Warrants"), (iii) the Company's outstanding Series B common stock purchase warrants (the "Series B Warrants"), (iv) the Company's outstanding pre-funded warrants to purchase shares of the Company's common stock (the "Pre-Funded Warrants"), (v) the Company's Bridge Placement Agent common stock purchase warrants (the "Bridge Placement Agent Warrants") issued in connection with the Company's private placement entered into on June 18, 2024 and consummated on June 20, 2024, (vi) the Company's Placement Agent common stock purchase warrants issued in connection with the Company's private placement entered into on November 5, 2024 and consummated on November 7, 2024 (the "Placement Agent Warrants"), (vii) the Company's Series A Placement Agent warrants issued in connection with the same November 7, 2024 private placement (the "Series A Placement Agent Warrants"), and (viii) the 2026 Common Warrants, and together with the Common Warrants, the Series A Warrants, the Series B Warrants, the Bridge Placement Agent Warrants, the Placement Agent Warrants, and the Series A Placement Agent Warrants, the "Existing Warrants"), to exchange the Existing Warrants for shares of the Company's common stock, par value $0.0001 per share (the "Common Stock"), upon the terms and subject to the conditions set forth in the Company's offer to exchange, dated January 23, 2026, as amended and restated herein (the "Offer to Exchange"), and the related letter(s) of transmittal and consent, notice(s) of withdrawal, and other offer materials (together with the Offer to Exchange, as amended or supplemented from time to time, the "Offer Materials"), each of which are filed as exhibits to this Schedule TO.

Under the Offer to Exchange, subject to the terms and conditions described in the Offer Materials, the Company is offering to eligible holders: (1) for each one (1) Common Warrant tendered and accepted for exchange, twenty thousand (20,000) shares of Common Stock; (2) for each one (1) Series A Warrant tendered and accepted for exchange, ten (10) shares of Common Stock; (3) for each one (1)Series B Warrant tendered and accepted for exchange, ten (10) shares of Common Stock; (4) for each one (1) Pre-Funded Warrant tendered and accepted for exchange, ten (10) shares of Common Stock; (5) for each one (1) Bridge Placement Agent Warrants tendered and accepted for exchange, ten (10) shares of Common Stock; (6) for each one (1) Placement Agent Warrant tendered and accepted for exchange, ten (10) shares of Common Stock; (7) for each one (1) Series A Placement Agent Warrant tendered and accepted for exchange, ten (10) shares of Common Stock; and (8) for each one (1) 2026 Common Warrant tendered and accepted for exchange, twenty thousand (20,000) shares of Common Stock (each, an "Exchange Ratio," and collectively, the "Exchange Ratios").

Participants whose Existing Warrants are tendered and accepted for exchange will be required, as a condition to receiving shares of Common Stock in the Offer to Exchange, to execute and deliver a lock-up agreement in favor of the Company (the "Lock-Up Agreement") pursuant to which 50% of the shares of Common Stock issued to such participant in the Offer to Exchange will be subject to transfer restrictions until the date that is twelve (12) months after the Expiration Date (as it may be extended) and the remaining 50% of such shares will be subject to transfer restrictions until the date that is eighteen (18) months after the Expiration Date (as it may be extended).

In addition, concurrently with the Offer to Exchange, the Company may solicit consents from holders of certain classes of Existing Warrants to amend the governing warrant instruments and related agreements to facilitate the Offer to Exchange and/or the post-offer treatment of any Existing Warrants that remain outstanding (the "Warrant Amendments"). The Series A Warrants and Series B Warrants may be amended as a class with the consent of holders of a majority in interest of such warrant. The scope, terms, and applicable approval thresholds for any Warrant Amendments will be described in the Offer Materials.

The Company intends to issue the shares of Common Stock offered in the Offer to Exchange in reliance on the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended (the "Securities Act"), and the Company is not filing a registration statement on Form S-4 or otherwise registering the issuance of such shares in connection with the Offer to Exchange. The Offer to Exchange is conditioned upon, among other things, the adoption by the Company's stockholders of an amendment to the Company's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock (the "Authorized Share Increase") and the filing and effectiveness of such amendment with the Secretary of State of the State of Delaware. The Company expects to seek such stockholder approval in connection with the Company's annual meeting of stockholders and related proxy solicitation.

This Schedule TO is intended to satisfy the reporting requirements of Rule 13e-4 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Information set forth in the Offer Materials is incorporated by reference in response to Items 1 through 13 of this Schedule TO, except to the extent that information is specifically provided herein.

The Schedule TO is hereby amended and restated, as follows:

**Item 1. Summary Term Sheet.**

The information set forth under the heading "Summary" in the Offer to Exchange is incorporated herein by reference.

**Item 2. Subject Company Information.**

(a) Name and Address. The name of the subject company and the filing person is Zoomcar Holdings, Inc., a Delaware corporation. Its principal executive offices are located at Anjaneya Techno Park, No.147, 1st Floor, Kodihalli, Bangalore, India 560008. The Company's telephone number is +91 8048821871.

(b) Securities. The subject securities of this Offer to Exchange are the Existing Warrants described above. There is no trading market for the Existing Warrants. The Existing Warrants were privately issued and are not deposited with The Depository Trust Company. As of March 16, 2026, there were an aggregate of 19,738 Common Warrants, 3,312,437 Series A Warrants, 781,122 Series B Warrants, 5,306,013 Pre-Funded Warrants, 5,297 Bridge Placement Agent Warrants, 53,447 Placement Agent Warrants, 106,893 Series A Placement Agent Warrants, and 939 2026 Common Warrants, outstanding and eligible to participate in the Offer to Exchange. Assuming all eligible Existing Warrants are tendered and accepted for exchange, the Company would issue an aggregate of up to 509,192,089 shares of Common Stock. The number of shares of Common Stock issuable in the Offer to Exchange is subject to the Company having a sufficient number of authorized and unissued shares of Common Stock available for issuance, including as a result of the Authorized Share Increase.

*The capitalization of the Company consists of (i) 250,000,000 shares of Common Stock, $0.0001 par value per share, of which approximately 7,151,343 shares are issued and outstanding as of March 16, 2026, and (ii) 10,000,000 shares of Preferred Stock, $0.0001 par value per share, none of which are issued or outstanding. The following table sets forth the fully diluted capitalization of the Company on an actual basis and on a pro-forma basis assuming 100% participation in the Offer to Exchange, in each case as of March 16, 2026:* 

 

---

| | | |
|:---|:---|:---|
| ***Capitalization Table*** | ***Actual*** | ***Pro-Forma Assuming 100% Participation in the Tender Offer\**** |
| *Common Stock* | *7151343* | *516343436* |
| *Pre-Funded Warrants* | *5306013* | *0* |
| *Warrants (WAEP: $36.25)* | *4279873* | *0* |
| *Options (WAEP: $11,460.00)* | *16* | *16* |
| *RSUs* | *5050873* | *5050873* |
| ***Fully Diluted Shares Outstanding*** | ***21788118*** | ***521394325*** |

---

*Convertible Notes Totaling Approximately $5,285,171 Convertible upon Election of the Note Holder*

*Convertible Notes Totaling Approximately $1,072,336 Convertible upon an Event of Default*

*\** *Includes the effects of the Tender Offer.*

(c) Trading Market and Price. The Common Stock is quoted/traded on the OTCQB under the symbol "ZCAR" The information set forth in the Offer to Exchange under "Price Range of Common Stock" is incorporated herein by reference.

**Item 3. Identity and Background of Filing Person.**

(a) Name and Address. The Company is the subject company and the filing person. The address and telephone number of the Company are set forth under Item 2(a) above.

The names of the executive officers and directors of the Company who are persons specified in Instruction C to Schedule TO are set forth below. The business address for each such person is: Anjaneya Techno Park, No.147, 1st Floor Kodihalli, Bangalore, India 560008 and the business telephone number for each such person is +91 8048821871.

---

| | |
|:---|:---|
| **Name** | **Position** |
| Uri Levine | Director |
| Mohan Ananda | Director |
| Evelyn D'An | Director |
| Swatick Majumdar | Director |
| John Clarke | Director |
| Deepankar Tiwari | Chief Executive Officer |
| Sachin Gupta | Chief Financial Officer |
| Shachi Singh | Chief Legal Officer & General Counsel |

---

**Item 4. Terms of the Transaction.**

(a) Material Terms. The information set forth in the Offer to Exchange is incorporated herein by reference. As a condition to the issuance of shares of Common Stock in the Offer to Exchange, each eligible holder whose Existing Warrants are tendered and accepted for exchange will be required to execute and deliver a Lock-Up Agreement pursuant to which: (i) 50% of the shares of Common Stock issued to such holder in the Offer to Exchange will not be sold, transferred, pledged, hedged, or otherwise disposed of until the date that is twelve (12) months after the Expiration Date (as it may be extended), and (ii) the remaining 50% of such shares will not be sold, transferred, pledged, hedged, or otherwise disposed of until the date that is eighteen (18) months after the Expiration Date (as it may be extended), in each case subject to customary exceptions set forth in the Lock-Up Agreement. The Company expects that shares issued in the Offer to Exchange will bear an appropriate restrictive legend reflecting the Lock-Up Agreement and the Company may provide stop-transfer instructions to its transfer agent to enforce such restrictions.

The Offer to Exchange commenced on January 23, 2026 and will expire at 5:00 p.m., Eastern Time, on April 15, 2026, unless extended by the Company (the "Expiration Date"). Eligible holders may withdraw tendered Existing Warrants at any time prior to the Expiration Date, and as otherwise permitted under applicable law, as described in the Offer Materials. The Offer to Exchange is subject to the satisfaction (or, where applicable, waiver) of the conditions described in the Offer Materials, including the Authorized Share Increase. The Company will not accept for exchange, or issue any shares of Common Stock in exchange for, any Existing Warrants tendered pursuant to the Offer to Exchange unless and until the Authorized Share Increase has been approved by the Company's stockholders and has become effective.

The Company reserves the right, subject to applicable law, to extend the Offer to Exchange, to amend the terms of the Offer to Exchange, or to terminate the Offer to Exchange, as described in the Offer Materials.

(b) Purchases. The information set forth in the Offer to Exchange under the section titled "Interests of Directors and Executive Officers" is incorporated herein by reference.

**Item 5. Past Contracts, Transactions, Negotiations and Arrangements.**

(a) Agreements Involving the Subject Company's Securities. The information set forth in the Offer to Exchange under the section titled "Transactions and Agreements Concerning the Company's Securities" is incorporated herein by reference.

**Item 6. Purposes of the Transaction and Plans or Proposals.**

(a) Purposes. The information set forth in the Offer to Exchange under the section titled "Background and Purpose of the Offer" is incorporated herein by reference.

(b) Use of Securities Acquired. To the extent the Company acquires Existing Warrants in the Offer to Exchange, the Company expects to cancel and retire such Existing Warrants.

(c) Plans. Except as described in the Offer Materials, including with respect to the Authorized Share Increase and the related stockholder meeting and proxy solicitation, neither the Company nor, to the Company's knowledge, any of its directors or executive officers has any plans, proposals, or negotiations that relate to or would result in any of the transactions described in Items 1006(c)(1)-(10) of Regulation M-A.

**Item 7. Source and Amount of Funds or Other Consideration.**

(a) Source of Funds. No funds will be paid by the Company to holders tendering Existing Warrants in connection with the Offer to Exchange. The consideration for the Offer to Exchange consists solely of shares of Common Stock. The Company will use cash on hand to pay the fees and expenses incurred in connection with the Offer to Exchange.

(b) Conditions. Not applicable because there is no financing condition.

(c) Borrowed Funds. Not applicable because no funds are being borrowed for the Offer to Exchange.

**Item 8. Interest in Securities of the Subject Company.**

(a) Securities Ownership. The information set forth in the Offer to Exchange under the section titled "Interests of Directors and Executive Officers" is incorporated herein by reference.

(b) Securities Transactions. Except as disclosed in the Offer Materials, neither the Company nor, to the Company's knowledge, any of its directors, executive officers, or affiliates has engaged in any transactions in the Warrants during the past sixty (60) days.

**Item 9. Persons/Assets, Retained, Employed, Compensated or Used.**

(a) Solicitations or Recommendations. The Company has not retained any dealer manager or solicitation agent for the Offer to Exchange. The Company may retain an information agent and/or exchange agent to assist with the administration of the Offer to Exchange, as described in the Offer Materials. The Company's directors and executive officers are not making any recommendation as to whether holders should tender Existing Warrants.

**Item 10. Financial Statements.**

(a) Financial Information. Below is a summary of our consolidated financial information. The following summary should be read in conjunction with our consolidated financial statements and related notes thereto and management's discussion and analysis of financial condition and results of operations in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, filed with the SEC on June 30, 2025, as well as our most recently filed unaudited interim financial statements included in our Quarterly Report on Form 10-Q filed with the SEC on February 17, 2026, for the quarter ended December 31, 2025, each of which is incorporated herein by reference. The condensed balance sheet data as of December 31, 2025 and March 31, 2025 and the consolidated statements of operations data for the three and nine months ended December 31, 2025 and 2024 were derived from our unaudited interim financial statements included in such Quarterly Report on Form 10-Q. Our interim results are not necessarily indicative of results for the full fiscal year, and our historical results are not necessarily indicative of the results to be expected in any future period.

**Zoomcar Holdings, Inc. Summary Financial Data**

Condensed Balance Sheet Data (Unaudited)

(in USD)

---

| | | |
|:---|:---|:---|
| **As at** | **December 31,<br> 2025 <br> (Unaudited)** | **March 31,<br> 2025** |
| **Assets** | | |
| Current assets : |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents (Refer Note 27- VIE) | $208175 | $1077275 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for credit losses | 52331 | 200650 |
| &nbsp;&nbsp;&nbsp;Assets held for sale | 230596 | 267293 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 140629 | 1020170 |
| &nbsp;&nbsp;&nbsp;Balances with government authorities |  | 187458 |
| &nbsp;&nbsp;&nbsp;Other current assets (Refer Note 27- VIE) | 278187 | 261200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | $**909918** | $**3014046** |
| &nbsp;&nbsp;&nbsp;Other non-current assets, net of allowance for credit losses | $607318 | 705767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liabilities and stockholders' deficit** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current liabilities : |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable (Refer Note 27- VIE) | $**14806739** | $12396147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable towards related parties | 152435 | 152435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt | 2260895 | 2851341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 310865 | 316756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance lease liabilities | 1992064 | 3966962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 808048 | 471720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of pension and other employee obligations (Refer Note 27- VIE) | 168740 | 152872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured notes | 697566 | &nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Redeemable note | 392900 | &nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured convertible note | 6408971 | 6002269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities (Refer Note 27- VIE) | 1188175 | 3199649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | $**29187398** | $**29510151** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, less current portion | 609617 | 801981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and other employee obligations, less current portion | 406423 | 394030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | $**30203438** | $**30706162** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 29) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stockholders' deficit:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value per share, 250,000,000 shares authorized as of December 31, 2025 and March 31, 2025; 7,151,343 shares and 2,462,418 shares issued and outstanding as of December 31, 2025 and March 31, 2025 respectively | 715 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 309941644 | 305693199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (338894739) | (333173805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 1523667 | 2131522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' deficit** | $**(27428713)** | $**(25348838)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' deficit** | $**2774725** | $**5357324** |

---

Consolidated Statements of Operation Data

(Unaudited)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended<br> December 31,** | **Three months ended<br> December 31,** | **Nine months ended<br> December 31,** | **Nine months ended<br> December 31,** | **Year ended <br> March 31,** | **Year ended <br> March 31,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Revenue:** |  |  |  |  |  |  |
| Revenues from services | $2365059 | $2448571 | $6946494 | $6894511 | $9024576 | $9836434 |
| Other revenues | **-** | 797 | 18428 | 42739 | 81315 | 60799 |
| **Total revenue** | $**2365059** | $**2449368** | $**6964922** | $**6937250** | $**9105891** | $**9897233** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended<br> December 31,** | **Three months ended<br> December 31,** | **Nine months ended<br> December 31,** | **Nine months ended<br> December 31,** | **Year ended<br> March 31,** | **Year ended<br> March 31,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Net loss | $**(721472)** | $**(7922063)** | $**(5720934)** | $**(13805617)** | $(25622303) | $(34277252) |
| Net loss per share \* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(0.06) | $(71.26) | $(0.53) | $(196.31) | $(51.84) | $(3839.73) |
| &nbsp;&nbsp;&nbsp;Diluted | $(0.06) | $(71.26) | $(0.53) | $(196.31) | $(51.84) | $(3839.73) |
| Weighted average shares used in computing loss per share: \* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 12237383 | 111175 | 10809458 | 70326 | 494276 | 8927 |
| &nbsp;&nbsp;&nbsp;Diluted | 12237383 | 111175 | 10809458 | 70326 | 494276 | 8927 |

---

\* Prior period numbers have been adjusted to reflect the First Reverse Stock Split and the Second Reverse Stock Split of the Common Stock at a ratio of 1-for-100 and 1-for-20, respectively.

Our book value as of December 31, 2025, was approximately $(27.43) million or approximately $(3.84) per share. Book value per share represents our total assets less total liabilities, divided by the number of shares of common stock outstanding as of December 31, 2025.

Our tangible book value as of December 31, 2025, was approximately $(27.43) million or approximately $(3.84) per share. Tangible book value per share represents our total tangible assets (total assets less intangible assets) less total liabilities, divided by the number of shares of common stock outstanding as of December 31, 2025.

**Item 11. Additional Information.**

(a) Agreements, Regulatory Requirements and Legal Proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Except as set forth in the Offer Materials, there are no present or proposed contracts, arrangements, understandings or relationships between the Company and its executive officers, directors or affiliates relating, directly or indirectly, to the Offer to Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In addition to the requirements of applicable U.S. federal and state securities laws and the rules and regulations of the SEC, the Company expects to seek stockholder approval of the Authorized Share Increase at the annual meeting of stockholders to be held on or prior to the Expiration Date. The Company expects to file with the SEC a preliminary proxy statement and a definitive proxy statement in connection with such meeting. The Offer to Exchange will not be consummated unless and until the Authorized Share Increase has been approved and has become effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) None.

(b) Other Material Information. The information set forth in the Offer Materials is incorporated herein by reference.

**Item 12. Exhibits.**

The following exhibits are filed as a part of this Schedule TO:

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| (a)(1)(A)\* | [Offer to Exchange, as amended and restated March 17, 2026.](ea028180601ex99-a1a.htm) |
| (a)(1)(B)\* | [Form of Letter of Transmittal and Consent (Common Warrants).](ea028180601ex99-a1b.htm) |
| (a)(1)(C)\* | [Form of Letter of Transmittal and Consent (Series A Warrants).](ea028180601ex99-a1c.htm) |
| (a)(1)(D)\* | [Form of Letter of Transmittal and Consent (Series B Warrants).](ea028180601ex99-a1d.htm) |
| (a)(1)(E)\* | [Form of Letter of Transmittal and Consent (Pre-Funded Warrants).](ea028180601ex99-a1e.htm) |
| (a)(1)(F)\* | [Form of Letter of Transmittal and Consent (Bridge Placement Agent Warrants).](ea028180601ex99-a1f.htm) |
| (a)(1)(G)\* | [Form of Letter of Transmittal and Consent (Placement Agent Warrants).](ea028180601ex99-a1g.htm) |
| (a)(1)(H)\* | [Form of Letter of Transmittal and Consent (Series A Placement Agent Warrants).](ea028180601ex99-a1h.htm) |
| (a)(1)(I)\*\* | [Form of Notice of Withdrawal. (incorporated by reference to Exhibit (a)(1)(I) to the Amendment No.1 Schedule TO filed by Zoomcar Holdings, Inc. with the SEC on January 27, 2026).](http://www.sec.gov/Archives/edgar/data/1854275/000121390026008038/ea027420901ex99-a1i_zoom.htm) |
| (a)(1)(J)\*\* | [Form of Letter to Warrant Holders. (incorporated by reference to Exhibit (a)(1)(J) to the Amendment No.1 Schedule TO filed by Zoomcar Holdings, Inc. with the SEC on January 27, 2026).](http://www.sec.gov/Archives/edgar/data/1854275/000121390026008038/ea027420901ex99-a1j_zoom.htm) |
| (a)(1)(K)\*\* | [Press Release announcing commencement of the Offer to Exchange (incorporated by reference to Exhibit (a)(1)(K) to the Schedule TO filed by Zoomcar Holdings, Inc. with the SEC on January 23, 2026).](http://www.sec.gov/Archives/edgar/data/1854275/000121390026007345/ea027387301ex99-a1k_zoom.htm) |
| (a)(1)(L)# | Form of Warrant Amendment(s) (if applicable). |
| (a)(1)(M)\*\* | [Form of Lock-Up Agreement (incorporated by reference to Exhibit (a)(1)(M) to the Amendment No.1 Schedule TO filed by Zoomcar Holdings, Inc. with the SEC on January 27, 2026).](http://www.sec.gov/Archives/edgar/data/1854275/000121390026008038/ea027420901ex99-a1m_zoom.htm) |
| (a)(1)(N)\* | [Form of Letter of Transmittal and Consent (2026 Common Warrants).](ea028180601ex99-a1n.htm) |
| (d)(1)(A)\* | [Form of Common Stock Purchase Warrant.](ea028180601ex99-d1a.htm) |
| (d)(1)(B)\*\* | [Form of Series A Warrant (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed by Zoomcar Holdings, Inc. with the SEC on April 4, 2025).](https://www.sec.gov/Archives/edgar/data/1854275/000121390025029037/ea023723801ex4-1_zoomcar.htm) |
| (d)(1)(C)\*\* | [Form of Series B Warrant (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed by Zoomcar Holdings, Inc. with the SEC on April 4, 2025).](https://www.sec.gov/Archives/edgar/data/1854275/000121390025029037/ea023723801ex4-2_zoomcar.htm) |
| (d)(1)(D)\*\* | [Form of Pre-Funded Warrant (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed by Zoomcar Holdings, Inc. with the SEC on June 18, 2025).](https://www.sec.gov/Archives/edgar/data/1854275/000121390025055667/ea024608501ex4-1_zoomcar.htm) |
| (d)(1)(E)\*\* | [Form of Bridge Placement Agent Warrant. (incorporated by reference to Exhibit (d)(1)(E) to the Amendment No.1 Schedule TO filed by Zoomcar Holdings, Inc. with the SEC on January 27, 2026).](http://www.sec.gov/Archives/edgar/data/1854275/000121390026008038/ea027420901ex99-d1e_zoom.htm) |
| (d)(1)(F)\*\* | [Form of Placement Agent Warrant. (incorporated by reference to Exhibit (d)(1)(F) to the Amendment No.1 Schedule TO filed by Zoomcar Holdings, Inc. with the SEC on January 27, 2026).](http://www.sec.gov/Archives/edgar/data/1854275/000121390026008038/ea027420901ex99-d1f_zoom.htm) |
| (d)(1)(G)\*\* | [Form of Series A Placement Agent Warrant. (incorporated by reference to Exhibit (d)(1)(G) to the Amendment No.1 Schedule TO filed by Zoomcar Holdings, Inc. with the SEC on January 27, 2026).](http://www.sec.gov/Archives/edgar/data/1854275/000121390026008038/ea027420901ex99-d1g_zoom.htm) |
| (d)(1)(H)\* | [Form of 2026 Common Stock Purchase Warrant.](ea028180601ex99-d1h.htm) |
| (a)(5)(A)\*\* | [Part II, Item 8 of the Annual Report on Form 10-K for the year ended March 31, 2025, filed with the SEC on June 30, 2025 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1854275/000121390025059675/ea0246595-10k_zoomcar.htm) |
| (a)(5)(B)\*\* | [Part I, Item I of the Quarterly Report on Form 10-Q for the quarter ended December 31, 2025, filed with the SEC on February 17, 2026 and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1854275/000121390025110391/ea0263586-10q_zoomcar.htm) |
| 107\* | [Fee Table](ea028180601ex-fee.htm) |

---

\* Filed herewith

\*\* Previously Filed.

# To be filed by amendment, if necessary.

**Item 13. Information Required by Schedule 13e-3.**

Not applicable.

**SIGNATURE**

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
| **ZOOMCAR HOLDINGS, INC.** | **ZOOMCAR HOLDINGS, INC.** |
| Date: March 17, 2026 | Date: March 17, 2026 |
| By: | /s/ Deepankar Tiwari |
| Name: | Deepankar Tiwari |
| Title: | Chief Executive Officer |

---

## Ex-99.(A)(1)(A)

**Exhibit 99(a)(1)(A)**

**Amended and Restated**

**OFFER TO EXCHANGE COMMON STOCK**

**FOR CERTAIN OUTSTANDING WARRANTS OF**

**ZOOMCAR HOLDINGS, INC.**

**March 17, 2026**

**THE OFFER PERIOD AND YOUR RIGHT TO WITHDRAW ELIGIBLE WARRANTS THAT YOU TENDER WILL EXPIRE AT 5:00 P.M., EASTERN TIME, ON APRIL 15, 2026, UNLESS THE OFFER PERIOD IS EXTENDED. THE COMPANY MAY EXTEND THE OFFER PERIOD AT ANY TIME.**

**THE OFFER IS BEING MADE SOLELY UNDER THIS OFFER TO EXCHANGE AND THE RELATED LETTERS OF TRANSMITTAL AND CONSENT TO ALL HOLDERS OF THE ELIGIBLE WARRANTS DESCRIBED HEREIN. THE OFFER IS NOT BEING MADE TO, NOR WILL TENDERS BE ACCEPTED FROM OR ON BEHALF OF, HOLDERS OF ELIGIBLE WARRANTS RESIDING IN ANY U.S. STATE IN WHICH THE MAKING OF THE OFFER OR ACCEPTANCE THEREOF WOULD NOT BE IN COMPLIANCE WITH THE SECURITIES, BLUE SKY OR OTHER LAWS OF SUCH U.S. STATE.**

Zoomcar Holdings, Inc., a Delaware corporation (as "we", "us", "our", "Zoomcar" or the "Company") is making an offer, upon the terms and conditions in this Offer to Exchange and the related Letters of Transmittal and Consent applicable to each class of Eligible Warrants (which together constitute the "Offer"), to holders of certain of the Company's outstanding privately issued warrants to receive shares of the Company's common stock, par value $0.0001 per share (the "Common Stock" or "Shares"), in exchange for such warrants.

The warrants subject to our Offer to Exchange consist of privately issued warrants to purchase shares of Common Stock, including (i) the Company's outstanding common stock purchase warrants issued to certain investors prior to the consummation of the Company's business combination (the "Common Warrants"), (ii) the Company's outstanding Series A common stock purchase warrants (the "Series A Warrants"), (iii) the Company's outstanding Series B common stock purchase warrants (the "Series B Warrants"), (iv) the Company's outstanding pre-funded warrants to purchase shares of the Company's common stock (the "Pre-Funded Warrants"), (v) the Company's Bridge Placement Agent common stock purchase warrants (the "Bridge Placement Agent Warrants") issued in connection with the Company's private placement entered into on June 18, 2024 and consummated on June 20, 2024, (vi) the Company's Placement Agent common stock purchase warrants issued in connection with the Company's private placement entered into on November 5, 2024 and consummated on November 7, 2024 (the "Placement Agent Warrants"), (vii) the Company's Series A Placement Agent warrants issued in connection with the same November 7, 2024 private placement (the "Series A Placement Agent Warrants"), and (viii) the 2026 Common Warrants, and together with the Common Warrants, the Series A Warrants, the Series B Warrants, the Bridge Placement Agent Warrants, the Placement Agent Warrants, and the Series A Placement Agent Warrants, the "Eligible Warrants"), to exchange the Existing Warrants for shares of the Company's common stock, par value $0.0001 per share (the "Common Stock"), Only the Eligible Warrants are eligible to be tendered for exchange in this Offer.

Under this Offer to Exchange, Eligible Warrant holders will be entitled to receive the following number of Shares for each Eligible Warrant exchanged: (i) each Common Warrant tendered and accepted will be exchanged for 20,000 Shares; (ii) each Series A Warrant tendered and accepted will be exchanged for 10 Shares; (iii) each Series B Warrant tendered and accepted will be exchanged for 10 Shares; (iv) each Pre-Funded Warrant tendered and accepted will be exchanged for 10 Shares; (v) each Bridge Placement Agent Warrant tendered and accepted will be exchanged for 10 Shares; (vi) each Placement Agent Warrant tendered and accepted will be exchanged for 10 Shares; (vii) each Series A Placement Agent Warrant tendered and accepted will be exchanged for 10 Shares; and (viii) each 2026 Common Warrant tendered and accepted will be exchanged for 20,000 Shares (collectively, the "Exchange Ratios").

As of March 16, 2026, there were an aggregate of 19,738 2021 Common Warrants, 3,312,437 Series A Warrants, 781,122 Series B Warrants, 5,306,013 Pre-Funded Warrants, 5,297 Bridge Placement Agent Warrants, 53,447 Placement Agent Warrants, 106,893 Series A Placement Agent Warrants, and 939 2026 Common Warrants, outstanding and eligible to participate in the Offer to Exchange. Assuming all Eligible Warrants are tendered and accepted for exchange, the Company would issue an aggregate of up to 509,192,089 shares of Common Stock. (subject to adjustment for transfers, cancellations and other changes in holdings and subject to the conditions of the Offer).

Our Shares are listed on the OTCQB under the symbol "ZCAR". On March 13, 2026, the last reported closing sales price for the Shares was $0.075 per share.

No scrip or fractional shares will be issued. Eligible Warrants may only be exchanged for whole Shares. Because the Exchange Ratios are expressed as whole Shares per Eligible Warrant, fractional shares are not expected; however, if any fractional Shares would otherwise be issuable, holders who would otherwise have been entitled to receive fractional Shares will, after aggregating all such fractional Shares of such holder, receive the number of Shares as rounded down to the nearest whole Share, as described in this Offer to Exchange.

**THIS OFFER IS INTENDED TO BE MADE PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY SECTION 3(A)(9) OF THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"). THE COMPANY IS NOT FILING A REGISTRATION STATEMENT IN CONNECTION WITH THE OFFER. THE SHARES ISSUED IN THE OFFER ARE EXPECTED TO BE ISSUED AS "RESTRICTED SECURITIES" AND WILL BEAR AN APPROPRIATE LEGEND.**

Participants whose Eligible Warrants are tendered and accepted will also be required to execute and deliver a lock-up agreement in favor of the Company as a condition to receiving Shares in the Offer, which will restrict transfers of the Shares received in the Offer as described herein.

**THIS OFFER IS CONDITIONED UPON, AMONG OTHER THINGS, THE ADOPTION BY THE COMPANY'S STOCKHOLDERS OF AN AMENDMENT TO THE COMPANY'S AMENDED AND RESTATED CERTIFICATE OF INCORPORATION TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF COMMON STOCK (THE "AUTHORIZED SHARE INCREASE") AND THE FILING AND EFFECTIVENESS OF SUCH AMENDMENT WITH THE SECRETARY OF STATE OF THE STATE OF DELAWARE. THE COMPANY WILL NOT ACCEPT FOR EXCHANGE, OR ISSUE ANY SHARES IN EXCHANGE FOR, ANY ELIGIBLE WARRANTS UNLESS AND UNTIL THE AUTHORIZED SHARE INCREASE HAS BEEN APPROVED AND HAS BECOME EFFECTIVE.**

If you elect to tender Eligible Warrants in response to the Offer, please follow the instructions in this Offer to Exchange and the related documents, including the applicable Letter of Transmittal and Consent.

If you tender Eligible Warrants, you may withdraw your tendered Eligible Warrants before the Expiration Date and retain them on their terms (subject, in the case of Series A Warrants and Series B Warrants, to any amendments approved by the requisite holders) by following the instructions herein.

**Investing in the Shares involves a high degree of risk. See the "Risk Factors" section of this Offer to Exchange for a discussion of information that you should consider before tendering Eligible Warrants in the Offer**.

A detailed discussion of our Offer to Exchange Common Stock for the Eligible Warrants is contained in this Offer to Exchange. Eligible Warrant holders are strongly encouraged to read this entire package of materials, and the publicly filed information about the Company referenced herein, before deciding regarding the Offer.

**THE COMPANY'S BOARD OF DIRECTORS HAS APPROVED THE OFFER. HOWEVER, NONE OF THE COMPANY, ITS DIRECTORS, OFFICERS OR EMPLOYEES (EACH AS DEFINED BELOW) MAKES ANY RECOMMENDATION WHETHER YOU SHOULD EXCHANGE YOUR ELIGIBLE WARRANTS. EACH HOLDER OF AN ELIGIBLE WARRANT MUST MAKE HIS, HER OR ITS OWN DECISION WHETHER TO TENDER SOME OR ALL OF HIS, HER OR ITS ELIGIBLE WARRANTS.**

**WE HAVE NOT AUTHORIZED ANY PERSON TO MAKE ANY RECOMMENDATION ON OUR BEHALF AS TO WHETHER OR NOT YOU SHOULD PARTICIPATE IN THE OFFER TO EXCHANGE. YOU SHOULD RELY ONLY ON THE INFORMATION CONTAINED OR INCORPORATED BY REFERENCE IN THIS DOCUMENT.**

**Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission, bureau or authority has approved or disapproved of this transaction or passed upon the fairness or merits of this transaction or the accuracy or adequacy of the information contained in this Offer to Exchange. Any representation to the contrary is a criminal offense.**

**IMPORTANT PROCEDURES**

If you want to tender Eligible Warrants, you must:

**●** complete and sign the Letter of Transmittal and Consent applicable to the Eligible Warrants you are tendering according to its instructions, and deliver the Letter of Transmittal and Consent, together with any other documents required by the applicable Letter of Transmittal and Consent, to the Exchange Agent.

**●** if you want to tender your Eligible Warrants, but your other required documents cannot be delivered to the Exchange Agent before the Expiration Date of the Offer, then you can still tender your Eligible Warrants if you comply with the procedures described in Section 2.

**TO TENDER YOUR ELIGIBLE WARRANTS, YOU MUST CAREFULLY FOLLOW THE PROCEDURES DESCRIBED IN THIS OFFER TO EXCHANGE, THE LETTER OF TRANSMITTAL AND CONSENT APPLICABLE TO YOUR ELIGIBLE WARRANTS AND THE OTHER DOCUMENTS DISCUSSED HEREIN RELATED TO THE OFFER. NO SCRIP OR FRACTIONAL SHARES WILL BE ISSUED. ELIGIBLE WARRANTS MAY ONLY BE EXCHANGED FOR WHOLE SHARES.**

If you have any questions or need assistance, you should contact the Exchange Agent or the Company. You may request additional copies of this Offer to Exchange and the applicable Letters of Transmittal and Consent from the Company. The Exchange Agent may be reached at:

Vinyl Equity, Inc.<br>912 Cherry Street

Winnetka, IL

Email: inquiries@vinylequity.com<br> Phone: 888-808-4695

The address of the Company is:

Zoomcar Holdings, Inc.<br> Anjaneya Techno Park, No.147, 1st Floor, <br> Kodihalli, Bangalore, India 560008<br> Attn: Chief Legal Officer & General Counsel<br> Email: investors@zoomcar.com<br> Phone: +91 8048821871

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| SUMMARY | SUMMARY | 5.0 |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | 6.0 |
| RISK FACTORS | RISK FACTORS | 9.0 |
| THE OFFER | THE OFFER | 11.0 |
| 1. | GENERAL TERMS | 11.0 |
| 2. | PROCEDURE FOR TENDERING WARRANTS | 13.0 |
| 3. | BACKGROUND AND PURPOSE OF THE OFFER | 17.0 |
| 4. | PRICE RANGE OF SHARES | 19.0 |
| 5. | SOURCE AND AMOUNT OF FUNDS | 20.0 |
| 6. | FEES AND EXPENSES | 20.0 |
| 7. | TRANSACTIONS AND AGREEMENTS CONCERNING THE WARRANTS | 20.0 |
| 8. | FINANCIAL INFORMATION REGARDING THE COMPANY | 21.0 |
| 9. | EXTENSIONS; AMENDMENTS; CONDITIONS; TERMINATION; PLANS | 21.0 |
| 10. | MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES | 22.0 |
| 11. | ADDITIONAL INFORMATION; MISCELLANEOUS | 24.0 |

---

**SUMMARY**

The following summary is qualified in its entirety by the more detailed information appearing elsewhere in this Offer to Exchange. An investment in our Shares involves risks. You should carefully consider the information provided under the heading "Risk Factors."

**A. The Company -** Zoomcar Holdings, Inc., a Delaware corporation. Our principal executive offices are located at Anjaneya Techno Park, No.147, 1st Floor, Kodihalli, Bangalore, India 560008.

**B. The Eligible Warrants -** As of March 16, 2026, the Company has outstanding the Eligible Warrants described above. Only the Eligible Warrants are eligible to be tendered for exchange in this Offer. By their terms, (i) the Common Warrants will expire on December 27, 2028, (ii) the Series A Warrants will expire on February 17, 2030, (iii) the Series B Warrants will expire once exercised in full, (iv) the Pre-Funded Warrants will expire once exercised in full, (v) the Bridge Placement Agent Warrants will expire on December 12, 2029, (vi) Placement Agent Warrants will expire on December 12, 2029, (vii) Series A Placement Agent Warrants will expire on February 17, 2030 and (viii) the 2026 Common Warrants will expire on the date that they are exercised in full.

**C. Market Price of the Shares -** Our Shares are listed/ on the OTCQB under the symbol "ZCAR". On March 13, 2026, the last reported closing sales price for the Shares was $0.075 per share.

**D. The Offer -** After the closing of the Offer, holders who have tendered Eligible Warrants will be entitled to receive Shares of Common Stock in accordance with the Exchange Ratios. The Exchange Ratios were selected by the Company in order to provide holders of Eligible Warrants with an incentive to exchange such Eligible Warrants. The "Offer Period" is the period commencing on January 23, 2026, and ending at 5:00 p.m., Eastern Time, on April 15, 2026, or such later date to which the Company may extend the Offer (the "Expiration Date").

**E. Reasons for the Offer -** The purpose of the Offer is to (i) reduce the aggregate number of warrants outstanding and the dilutive "overhang" associated with the Eligible Warrants, (ii) simplify the Company's capital structure, and (iii) support the Company's financing and capital markets objectives, including by facilitating the Authorized Share Increase and related corporate actions. See Section 3.C., "Background and Purpose of the Offer-Purpose of the Offer."

**F. Expiration Date of Offer -** The Expiration Date is 5:00 p.m., Eastern Time, on April 15, 2026, or such date to which we may extend the Offer. All Eligible Warrants and related paperwork must be received by the Exchange Agent by this time, as instructed herein. See Section 9, "Extensions; Amendments; Conditions; Termination; Plans."

**G**. **Lock-Up Requirement -** As a condition to receiving Shares in the Offer, each participating holder will be required to execute and deliver a lock-up agreement pursuant to which 50% of the Shares received in the Offer will be subject to transfer restrictions until the date that is twelve (12) months after the Expiration Date (as it may be extended) and the remaining balance of such Shares will be subject to transfer restrictions until the date that is eighteen (18) months after the Expiration Date (as it may be extended), subject to customary exceptions.

**H. Withdrawal Rights -** If you tender your Eligible Warrants and change your mind, you may withdraw your tendered Eligible Warrants at any time until the Expiration Date, as described in greater detail in Section 2 herein. See Section 2.B., "Withdrawal Rights."

**I. Participation by Officers and Directors -** Certain members of the Company's board of directors hold Eligible Warrants that are subject to the Offer. Based on information provided by the Company, John Clarke (Director) holds 9 Common Warrants, Swatick Majumdar (Director) holds 46 Common Warrants, and Uri Levine (Director) holds 84,907 Pre-Funded Warrants. Any Eligible Warrants held by directors or officers may be tendered in the Offer on the same terms and conditions as those applicable to all other eligible holders.

**J. Conditions of the Offer -** The Offer is subject to conditions, including that the Authorized Share Increase must be approved and effective, and that no action or event shall have occurred, no action shall have been taken, and no statute, rule, regulation, judgment, order, stay, decree or injunction shall have been promulgated, enacted, entered or enforced applicable to the Offer or the exchange of Eligible Warrants for Shares under the Offer that challenges the making of the Offer or would reasonably be expected to prohibit, prevent, restrict or delay consummation of, or would reasonably be expected to otherwise adversely affect in any material manner, the Offer. See Section 9.F., "Conditions of the Offer."

**K. Termination -** We may terminate the Offer if the Conditions of the Offer are not satisfied prior to the Expiration Date. See Section 9, "Extensions; Amendments; Conditions; Termination."

**L. Fractional Shares -** No scrip or fractional shares will be issued. Eligible Warrants may only be exchanged for whole Shares. Holders who would otherwise have been entitled to receive fractional Shares will, after aggregating all such fractional Shares of such holder, receive the number of Shares as rounded down to the nearest whole Share. See Section 1, "General Terms."

**M. Board of Directors' Recommendation -** Our Board of Directors has approved the Offer. **However, none of the Company, its directors, officers or employees makes any recommendation as to whether to tender Eligible Warrants**. You must make your own decision as to whether to tender some or all of your Eligible Warrants. See Section 1.C., "General Terms-Board Approval of the Offer; No Recommendation; Holder's Own Decision."

**N. Solicitation Agent -** The Company has not retained a solicitation agent for the exchange offer, and no commission or other remuneration will be paid directly or indirectly for soliciting tenders.

**O. How to Tender Eligible Warrants -** To tender your Eligible Warrants, you must complete the actions described herein under Section 2 before the Offer expires. You may also contact the Exchange Agent or your broker for assistance. See Section 2, "Procedure for Tendering Warrants."

**P. Certain Material U.S. Federal Tax Consequences -** Holders are urged to consult their personal tax advisors concerning the tax consequences of an exchange pursuant to the Offer based on their particular circumstances. For a general discussion of certain tax considerations, see Section 10, "Material U.S. Federal Income Tax Consequences."

**Q. Further Information -** Please direct questions or requests for assistance, or for additional copies of this Offer to Exchange, Letters of Transmittal and Consent or other materials, to the Exchange Agent or the Company at the contact information set forth under "Important Procedures" above and in Section 11, "Additional Information; Miscellaneous."

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Offer to Exchange and the other documents that constitute the offer materials (collectively, the "Offer Materials") may contain certain statements that may constitute forward-looking statements. This includes, without limitation, statements regarding expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies regarding the Company and the future held by our management team, as well as statements regarding the Offer, including the expected timing, terms, mechanics, conditions, and completion of the Offer, the satisfaction of the conditions to the Offer (including the Authorized Share Increase), the expected number of Eligible Warrants tendered, the expected number of shares of Common Stock to be issued in the Offer, the expected impact of the Offer on our capital structure, the expected effect of the Offer on the "warrant overhang" and potential dilution, our plans to register shares (if any) in the future, and other statements that are not statements of historical fact. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance.

Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in these Offer Materials, forward-looking statements may be identified by the use of words such as "estimate," "continue," "could," "may," "might," "possible," "predict," "should," "would," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target," "designed to," "aim," "potential," or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.

We caution readers that these forward-looking statements are subject to risks and uncertainties, many of which are difficult to predict and many of which are beyond our control, that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. The following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements contained in these Offer Materials:

● our ability to satisfy the conditions to the Offer, including obtaining stockholder approval of the Authorized Share Increase and the filing and effectiveness of the related certificate of amendment with the Secretary of State of the State of Delaware;

● the risk that the Offer is not completed, is delayed, is extended, is amended, or is terminated, including due to failure to satisfy any condition to the Offer, applicable legal or regulatory considerations, or other developments;

● the risk that a sufficient number of Eligible Warrants are not tendered (and, with respect to any series where consents are solicited, the risk that the requisite holder consents are not obtained, if applicable);

● the market price of our Common Stock and its volatility, including the possibility that the market price of our Common Stock declines during the Offer period or after completion of the Offer;

● the dilutive effect of the issuance of a substantial number of shares of Common Stock in the Offer, which could adversely affect the market price of our Common Stock;

● the risk that the shares of Common Stock issued in the Offer will be "restricted securities," will bear appropriate restrictive legends, and may not be freely resold absent registration or an applicable exemption from registration;

● our ability to maintain the quotation of our Common Stock on the OTCQB (or other trading market, as applicable) and to satisfy applicable listing or quotation standards;

● our ability to execute our anticipated business plans and strategy, particularly in light of our current liquidity and capital resources;

● our ability to obtain additional capital, which may be necessary to continue our business and operations;

● our limited operating history under our current business model and history of net losses;

● our reliance on key technology providers and payment processors facilitating payments to and by our customers;

● unfavorable interpretations of laws or regulations or changes in applicable laws or regulations;

● the possibility that we may be adversely affected by other economic, business, regulatory and/or competitive factors; and

● other risks and uncertainties described in our filings with the Securities and Exchange Commission (the "SEC"), including those under the section entitled "Risk Factors," and the risks described in the "Risk Factors" section of these Offer Materials.

If any of these risks materialize or any of our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we presently do not know or that we currently believe are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements.

Forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of these Offer Materials (or, with respect to documents incorporated by reference, the date of the filing of such documents). We anticipate that subsequent events and developments may cause our assessments to change. However, except as required by law, we specifically disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our assessments as of any date subsequent to the date of these Offer Materials. Accordingly, undue reliance should not be placed upon the forward-looking statements.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in these Offer Materials primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, operating results and the outcome of the Offer. We operate in a competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in these Offer Materials. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of these Offer Materials. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

The forward-looking statements made in these Offer Materials relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of these Offer Materials or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.

**RISK FACTORS**

An investment in our Shares involves a high degree of risk. You should carefully consider each of the risks described below, together with all of the other information set forth elsewhere in this Offer to Exchange and the risks and other information described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and our subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K. Additional risks and uncertainties not presently known to the Company or that the Company currently deems immaterial also may impair our business operations. If any of the matters identified as potential risks materialize, our business could be harmed. In that event, the trading price of our Common Stock could decline.

**There is no guarantee that your decision whether to tender your Eligible Warrants in the Offer will put you in a better future economic position.**

We can give no assurance as to the price at which a stockholder may be able to sell our Common Stock in the future following the completion of the Offer. If you choose to tender your Eligible Warrants in the Offer, certain future events may cause an increase in our Common Stock price and may result in receiving fewer shares of Common Stock now than you might receive from future warrant exercises had you not agreed to exchange your Eligible Warrants. Similarly, if you do not tender your Eligible Warrants in the Offer, you will continue to bear the risk of ownership of your Eligible Warrants after the closing of the Offer, including the risk that the Eligible Warrants may expire "out-of-the-money" according to their terms. You should consult your own individual tax and/or financial advisor for assistance on how this may affect your individual situation.

**There is no assurance that the Offer will be successful.**

There is no assurance that a sufficient number of Eligible Warrants will be tendered or that the conditions to the Offer (including the Authorized Share Increase) will be satisfied. Moreover, there is no assurance that the price of our Common Stock will increase. Eliminating or significantly reducing warrant "overhang" will not generate any capital for our Company.

**If the holders of Eligible Warrants accept the Offer, we will issue them additional shares of Common Stock, which will dilute existing stockholders.**

The issuance of additional Common Stock upon the exchange of tendered Eligible Warrants will dilute the percentage ownership interests in the Company of other stockholders and may adversely affect the market price of our Common Stock.

**The market price of our Common Stock will fluctuate, and it may adversely affect Eligible Warrant holders who tender their Eligible Warrants for Common Stock.**

The market price of our Shares may fluctuate between the date the Offer is commenced, the Expiration Date of the Offer and the date on which Shares are issued to tendering Eligible Warrant holders. Accordingly, the market price of Shares upon settlement of the Offer could be less than the price of our Common Stock when Eligible Warrants were tendered. The Company does not intend to re-adjust the Exchange Ratios based on any fluctuation in the price of our Shares.

**The exchange of Eligible Warrants for shares of Common Stock will result in the issuance of a substantial number of shares and will significantly dilute existing stockholders, and may adversely affect the market price of our Common Stock.**

If we complete the Offer, we expect to issue a substantial number of shares of Common Stock in exchange for Eligible Warrants that are tendered and accepted. The issuance of these shares will dilute the ownership interests of our existing stockholders and may depress the market price of our Common Stock. In addition, the increased number of outstanding shares may increase the number of shares eligible for resale in the public market over time (including pursuant to Rule 144 or any future registration statement we may file), which could further adversely affect the market price of our Common Stock.

Even if we do not complete the Offer for all classes of Eligible Warrants, to the extent any Eligible Warrants remain outstanding and are later exercised (if and to the extent exercisable) or otherwise result in the issuance of shares, additional shares may be issued in the future, resulting in further dilution.

**If the Authorized Share Increase is not approved and effective, the Company may extend or terminate the Offer.**

The Offer is conditioned upon, among other things, approval by our stockholders of an amendment to our amended and restated certificate of incorporation to increase the number of authorized shares of Common Stock and the filing and effectiveness of such amendment with the Secretary of State of the State of Delaware. If stockholder approval is not obtained, if the amendment is not filed, or if it does not become effective within the required timeframe, we may extend, amend or terminate the Offer. In any such event, Eligible Warrants that have been tendered and not accepted for exchange will be returned to tendering holders, and holders will not receive any shares of Common Stock in the Offer.

**Shares issued in the Offer are expected to be restricted securities and may not be freely resold.**

The Shares issued in the Offer are expected to be issued as "restricted securities" and will bear an appropriate legend. Even if you are entitled to "tack" your holding period for purposes of Rule 144, you may be unable to resell the Shares when you desire, or at all, absent an exemption from registration or an effective registration statement.

**Shares you receive in the Offer will be subject to a contractual lock-up, which will further restrict your ability to transfer such Shares for up to eighteen (18) months after the Expiration Date.**

If you participate in the Offer, you will be required to execute and deliver the Lock-Up Agreement as a condition to receiving Shares. Under the Lock-Up Agreement, 50% of the Shares you receive in the Offer will be subject to transfer restrictions until the date that is twelve (12) months after the Expiration Date (as it may be extended) and the remaining 50% of such Shares will be subject to transfer restrictions until the date that is eighteen (18) months after the Expiration Date (as it may be extended), subject to customary exceptions. As a result, even if an exemption from registration (including Rule 144) would otherwise be available, the Lock-Up Agreement will limit your ability to sell, transfer, pledge, hedge or otherwise dispose of the Shares during the applicable lock-up periods, which may reduce the liquidity and value of the Shares you receive.

**We may not receive sufficient consents from holders of the Series A Warrants and/or Series B Warrants to implement the Offer as contemplated for those warrants.**

The Series A Warrants and Series B Warrants are governed by warrant instruments that permit certain amendments or modifications to be approved with the consent of holders of a majority in interest of the applicable series. In connection with the Offer, we are soliciting such consents from holders of the Series A Warrants and Series B Warrants in order to facilitate the exchange of those warrants for shares of our Common Stock pursuant to the Offer. If we do not obtain the requisite consents for a series, the Offer with respect to that series may be delayed, amended, extended or terminated, and we may be unable to effect the exchange of that series of warrants on the terms described in these Offer Materials.

If the Offer is completed with respect to one or more classes of Eligible Warrants but not others, our capital structure may remain complex, the potential dilutive overhang associated with the Eligible Warrants may not be reduced to the extent anticipated, and the market price of our Common Stock may be adversely affected.

**We have not obtained any third-party determination or fairness opinion that the Offer is fair to holders of Eligible Warrants.**

None of our board of directors, officers or employees makes any recommendation as to whether you should tender any Eligible Warrants in the Offer. We have not retained, and do not intend to retain, any unaffiliated representative, financial advisor or investment bank to act on behalf of holders of Eligible Warrants for purposes of negotiating the Offer or preparing a report or opinion concerning the fairness of the Offer or the adequacy of the exchange ratios from a financial point of view. Accordingly, you must make your own independent decision regarding your participation in the Offer, including an evaluation of the exchange ratios and the risks associated with receiving shares of Common Stock in exchange for Eligible Warrants.

**There is no guarantee that tendering your Eligible Warrants in the Offer will put you in a better economic position.**

We can give no assurance as to the market price of our Common Stock in the future. If you choose to tender some or all of your Eligible Warrants in the Offer, future events may cause an increase in the market price of our Common Stock or changes in market conditions that may result in a lower value realized by participating in the Offer than you might have realized if you did not tender your Eligible Warrants. Similarly, if you do not tender your Eligible Warrants in the Offer, there can be no assurance that you will be able to sell your Eligible Warrants (if a market exists), exercise them (if and when exercisable) or otherwise realize value from them in the future.

In addition, because the Offer is conditioned upon, among other things, the Authorized Share Increase, there can be no assurance that the Offer will be completed, and tendering holders may experience delays or uncertainty regarding settlement.

**The exchange ratios are fixed and the market price of our Common Stock may fluctuate, and the value of the Common Stock you receive may be less than the value you ascribe to your Eligible Warrants at the time you tender them.**

The number of shares of Common Stock offered in the Offer for each Eligible Warrant accepted for exchange is fixed as described in these Offer Materials and will fluctuate in value based on changes in the market price of our Common Stock. Accordingly, the market price of our Common Stock when we issue shares to you in exchange for your Eligible Warrants could be less than the market price of our Common Stock (or the value you attribute to your Eligible Warrants) at the time you tender your Eligible Warrants. The market price of our Common Stock could also continue to fluctuate and be subject to volatility during the period between the date you tender Eligible Warrants and the date we accept Eligible Warrants for exchange and deliver shares, including during any extension of the Offer period.

**No rulings or opinions have been received as to the tax consequences of the Offer to holders of Eligible Warrants.**

The tax consequences that will result to an Eligible Warrant holder that participates in the Offer are not well defined by the existing authorities. No ruling of any governmental authority and no opinion of counsel has been issued or rendered on these matters. Eligible Warrant holders must therefore rely on the advice of their own tax advisors in assessing these matters. For a general discussion of certain tax considerations, see Section 10, "Material U.S. Federal Income Tax Consequences."

**THE OFFER**

**Risks of Participating In the Offer**

Participation in the Offer involves a number of risks, including, but not limited to, the risks identified in "Risk Factors" above. Holders should carefully consider these risks and are urged to speak with their personal financial, investment and/or tax advisors as necessary before deciding whether to participate in the Offer. In addition, the Company strongly encourages you to read this Offer to Exchange in its entirety and review the documents referred to in "Risk Factors," above as well, including the risks and other information described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and our subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K.

**1. GENERAL TERMS**

Subject to the terms and conditions of the Offer, the Company is making an offer to holders of the Eligible Warrants to tender their Eligible Warrants in exchange for Shares of our Common Stock. Under this Offer to Exchange, the Eligible Warrant holders will be entitled to receive Shares in accordance with the Exchange Ratios. The "Offer Period" is the period commencing on January 23, 2026 and ending at 5:00 p.m., Eastern Time, on April 15, 2026, or such later date to which the Company may extend the Offer (the "Expiration Date").

As a condition to the issuance of Shares in the Offer, each holder whose Eligible Warrants are tendered and accepted for exchange will be required to execute and deliver a lock-up agreement in favor of the Company (the "Lock-Up Agreement") pursuant to which (i) 50% of the Shares issued to such holder in the Offer may not be sold, transferred, pledged, hedged, or otherwise disposed of until the date that is twelve (12) months after the Expiration Date (as it may be extended), and (ii) the remaining balance of such Shares may not be sold, transferred, pledged, hedged, or otherwise disposed of until the date that is eighteen (18) months after the Expiration Date (as it may be extended), in each case subject to customary exceptions as set forth in the Lock-Up Agreement. The Shares issued in the Offer are expected to bear an appropriate restrictive legend, and the Company may impose stop-transfer instructions to its transfer agent to enforce the Lock-Up Agreement.

This Offer is not an "all or none" offer. Holders may tender all or any portion of the Eligible Warrants they hold of a particular class, subject to the procedures described herein and in the applicable Letters of Transmittal and Consent. Tendering Eligible Warrants is voluntary. Eligible Warrants that are not tendered will remain outstanding in accordance with their existing terms, subject, in the case of the Series A Warrants and Series B Warrants, to any amendments or supplements that become effective upon receipt of the requisite holder consents as described below.

Warrants may only be exchanged for whole Shares. No scrip or fractional shares will be issued. Holders of Eligible Warrants who would otherwise have been entitled to receive fractional Shares will, after aggregating all such fractional Shares of such holder, receive the number of Shares as rounded down to the nearest whole Share.

If you elect to tender Eligible Warrants in response to the Offer, please follow the instructions in this Offer to Exchange and the related documents, including the Letter of Transmittal and Consent applicable to the class of Eligible Warrants you are tendering.

If you tender your Eligible Warrants, you may withdraw your tendered Eligible Warrants before the Expiration Date and retain them on their terms by following the instructions herein.

This Offer to Exchange is made pursuant to the exemption from registration provided by Section 3(a)(9) of the Securities Act.

**A. Period of Offer**

The Offer will only be open for a period beginning on January 23, 2026, and ending on the Expiration Date. The Company expressly reserves the right, in its sole discretion, at any time or from time to time, to extend the period of time during which the Offer is open. There can be no assurance, however, that the Company will exercise its right to extend the Offer.

**B. Partial Tender Permitted**

Unlike an "all or none" exchange offer, a holder may tender all or any portion of the Eligible Warrants it holds of a particular class. A holder's tender will be effective only as to the number of Eligible Warrants properly tendered and accepted. The Company reserves the right to modify the tender procedures to the extent permitted by applicable law, including to require minimum tender thresholds for any class of Eligible Warrants, in which case the Company will provide notice to holders and extend the Offer as required by applicable law.

**C. Board Approval of the Offer; No Recommendation; Holder's Own Decision**

**THE COMPANY'S BOARD OF DIRECTORS HAS APPROVED THE OFFER. HOWEVER, NONE OF THE COMPANY, ITS DIRECTORS, OFFICERS OR EMPLOYEES MAKES ANY RECOMMENDATION AS TO WHETHER TO TENDER ELIGIBLE WARRANTS. EACH HOLDER OF AN ELIGIBLE WARRANT MUST MAKE HIS, HER OR ITS OWN DECISION AS TO WHETHER TO TENDER SOME OR ALL OF HIS, HER OR ITS ELIGIBLE WARRANTS.**

**D. Extensions of the Offer**

The Company expressly reserves the right, in its sole discretion, and at any time or from time to time, to extend the period of time during which the Offer is open. There can be no assurance, however, that the Company will exercise its right to extend the Offer. If the Company extends the Offer, it will give notice of such extension by press release or other public announcement no later than 9:00 a.m., Eastern Time, on the next business day after the previously scheduled Expiration Date of the Offer.

**2. PROCEDURE FOR TENDERING WARRANTS**

**A. Procedures for Tendering Warrants**

You do not have to participate in the Offer. If you decide not to participate in the Offer, you do not need to do anything, and your Eligible Warrants will remain outstanding until they expire or are exercised in accordance with their terms (subject, in the case of Series A Warrants and Series B Warrants, to any amendments or supplements that become effective upon receipt of the requisite holder consents).

To participate in the Offer, you must properly complete, sign and date the Letter of Transmittal and Consent and mail or otherwise deliver to the Exchange Agent the Letter of Transmittal and Consent and any other required documents so that the Exchange Agent receives them no later than 5:00 p.m., Eastern Time, on the Expiration Date (or such later date and time if we extend the Offer), at the address set forth in the applicable Letter of Transmittal and Consent.

The Letter of Transmittal and Consent must be executed by the record holder of the tendered Eligible Warrants. However, if the signature is by a trustee, executor, administrator, guardian, attorney-in-fact, officer of a corporation or another person acting in a fiduciary or representative capacity, the signer's full title and proper evidence of the authority of such person to act in such capacity must be indicated on the Letter of Transmittal and Consent.

If you do not submit a properly completed Letter of Transmittal and Consent for your Eligible Warrants prior to the Expiration Date of the Offer, or if you submit an incomplete or incorrectly completed Letter of Transmittal and Consent, you will be considered to have rejected the Offer to Exchange with respect to such Eligible Warrants.

**THE METHOD OF DELIVERY OF ELIGIBLE WARRANTS, THE APPLICABLE LETTER OF TRANSMITTAL AND CONSENT AND ALL OTHER REQUIRED DOCUMENTS TO THE EXCHANGE AGENT IS AT THE ELECTION, EXPENSE AND RISK OF THE HOLDER. IT IS RECOMMENDED THAT HOLDERS ALLOW SUFFICIENT TIME TO ASSURE DELIVERY TO THE EXCHANGE AGENT BEFORE THE EXPIRATION DATE.**

**B. Withdrawal Rights**

You may change your election and withdraw your tendered Eligible Warrants only if you properly complete, sign and date the Notice of Withdrawal included with the Offer and mail, email or otherwise deliver the Notice of Withdrawal to the Exchange Agent so that it is received no later than 5:00 p.m., Eastern Time, on the Expiration Date. You may also withdraw your tendered Eligible Warrants pursuant to Rule 13e-4(f)(2)(ii) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), if they have not been accepted by us for exchange within 40 business days from the commencement of the Offer.

The Notice of Withdrawal must be executed by the record holder of the Eligible Warrants to be withdrawn. However, if the signature is by a trustee, executor, administrator, guardian, attorney-in-fact, officer of a corporation or another person acting in a fiduciary or representative capacity, the signer's full title and proper evidence of the authority of such person to act in such capacity must be indicated on the Notice of Withdrawal.

Withdrawals of Eligible Warrants may not be rescinded. Any Eligible Warrants properly withdrawn will thereafter be deemed not to have been validly tendered for purposes of the Offer. However, withdrawn Eligible Warrants may be re-tendered by following the procedures described in the Offer at any time prior to the Expiration Date.

**ALL QUESTIONS AS TO THE FORM AND VALIDITY (INCLUDING TIME OF RECEIPT) OF ANY NOTICE OF WITHDRAWAL WILL BE DETERMINED BY THE COMPANY, IN ITS REASONABLE DISCRETION, WHOSE DETERMINATION WILL BE FINAL AND BINDING. NONE OF THE COMPANY OR ANY OTHER PERSON WILL BE UNDER ANY DUTY TO GIVE NOTIFICATION OF ANY DEFECTS OR IRREGULARITIES IN ANY NOTICE OF WITHDRAWAL OR INCUR ANY LIABILITY FOR FAILURE TO GIVE ANY SUCH NOTIFICATION.**

**C. Determination of Validity; Rejection of Eligible Warrants; Waiver of Defects; No Obligation to Give Notice of Defects**

We will determine, in our discretion, all questions as to form, validity, including time of receipt, eligibility and acceptance of any tender of Eligible Warrants or withdrawal of tendered Eligible Warrants. Our determination of these matters will be final and binding on all parties. We may reject any or all tenders of or withdrawals of tendered Eligible Warrants that we determine are not in an appropriate form or that we determine are unlawful to accept or not timely made. Otherwise, we expect to accept all properly and timely tendered Eligible Warrants which are not validly withdrawn. We may waive, as to all Eligible Warrant holders, any defect or irregularity in any tender with respect to any particular Eligible Warrant, to the extent permitted by applicable law. No tender of Eligible Warrants or withdrawal of tendered Eligible Warrants will be deemed to have been properly made until all defects or irregularities have been cured by the tendering Eligible Warrant holder or waived by us. NEITHER WE NOR ANY OTHER PERSON IS OBLIGATED TO GIVE NOTICE OF ANY DEFECTS OR IRREGULARITIES IN TENDERS OR WITHDRAWALS, AND NO ONE WILL BE LIABLE FOR FAILING TO GIVE NOTICE OF ANY DEFECTS OR IRREGULARITIES.

**D. Acceptance of Eligible Warrants; Issuance of Common Stock**

The Offer is scheduled to expire at 5:00 p.m., Eastern Time, on the Expiration Date, March 31, 2026 (subject to our right to extend the Offer). Upon the terms and subject to the conditions of the Offer, including the Authorized Share Increase, and the execution and delivery of the Lock-Up Agreement by participating holders, we expect, upon the expiration of the Offer, to (i) accept for exchange Eligible Warrants properly tendered and not validly withdrawn pursuant to the Offer, and (ii) issue Shares of Common Stock in exchange for tendered Eligible Warrants pursuant to the Offer. No participating holder will receive Shares in the Offer unless and until such holder has executed and delivered the Lock-Up Agreement in accordance with the procedures described in these Offer Materials.

If you elect to tender your Eligible Warrants pursuant to the Offer and you do so according to the procedures described herein, you will have accepted the Offer. Our acceptance of your outstanding Eligible Warrants for tender in the Offer will form a binding agreement between you and us upon the terms and subject to the conditions of the Offer upon the expiration of the Offer.

If you elect not to participate in the Offer, your Eligible Warrants will remain outstanding until they expire or are exercised by their original terms (subject, in the case of Series A Warrants and Series B Warrants, to any amendments or supplements that become effective upon receipt of the requisite holder consents).

**Penny Stock Considerations**

Our Common Stock is a "penny stock" as defined in Rule 3a51-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The SEC's penny stock rules generally apply to equity securities that have a market price of less than $5.00 per share (subject to certain limited exceptions). The penny stock rules impose additional sales practice requirements on broker-dealers that sell penny stocks to persons other than established customers and "accredited investors" (as defined in Regulation D under the Securities Act).

In general, broker-dealers must (among other things): (i) deliver a standardized risk disclosure document prepared by the SEC that provides information about penny stocks and the penny stock market; (ii) provide the customer with current bid and offer quotations for the penny stock, the compensation payable to the broker-dealer and its representative in connection with the transaction, and monthly account statements showing the market value of each penny stock held in the customer's account; (iii) make a special written determination that the penny stock is a suitable investment for the purchaser and obtain the purchaser's written agreement to the transaction; and (iv) provide certain additional disclosures prior to effecting the transaction. These requirements can reduce the level of trading activity in penny stocks and may make it more difficult to sell shares of our Common Stock in the secondary market.

As a result of the penny stock rules, holders of shares of Common Stock issued in the Offer may experience reduced liquidity, increased transaction costs, greater price volatility, and difficulty reselling their shares at a time or price they desire. In addition, the market for our Common Stock may be limited, and it may be difficult for broker-dealers to recommend or execute transactions in our Common Stock, which could adversely affect the market price of our Common Stock and your ability to dispose of shares received in the Offer.

If you tender Eligible Warrants pursuant to the Offer, you will receive legended Shares, and you will generally be entitled to "tack" your holding period of the Eligible Warrants so tendered for purposes of Rule 144 under the Securities Act, subject to the facts and circumstances of your holding and compliance with Rule 144.

**E. Extension of the Offer; Termination; Amendment**

Although we do not currently intend to do so, we may, from time to time, at our discretion, extend the Offer at any time as provided above. If we extend the Offer, we will continue to accept validly tendered Eligible Warrants until the new Expiration Date.

We also expressly reserve the right, in our reasonable judgment, prior to the Expiration Date, to terminate or amend the Offer and to postpone our acceptance of any tendered Eligible Warrant upon the occurrence of any of the conditions specified below under "The Offer-Conditions of the Offer."

Extension or amendments to, or a termination of, the Offer may be made at any time and from time to time by an announcement. In the case of an extension, the announcement must be issued no later than 9:00 a.m., Eastern Time, on the next business day after the last previously scheduled or announced Expiration Date. Any announcement made pursuant to the Offer will be disseminated promptly to holders of Eligible Warrants in a manner reasonably designed to inform such holders of such amendment. Without limiting the manner in which we may choose to make an announcement, except as required by applicable law, we have no obligation to publish, advertise or otherwise communicate any such announcement other than by issuing a press release.

If we materially change the terms of the Offer or the information concerning the Offer, or if we waive a material condition of the Offer, we will extend the Offer to the extent required by Rules 13e-4(d)(2), 13e-4(e)(3), and 13e-4(f)(1)(ii) under the Exchange Act. These rules require that the minimum period during which an offer must remain open following material changes in the terms of the Offer or information concerning the offer, other than a change in price or a change in percentage of securities sought, will depend on the facts and circumstances, including the relative materiality of such terms or information.

**F. Conditions of the Offer**

The Offer is subject to the following conditions: no action or event shall have occurred, no action shall have been taken, and no statute, rule, regulation, judgment, order, stay, decree or injunction shall have been promulgated, enacted, entered or enforced applicable to the Offer or the exchange of Eligible Warrants for Shares under the Offer by or before any court or governmental regulatory or administrative agency, authority or tribunal of competent jurisdiction, including, without limitation, taxing authorities, that challenges the making of the Offer or the exchange of Eligible Warrants for Shares under the Offer or would reasonably be expected to, directly or indirectly, prohibit, prevent, restrict or delay consummation of, or would reasonably be expected to otherwise adversely affect in any material manner, the Offer or the exchange of Eligible Warrants for Shares under the Offer.

The Offer is also subject to the condition that the Authorized Share Increase must be approved by the Company's stockholders, and that the related certificate of amendment must be filed and become effective. In addition, with respect to the Series A Warrants and Series B Warrants, the Offer may be conditioned upon obtaining the requisite holder consents to approve any amendments or supplements to the governing warrant instruments necessary to facilitate the exchange contemplated by this Offer, as described in the applicable Letter of Transmittal and Consent and the Offer Materials.

We may terminate the Offer if the Conditions of the Offer are not satisfied prior to the Expiration Date. In the event that we terminate the Offer, all Eligible Warrants tendered by an Eligible Warrant holder in connection with the Offer shall be returned to such Eligible Warrant holder, and the Eligible Warrants will continue to remain outstanding in accordance with their terms.

**3. BACKGROUND AND PURPOSE OF THE OFFER**

**A. Information Concerning Zoomcar Holdings, Inc.**

Zoomcar Holdings, Inc. (the "Company," "Zoomcar," "we," "us" or "our") is an emerging market-focused online car sharing marketplace headquartered in Bangalore, India. Our mission is to transform the urban mobility landscape across emerging market countries by connecting individuals with short- and medium-term transportation needs with vehicle owners through the convenience of our scalable digital platform. Through our marketplace, vehicle owners ("Hosts") list their cars for rent and individuals seeking temporary access to a vehicle ("Guests") can browse, book and use those vehicles at mutually convenient locations, with payments and key trip functionality facilitated through our mobile applications and website.

Founded in 2012, Zoomcar's platform is designed to address transportation challenges in emerging markets, where cost-efficient and convenient mobility options may be limited and the cost of car ownership can be high relative to average income levels. Guests use our platform to search across a range of vehicle makes, models and price points and book vehicles for leisure, work or other short- to medium-term use cases. Hosts can monetize underutilized vehicles by making them available to Guests and can use platform tools to manage listings, availability, and pricing.

Our technology is central to our business model. We employ data-driven tools, including algorithmic search and ranking functionality, to support vehicle discovery and personalization, and we utilize platform features intended to promote trust and accountability, including Host and Guest ratings and reviews. We also deploy a software-enabled keyless entry solution across the majority of Host vehicles to enable contactless vehicle access via smartphone and use GPS-enabled tracking functionality to support trip management and related operational needs.

As of March 31, 2025, we had approximately 40,221 registered Host vehicles and approximately 4 million active Guests (defined as Guests who have searched our platform for vehicles or bookings within the preceding 12-month period). We have operated in over 94 cities across India and, following prior expansion efforts outside India, we have ceased operations in certain non-India markets to focus our engineering and financial resources on India.

The Company is a Delaware corporation and remains a reporting company under the Securities Exchange Act of 1934, as amended. Following the delisting of our common stock from The Nasdaq Stock Market, our common stock and public warrants began trading on the OTC Markets Group platform under the symbols "ZCAR" and "ZCARW," respectively, and we have applied for trading on the OTCQX Best Market for our common stock and on the OTCQB Venture Market for our public warrants.

Our principal executive offices are located at Anjaneya Techno Park, No.147, 1st Floor, Kodihalli, Bangalore, Karnataka India 560008. Our telephone number is: +91 80488 21871.

**B. Establishment of Offer Terms; Approval of the Offer**

The Company's Board of Directors has approved the terms of the Offer, including the Exchange Ratios, but is not recommending whether you should or should not tender your Eligible Warrants, nor passing upon the fairness of the Exchange Ratios. The Board set the Exchange Ratios to provide holders of Eligible Warrants with an incentive to exchange the Eligible Warrants and to support the Company's capital structure objectives.

**C. Purpose of the Offer**

The Company is pursuing financing, restructuring and capital markets objectives, including, without limitation, the completion of the Company's ongoing financing transactions and potential listing or uplisting initiatives. The Eligible Warrants represent a significant potential dilutive overhang and, in certain cases, contain provisions that may impede the Company's ability to engage the capital markets effectively. As such, the Company believes that the Eligible Warrants may inhibit its ability to execute its strategic objectives and create value.

Secondarily, the purpose of the Offer is to simplify the Company's capital structure by retiring and cancelling Eligible Warrants exchanged in the Offer.

The Offer is not made pursuant to a plan to periodically increase a securityholder's proportionate interest in the assets or earnings and profits of the Company. Eligible Warrants acquired pursuant to the exchange will be retired and cancelled.

**D. Interests of Directors and Officers**

The names of the executive officers and directors of the Company are set forth below. The business address for each such person is: c/o Zoomcar Holdings, Inc. Anjaneya Techno Park, No.147, 1st Floor, Kodihalli, Bangalore, Karnataka India 560008, and the telephone number for each such person is. Certain members of the Company's board of directors hold Eligible Warrants that are subject to the Offer. Based on information provided by the Company, John Clarke (Director) holds 9 Common Warrants, Swatick Majumdar (Director) holds 46 Common Warrants, and Uri Levine (Director) holds 84,907 Pre-Funded Warrants. Any Eligible Warrants held by directors or officers may be tendered in the Offer on the same terms and conditions as those applicable to all other eligible holders.

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| | |
|:---|:---|
| **Name** | **Position** |
| Uri Levine | Director |
| Mohan Ananda | Director |
| Evelyn D'An | Director |
| Swatick Majumdar | Director |
| John Clarke | Director |
| Deepankar Tiwari | Chief Executive Officer |
| Sachin Gupta | Chief Financial Officer |

---

**E. Plans or Proposals**

Except as set forth below, there are no present plans or proposals by the Company that relate to or would result in: (a) an extraordinary corporate transaction, such as a merger, reorganization or liquidation involving the Company or any of its subsidiaries; (b) a purchase, sale or transfer of a material amount of assets of the Company or any of its subsidiaries; (c) any change in the present Board of Directors or management of the Company including, but not limited to, any plans or proposals to change the number or the term of directors, to fill any existing vacancy on the Board or to change any material term of the employment contract of any executive officer; (d) any material change in the present dividend rate or policy, or indebtedness or capitalization of the Company; (e) any other material change in the Company's corporate structure or business; (f) changes in the Company's certificate of incorporation or bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Company by any person; (g) a class of equity security of the Company becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act; or (h) the suspension of the issuer's obligation to file reports pursuant to Section 15(d) of the Exchange Act.

The following are exceptions to the foregoing statement: (i) the exchange of Eligible Warrants pursuant to the Offer will result in the issuance of Shares in accordance with the Exchange Ratios; (ii) the Company expects to seek stockholder approval of the Authorized Share Increase and to file a preliminary proxy statement and definitive proxy statement with the SEC in connection therewith; and (iii) contemporaneously with the commencement of the Offer, the Company expects to launch a bridge financing transaction of up to $5,000,000 of units plus up to an addition $5,000,000 of units issuable pursuant to an overallotment option exercisable by the placement agent in such offering (the "Bridge Financing"), with each unit consisting of one share of the Company's Series A convertible preferred stock, par value $0.0001 per share (the "Series A Preferred"), and one warrant to purchase shares of Common Stock (the "Bridge Warrant"). Each share of Series A Preferred will have a stated value of $1,000 and will be convertible into shares of Common Stock at a conversion price of $0.05 per share (subject to adjustment as provided in the applicable governing documents), and each Bridge Warrant will be exercisable for shares of Common Stock at an exercise price of $0.0625 per share (subject to adjustment as provided in the applicable governing documents). In addition, the Company is contemplating an uplisting transaction and may pursue an application to list its securities on a national securities exchange, as well as related capital markets and corporate transactions, although there can be no assurance as to the timing or completion of any such uplisting or related transaction.

**4. PRICE RANGE OF SHARES**

Our Shares are listed on the OTCQB under the symbol "ZCAR". On March 13, 2026, the last reported closing sales price for the Shares was $0.075. Our Eligible Warrants are not publicly traded.

The Company recommends that holders obtain current market quotations for the Common Stock, among other factors, before deciding whether or not to tender their Eligible Warrants.

**The high and low closing sales price per share of the Company's common stock for each quarter during the last three (3) fiscal years is set forth below:<br>Fiscal Year 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Quarter (Period)** | **Low Sale<br> Price** | **High Sale<br> Price** |
| First Quarter (April 1 - June 30) | $0.4840 | $18.00 |
| Second Quarter (July 1 - September 30) | $0.2850 | $0.778 |
| Third Quarter (October 1 - December 31) | $0.0562 | $0.32 |
| Fourth Quarter (January 1 - March 31) | $0.060 | $0.079 |

---

**Fiscal Year 2024**

---

| | | |
|:---|:---|:---|
| **Quarter (Period)** | **Low Sale<br> Price** | **High Sale<br> Price** |
| First Quarter (April 1 - June 30) | $260 | $1260 |
| Second Quarter (July 1 - September 30) | $204 | $530 |
| Third Quarter (October 1 - December 31) | $25 | $320.8 |
| Fourth Quarter (January 1 - March 31) | $4.03 | $46 |

---

**Fiscal Year 2023**

---

| | | |
|:---|:---|:---|
| **Quarter (Period)** | **Low Sale<br> Price** | **High Sale<br> Price** |
| First Quarter (April 1 - June 30) | $21140 | $23180 |
| Second Quarter (July 1 - September 30) | $[21,800] | $22580 |
| Third Quarter (October 1 - December 31) | $[5,600] | $29500 |
| Fourth Quarter (January 1 - March 31) | $1124 | $15220 |

---

The foregoing table sets forth the reported high and low sale prices of the Company's Common Stock for the periods indicated, based on quotations for the Common Stock on the OTCQB under the symbol "ZCAR". Prices reflect inter-dealer quotations, without retail mark-up, mark-down or commission, and may not represent actual transactions. The Eligible Warrants are not traded on any market.

**5. SOURCE AND AMOUNT OF FUNDS**

Because this transaction is an offer to holders to exchange their existing Eligible Warrants for Shares, there is no source of funds to disclose, as there is no cash consideration being paid by the Company to those tendering Eligible Warrants. The Company will use funds on hand to pay any incidental expenses.

**6. FEES AND EXPENSES**

The Company has not retained a solicitation agent for the exchange offer. We will use our existing funds to pay expenses associated with the Offer. We will not receive any proceeds from this Offer. The Company has appointed Vinyl Equity, Inc. as the Exchange Agent to perform ministerial and administrative functions in connection with the Offer. The Exchange Agent will not be compensated for soliciting tenders, and any compensation payable to the Exchange Agent will not be based on the number of Eligible Warrants tendered or exchanged.

**7. TRANSACTIONS AND AGREEMENTS CONCERNING THE WARRANTS**

There are no agreements, arrangements or understandings between the Company, or any of its directors or executive officers, and any other person with respect to the Eligible Warrants, other than as described in the Offer Materials, including the appointment of Vinyl Equity, Inc. as Exchange Agent and the engagement of legal and other advisors in connection with the Offer. Any material agreements entered into in connection with the Offer will be filed with the SEC as exhibits to the Company's Tender Offer Statement on Schedule TO, as amended.

**8. FINANCIAL INFORMATION REGARDING THE COMPANY**

The Company incorporates by reference the Company's financial statements that were filed in Item 8 of its Annual Report on Form 10-K for the fiscal year ended March 31, 2025, filed with the SEC on June 30, 2025, as well as the Company's most recently filed unaudited interim financial statements included in its Quarterly Report on Form 10-Q filed with the SEC on February 17, 2026, for the quarter ended December 31, 2025.

The full text of the Quarterly Reports on Form 10-Q and the Annual Report on Form 10-K, as well as the other documents the Company has filed with the SEC prior to, or will file with the SEC subsequent to, the filing of the Company's Tender Offer Statement on Schedule TO, can be accessed electronically on the SEC's website at www.sec.gov. Copies of our SEC filings are also available without charge upon written request addressed to Zoomcar Holdings, Inc., at Anjaneya Techno Park, No.147, 1st Floor, Kodihalli, Bangalore, India 560008 or investors@zoomcar.com, attn.: Corporate Secretary. Our telephone number is: +91 8048821871.

Our book value as of December 31, 2025, was approximately $(27.43) million or approximately $(3.84) per share. Book value per share represents our total assets less total liabilities, divided by the number of shares of common stock outstanding as of December 31, 2025.

Our tangible book value as of December 31, 2025, was approximately $(27.43) million or approximately $(3.84) per share. Tangible book value per share represents our total tangible assets (total assets less intangible assets) less total liabilities, divided by the number of shares of common stock outstanding as of December 31, 2025.

*The capitalization of the Company consists of (i) 250,000,000 shares of Common Stock, $0.0001 par value per share, of which approximately 7,151,343 shares are issued and outstanding as of March 16, 2026, and (ii) 10,000,000 shares of Preferred Stock, $0.0001 par value per share, none of which are issued or outstanding. The following table sets forth the fully diluted capitalization of the Company on an actual basis and on a pro-forma basis assuming 100% participation in the Offer to Exchange, in each case as of March 16, 2026:*

---

| | | |
|:---|:---|:---|
| ***Capitalization Table*** | ***Actual*** | ***Pro-Forma Assuming 100% Participation in the Tender Offer\**** |
| *Common Stock* | *7151343* | *516343436* |
| *Pre-Funded Warrants* | *5306013* | *0* |
| *Warrants (WAEP: $36.25)* | *4279873* | *0* |
| *Options (WAEP: $11,460.00)* | *16* | *16* |
| *RSUs* | *5050873* | *5050873* |
| ***Fully Diluted Shares Outstanding*** | ***21788118*** | ***521394325*** |

---

*Convertible Notes Totaling Approximately $5,285,171 Convertible upon Election of the Note Holder*

*Convertible Notes Totaling Approximately $1,072,336 Convertible upon an Event of Default*

 

*\** *Includes the effects of the Tender Offer.*

**9. EXTENSIONS; AMENDMENTS; CONDITIONS; TERMINATION; PLANS**

The Company expressly reserves the right, in its reasonable discretion, and at any time or from time to time, to extend the period of time during which the Offer is open. There can be no assurance, however, that the Company will exercise its right to extend the Offer. If the Company extends the Offer, it will give notice of such extension by press release or other public announcement no later than 9:00 a.m., Eastern Time, on the next business day after the previously scheduled Expiration Date of the Offer.

Amendments to the Offer will be made by written notice thereof to the holders of Eligible Warrants. Material changes to information previously provided to holders of Eligible Warrants in this Offer to Exchange or in documents furnished subsequent thereto will be disseminated to holders of Eligible Warrants. Also, should the Company, pursuant to the terms and conditions of the Offer, materially amend the Offer, the Company will ensure that the Offer remains open long enough to comply with U.S. federal securities laws.

The minimum period during which an Offer must remain open following any material change in the terms of the Offer or information concerning the Offer (other than a change in price or a change in percentage of securities sought, all of which require up to 10 additional business days) will depend on the facts and circumstances, including the relative materiality of such terms or information.

The Offer is subject to the conditions described in Section 2.E and Section 2.F above, including the Authorized Share Increase condition.

No plans or proposals described in this Offer to Exchange or the related Schedule TO or in any materials sent to the holders of Eligible Warrants in connection with the Offer relate to or would result in the conditions or transactions described in Regulation M-A, Items 1006(c)(1)-(10), except as described under "Background and Purpose of the Offer-Plans or Proposals."

**10. MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES**

**Certain U.S. Federal Income Tax Consequences to U.S. Holders**

The following summary describes certain U.S. federal income tax considerations that may be relevant to U.S. Holders (as defined below) that participate in the Offer to exchange Eligible Warrants for our Common Stock. This summary does not address any other U.S. federal tax, such as estate and gift, alternative minimum, or any state, local, or foreign tax consequences that may be relevant to a holder that participates in the Offer. Moreover, this discussion does not describe U.S. federal income tax considerations that may be relevant to persons that are not United States persons (within the meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the "Code")) and other Eligible Warrant holders that are not U.S. Holders.

This summary applies only to holders who hold the Eligible Warrants and will hold the Common Stock as a capital asset within the meaning of Section 1221 of the Code. This description does not purport to address all potential tax considerations that may be relevant to a holder based on his, her or its particular situation and does not address the tax considerations applicable to holders that may be subject to special tax rules, such as:

**●** financial institutions;

**●** insurance companies;

**●** real estate investment trusts;

**●** regulated investment companies;

**●** grantor trusts;

**●** tax-exempt organizations;

**●** dealers or traders in securities or currencies;

**●** holders that hold common stock or Eligible Warrants as part of a position in a straddle or as part of a hedging, conversion or integrated transaction for U.S. federal income tax purposes;

**●** holders that have a functional currency other than the U.S. dollar;

**●** holders that received their Eligible Warrants as compensation for the performance of services;

**●** holders that actually or constructively own 5% or more of our Shares; or

**●** certain U.S. expatriates or long-term U.S. residents.

If an entity treated as a partnership for U.S. federal income tax purposes holds Eligible Warrants, the tax treatment of a partner in the partnership will generally depend on the status of the partner and the activities of the partnership. Holders owning their Eligible Warrants through a partnership should consult their tax advisors regarding the U.S. federal income tax consequences of exchanging Eligible Warrants for Shares pursuant to the Offer.

This summary is based on the Code, existing and proposed Treasury Regulations, administrative pronouncements and judicial decisions, each as in effect on the date hereof. All of the foregoing are subject to change, possibly with retroactive effect, or to differing interpretations by the Internal Revenue Service or a court, which could alter the tax consequences described herein.

For purposes of this description, a U.S. Holder is a beneficial owner of Eligible Warrants or Common Stock that is for U.S. federal income tax purposes: (i) an individual who is a citizen or resident of the United States; (ii) a corporation (including an entity taxed as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the District of Columbia; (iii) an estate the income of which is subject to U.S. federal income taxation regardless of its source; or (iv) a trust if (x) a court within the United States is able to exercise primary supervision over the administration of such trust and one or more United States persons have the authority to control all substantial decisions of such trust or (y) it has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a United States person.

This summary is included herein as general information only. No statutory or judicial authority directly addresses all aspects of transactions similar to the Offer. We have not sought and do not intend to seek any rulings from the IRS or opinions of counsel regarding the tax consequences described herein, and accordingly, there is no assurance that the IRS will not successfully challenge any of the tax consequences described herein. Accordingly, each Eligible Warrant holder is strongly urged to consult his, her or its own tax advisor with respect to the U.S. federal, state, local and non-U.S. income and other tax consequences of participating in the Offer.

**Participation in the Offer**

If you participate in the Offer in accordance with the procedures set forth in the Offer, the Company intends to treat your participation for U.S. federal income tax purposes in the applicable manner described below.

Though applicable law and regulations are unclear, the Company believes that there is sufficient justification to treat the tender of Eligible Warrants in exchange for Shares as a tax-free exercise or exchange of the rights conferred by the Eligible Warrants. As such, the Company believes that it is more likely than not that if and to the extent you elect to participate in the Offer by tendering Eligible Warrants for Shares of our Common Stock, the Company will treat the transaction as a "recapitalization" or other nonrecognition exchange for U.S. federal income tax purposes. The consequences of such characterization should be that (i) your aggregate tax basis in the new Common Stock received in the exchange should be equal to the aggregate tax basis in your exchanged Eligible Warrants, and (ii) your holding period for the new Common Stock received in the exchange would include your holding period for the exchanged Eligible Warrants. Special tax basis and holding period rules apply to holders who acquired different blocks of Eligible Warrants at different prices or at different times. Holders should consult their tax advisors as to the applicability of these special rules to their particular circumstances.

Although the Company believes the tender pursuant to the Offer is not a taxable exchange, the IRS may take a contrary position and assert that the tender gave rise to taxable income. There is no assurance that a court would agree with the position of the Company or the IRS. Under that approach, the value of the Shares received could serve as the proxy value received, all of which might be subject to income taxation. Alternatively, if the IRS or a court were to view the exchange pursuant to the Offer as the issuance of Shares to an exchanging holder, and the Shares having a value in excess of the Eligible Warrants surrendered by such holder, such excess value could be viewed as a constructive dividend under Section 305 of the Code. Although not free from doubt, we expect that such constructive dividend, if any, should be considered a dividend of common stock on common stock, which generally should be nontaxable for most holders.

**HOLDERS ARE ADVISED TO CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE EXCHANGE TO THEIR PARTICULAR SITUATION.**

**11. ADDITIONAL INFORMATION; MISCELLANEOUS**

The Company has filed with the SEC a Tender Offer Statement on Schedule TO, of which this Offer to Exchange is a part. This Offer to Exchange does not contain all of the information contained in the Schedule TO and the exhibits to the Schedule TO. The Company recommends that holders review the Schedule TO, including the exhibits, and the Company's other materials that have been filed with the SEC before deciding on whether to accept the Offer.

The Company is subject to the reporting requirements of the Exchange Act and, in accordance therewith, files and furnishes reports and other information with the SEC. All reports and other documents the Company has filed with or furnished to the SEC, including the Schedule TO relating to the Offer, or will file with or furnish to the SEC in the future, can be accessed electronically on the SEC's website at www.sec.gov.

**IF YOU WOULD LIKE COPIES OF ANY OF THE DOCUMENTS TO WHICH WE HAVE REFERRED YOU, OR IF YOU HAVE QUESTIONS ABOUT THE TRANSACTION, YOU MAY CONTACT THE EXCHANGE AGENT OR THE COMPANY BY TELEPHONE OR IN WRITING AT THE FOLLOWING ADDRESS:**

**Exchange Agent**:

Vinyl Equity, Inc.<br>

912 Cherry Street

Winnetka, IL

Email: inquiries@vinylequity.com<br> Phone: 888-808-4695

**Company**:

Zoomcar Holdings, Inc.<br> Anjaneya Techno Park, No.147, 1st Floor, Kodihalli, Bangalore, Karnataka India 560008

Attn: Chief Executive Officer, Chief Legal Officer & General Counsel<br> Email: investors@zoomcar.com<br> Phone: +91 80488 21871

ANY QUESTION OR REQUEST FOR ASSISTANCE MAY BE DIRECTED TO THE EXCHANGE AGENT OR THE COMPANY AT THE ADDRESS, PHONE NUMBER AND EMAIL ADDRESS LISTED ABOVE. REQUESTS FOR ADDITIONAL COPIES OF THIS OFFER TO EXCHANGE, THE LETTERS OF TRANSMITTAL AND CONSENT OR OTHER DOCUMENTS RELATED TO THE OFFER MAY ALSO BE DIRECTED TO THE EXCHANGE AGENT OR THE COMPANY.

## Ex-99.(A)(1)(B)

**Exhibit 99(a)(1)(B)**

**LETTER OF TRANSMITTAL**

**FOR THE COMMON STOCK PURCHASE WARRANTS**

**ZOOMCAR HOLDINGS, INC.**

(Exchange Ratio of Twenty Thousand (20,000) Shares of Common Stock : One (1) Common Warrant)

Representing the privately issued common stock purchase warrants (the "Common Warrants") of Zoomcar Holdings, Inc. (the "Company"), exercisable for shares of the Company's common stock, par value $0.0001 per share (the "Common Stock").

The Common Warrants are privately issued and are not publicly traded. There is no market for them. The Common Warrants are held in certificated form and/or in book-entry form, as applicable.

**Delivery of Common Warrants.** To validly tender Common Warrants, the undersigned must complete and duly execute the Letter of Transmittal and any other required documents.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**A: Name(s) and Address(es) of Registered Owner(s):** | &nbsp;&nbsp;**B: Number of Common Warrants Being Exchanged:** | &nbsp;&nbsp;**C: Shares of Common Stock to be Issued:** | &nbsp;&nbsp;**D: New Warrants to be Issued:** |
| &nbsp;&nbsp;[To be prefilled by Vinyl with name on register] | &nbsp;&nbsp;[To be prefilled by Vinyl with total warrants held] | &nbsp;&nbsp;Multiply Column B by 20,000 [to be prefilled by Vinyl based on number of warrants held] | &nbsp;&nbsp;N/A |

---

No fractional shares will be issued. Common Warrants may only be exchanged for whole shares of Common Stock. Because the Exchange Ratio is expressed as a whole number of shares per Common Warrant, fractional shares are not expected; however, if any fractional shares would otherwise be issuable, the Company will, after aggregating all fractional shares of such holder, round down to the nearest whole share.

**SPECIAL ISSUANCE INSTRUCTIONS**

To be completed ONLY if the shares of Common Stock for surrendered Common Warrants are to be issued in the name of someone other than the undersigned. Issue the shares to:

Name:_____________________________________________________________________________

Email address:_______________________________________________________________________

Address:___________________________________________________________________________

Tax Identification or Social Security Number:________________________________________________

**SPECIAL DELIVERY INSTRUCTIONS**

To be completed ONLY if the shares for surrendered Common Warrants are to be delivered to someone other than the undersigned or to the undersigned at an address other than that shown above. Deliver the shares to:

Name:_____________________________________________________________________________

Email Address:_____________________________________________________________________

Address:___________________________________________________________________________

The undersigned acknowledges that the undersigned has been advised to consult with its own advisors as to the consequences of participating or not participating in the Offer.

**REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE WARRANT HOLDER**

The undersigned hereby represents, warrants to the Company, and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the undersigned has full power and authority to tender the
Common Warrants and subscribe for all of the shares of the Company which may be received upon exchange of the Common Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the undersigned has good, marketable and unencumbered title
to the Common Warrants, free and clear of all security interests, liens, restrictions, charges, encumbrances, conditional sales agreements
or other obligations relating to their exchange, sale or transfer, and not subject to any adverse claim;

&nbsp;&nbsp;&nbsp;&nbsp;(c) on request, the undersigned will execute and deliver any
additional documents the Company deems necessary to complete the exchange of the Common Warrants tendered hereby;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the undersigned understands that tenders of Common Warrants
pursuant to the Offer and in the instructions hereto will constitute the undersigned's acceptance of the terms and conditions of
the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;(e) the undersigned agrees to all of the terms of the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the undersigned hereby agrees to permanently waive and renounce any and all "full ratchet" or other price-based anti-dilution rights, if any, that attach to any securities of the Company that it holds that were issued in connection with the Common Warrants that it is tendering for exchange hereby;

(g) the certificate(s) representing any Common Warrants tendered hereby will be void and of no value upon issuance of the subscribed shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the undersigned is an "Accredited Investor" as defined in Rule 501 promulgated under the Securities Act of 1933, as amended.

All authorities conferred or agreed to be conferred in this Letter of Transmittal shall survive the death or incapacity of the undersigned, and any obligation of the undersigned hereunder shall be binding upon the heirs, personal representatives, executors, administrators, successors, assigns, trustees in bankruptcy, and legal representatives of the undersigned. Except as stated in the Offer, this tender is irrevocable.

Delivery of this Letter of Transmittal and all other documents to an address, or transmission of instructions to an email address, other than as set forth below, does not constitute a valid delivery. Please carefully read this entire Letter of Transmittal, including the accompanying instructions before responding.

**Exchange Agent:**

Vinyl Equity, Inc.

912 Cherry Street

Winnetka, IL

Email: inquiries@vinylequity.com

**IMPORTANT—WARRANT HOLDERS SIGN HERE**

(Must be signed by registered holder(s) exactly as name(s) appear(s) on the Common Warrants and documents transmitted herewith. U.S. Holders please also obtain and complete IRS Form W-9. Non-U.S. Holders please obtain and complete IRS Form W-8BEN, W-8BEN-E, or other applicable IRS Form W-8.)

Signature:___________________________________________________________________________

Name:____________________________________ Capacity:___________________________________

Phone Number:_________________ Tax Identification or Social Security Number: ____________________

Date:_________________

**INSTRUCTIONS FOR LETTER OF TRANSMITTAL**

1. Delivery of Letter of Transmittal. The Letter of Transmittal properly completed and duly executed should be delivered to the Exchange Agent as set forth in the Offer to Exchange. The Exchange Agent will accept email delivery of the Letter of Transmittal at inquiries@vinylequity.com.

**THE METHOD OF DELIVERY OF ALL OTHER REQUIRED DOCUMENTS IS AT THE ELECTION AND RISK OF THE OWNER. IT IS RECOMMENDED THAT THEY BE SENT BY AN OVERNIGHT OR HAND DELIVERY SERVICE.**

2. Inadequate Space. If the space provided on the Letter of Transmittal is inadequate for you to provide the requested information, any information should be listed on a separate schedule to be attached thereto.

3. Signatures of Letter of Transmittal and Endorsements. When the Letter of Transmittal is signed by the registered owner(s) of the Common Warrant(s) listed and surrendered hereby, no endorsements of warrants or separate assignments are required.

If any surrendered Common Warrant(s) are registered in different names, it will be necessary to complete, sign and submit as many separate Letters of Transmittal as there are different registrations.

If the Letter of Transmittal is signed by trustees, executors, administrators, guardians, attorney-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, such persons should so indicate when signing.

4. Special Issuance and Delivery Instructions. Indicate the name and address to which shares are to be issued and/or delivered if different from the name and address of the person(s) signing the Letter of Transmittal.

5. If the shares are to be issued to someone other than the registered warrant holder, the signature of the person(s) signing the Letter of Transmittal must be signature guaranteed by by a member of a recognized Medallion Signature Guarantee Program (STAMP, SEMP or MSP) and an original copy of this Letter of Transmittal must be delivered to the Exchange Agent at the address listed below.

6. Additional Copies. Additional copies of the Letter of Transmittal may be obtained from the Company or the Exchange Agent at the address listed below.

7. Expiration Date. No Letters of Transmittal will be accepted after 5:00 p.m. Eastern Time on April 15, 2026, unless the Offer is extended.

8. Form W-9 and Form W-8. To avoid backup withholding, a tendering warrant holder is required to provide the Exchange Agent with a correct Taxpayer Identification Number ("TIN") on Form W-9 and to certify, under penalties of perjury, that such number is correct and that such warrant holder is not subject to backup withholding of U.S. federal income tax, and that such warrant holder is a U.S. person (as defined for U.S. federal income tax purposes). If a tendering warrant holder has been notified by the Internal Revenue Service ("IRS") that such warrant holder is subject to backup withholding, such warrant holder must cross out item (2) of the Certification box of the Form W-9, unless such warrant holder has since been notified by the IRS that such warrant holder is no longer subject to backup withholding.

Failure to provide the information on the Form W-9 may subject the tendering warrant holder to U.S. federal income tax withholding.

Certain warrant holders (including, among others, all corporations and certain foreign individuals and entities) may not be subject to backup withholding. Foreign warrant holders should submit an appropriate and properly completed IRS Form W-8 in order to avoid backup withholding. Such warrant holders should consult a tax advisor to determine which Form W-8 is appropriate.

All questions as to the validity, form and eligibility of any surrender of Common Warrants will be determined by the Company and such determination shall be final and binding.

**For Information:**

**Company**

Zoomcar Holdings, Inc.

Anjaneya Techno Park, No.147, 1st Floor

Kodihalli, Bangalore, India 560008

Attn: Chief Legal Officer & General Counsel

Email: investors@zoomcar.com

Phone: +91 8048821871

## Ex-99.(A)(1)(C)

**Exhibit 99(a)(1)(C)**

**LETTER OF TRANSMITTAL AND CONSENT**

**FOR THE SERIES A COMMON STOCK PURCHASE WARRANTS**

**ZOOMCAR HOLDINGS, INC.**

(Exchange Ratio of ten (10) Shares of Common Stock : One (1) Series A Warrant)

Representing the privately issued Series A common stock purchase warrants (the "Series A Warrants") of Zoomcar Holdings, Inc. (the "Company"), exercisable for shares of the Company's common stock, par value $0.0001 per share (the "Common Stock").

The Series A Warrants are privately issued and are not publicly traded. There is no market for them. the Series A Warrants are held in certificated form and/or in book-entry form, as applicable.

**Delivery of Series A Warrants.** To validly tender Common Warrants, the undersigned must complete and duly execute the Letter of Transmittal and any other required documents.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**A: Name(s) and Address(es) of Registered Owner(s):** | &nbsp;&nbsp;**B: Number of Series A Warrants Being Exchanged:** | &nbsp;&nbsp;**C: Shares of Common Stock to be Issued:** | &nbsp;&nbsp;**D: New Warrants to be Issued:** |
| &nbsp;&nbsp;[To be prefilled by Vinyl with name on register] | &nbsp;&nbsp;[To be prefilled by Vinyl with total warrants held] | &nbsp;&nbsp;Multiply Column B by 10 [To be prefilled by Vinyl based on number warrants held] | &nbsp;&nbsp;N/A |

---

No fractional shares will be issued. Series A Warrants may only be exchanged for whole shares of Common Stock. Because the Exchange Ratio is expressed as a whole number of shares per Series A Warrant, fractional shares are not expected; however, if any fractional shares would otherwise be issuable, the Company will, after aggregating all fractional shares of such holder, round down to the nearest whole share.

**SPECIAL ISSUANCE INSTRUCTIONS**

To be completed ONLY if the shares of Common Stock for surrendered Series A Warrants are to be issued in the name of someone other than the undersigned. Issue the shares to:

Name:_____________________________________________________________________________

Email Address:______________________________________________________________________

Address:___________________________________________________________________________

Tax Identification or Social Security Number:____________________________________________

**SPECIAL DELIVERY INSTRUCTIONS**

To be completed ONLY if the shares for surrendered Series A Warrants are to be delivered to someone other than the undersigned or to the undersigned at an address other than that shown above. Deliver the shares to:

Name:_____________________________________________________________________________

Email Address:______________________________________________________________________

Address:___________________________________________________________________________

The undersigned acknowledges that the undersigned has been advised to consult with its own advisors as to the consequences of participating or not participating in the Offer.

**REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE WARRANT HOLDER**

The undersigned hereby represents, warrants to the Company, and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the undersigned has full power and authority to tender the
Series A Warrants and subscribe for all of the shares of the Company which may be received upon exchange of the Series A Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the undersigned has good, marketable and unencumbered title
to the Series A Warrants, free and clear of all security interests, liens, restrictions, charges, encumbrances, conditional sales agreements
or other obligations relating to their exchange, sale or transfer, and not subject to any adverse claim;

&nbsp;&nbsp;&nbsp;&nbsp;(c) on request, the undersigned will execute and deliver any
additional documents the Company deems necessary to complete the exchange of the Series A Warrants tendered hereby;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the undersigned understands that tenders of Series A Warrants
pursuant to the Offer and in the instructions hereto will constitute the undersigned's acceptance of the terms and conditions of
the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;(e) the undersigned agrees to all of the terms of the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the undersigned hereby agrees to permanently waive and renounce any and all "full ratchet" or other price-based anti-dilution rights, if any, that attach to any securities of the Company that it holds that were issued in connection with the Series A Warrants that it is tendering for exchange hereby;

(g) The certificate(s) representing any Common Warrants tendered hereby will be void and of no value upon issuance of the subscribed shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the undersigned is an "Accredited Investor" as defined in Rule 501 promulgated under the Securities Act of 1933, as amended.

By signing and delivering this Letter of Transmittal and Consent and tendering any Series A Warrants, the undersigned hereby irrevocably consents to and approves (and, if applicable, directs the warrant agent or the Company to effect) any amendment(s) and/or supplement(s) to the governing Series A Warrant instrument as may be necessary or advisable to facilitate the exchange of the Series A Warrants for shares of Common Stock pursuant to the Offer, in each case as described in the Offer Materials (the "Series A Warrant Amendment").

All authorities conferred or agreed to be conferred in this Letter of Transmittal shall survive the death or incapacity of the undersigned, and any obligation of the undersigned hereunder shall be binding upon the heirs, personal representatives, executors, administrators, successors, assigns, trustees in bankruptcy, and legal representatives of the undersigned. Except as stated in the Offer, this tender is irrevocable.

Delivery of this Letter of Transmittal and all other documents to an address, or transmission of instructions to an email address, other than as set forth below, does not constitute a valid delivery. Please carefully read this entire Letter of Transmittal, including the accompanying instructions before responding.

**Exchange Agent:**

Vinyl Equity, Inc.

912 Cherry Street

Winnetka, IL

Email: inquiries@vinylequity.com

**IMPORTANT—WARRANT HOLDERS SIGN HERE**

(Must be signed by registered holder(s) exactly as name(s) appear(s) on the Series A Warrants and documents transmitted herewith. U.S. Holders please also obtain and complete IRS Form W-9. Non-U.S. Holders please obtain and complete IRS Form W-8BEN, W-8BEN-E, or other applicable IRS Form W-8.)

Signature:___________________________________________________________________________

Name:____________________________________ Capacity:_________________________________

Phone Number:_________________ Tax Identification or Social Security Number: _____________

Date:_________________

**INSTRUCTIONS FOR LETTER OF TRANSMITTAL AND CONSENT**

1. Delivery of Letter of Transmittal. The Letter of Transmittal properly completed and duly executed should be delivered to the Exchange Agent as set forth in the Offer to Exchange. The Exchange Agent will accept email delivery of the Letter of Transmittal at inquiries@vinylequity.com.

**THE METHOD OF DELIVERY OF ALL OTHER REQUIRED DOCUMENTS IS AT THE ELECTION AND RISK OF THE OWNER. IT IS RECOMMENDED THAT THEY BE SENT BY AN OVERNIGHT OR HAND DELIVERY SERVICE.**

2. Inadequate Space. If the space provided on the Letter of Transmittal is inadequate for you to provide the requested information, any information should be listed on a separate schedule to be attached thereto.

3. Signatures of Letter of Transmittal and Endorsements. When the Letter of Transmittal is signed by the registered owner(s) of the Series A Warrant(s) listed and surrendered hereby, no endorsements of warrants or separate assignments are required.

If any surrendered Series A Warrant(s) are registered in different names, it will be necessary to complete, sign and submit as many separate Letters of Transmittal as there are different registrations.

If the Letter of Transmittal is signed by trustees, executors, administrators, guardians, attorney-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, such persons should so indicate when signing.

4. Special Issuance and Delivery Instructions. Indicate the name and address to which shares are to be issued and/or delivered if different from the name and address of the person(s) signing the Letter of Transmittal.

5. If the shares are to be issued to someone other than the registered warrant holder, the signature of the person(s) signing the Letter of Transmittal must be signature guaranteed by by a member of a recognized Medallion Signature Guarantee Program (STAMP, SEMP or MSP) and an original copy of this Letter of Transmittal must be delivered to the Exchange Agent at the address listed below.

6. Additional Copies. Additional copies of the Letter of Transmittal may be obtained from the Company or the Exchange Agent at the address listed below.

7. Expiration Date. No Letters of Transmittal will be accepted after 5:00 p.m. Eastern Time on April 15, 2026, unless the Offer is extended.

8. Form W-9 and Form W-8. To avoid backup withholding, a tendering warrant holder is required to provide the Exchange Agent with a correct Taxpayer Identification Number ("TIN") on Form W-9 and to certify, under penalties of perjury, that such number is correct and that such warrant holder is not subject to backup withholding of U.S. federal income tax, and that such warrant holder is a U.S. person (as defined for U.S. federal income tax purposes). If a tendering warrant holder has been notified by the Internal Revenue Service ("IRS") that such warrant holder is subject to backup withholding, such warrant holder must cross out item (2) of the Certification box of the Form W-9, unless such warrant holder has since been notified by the IRS that such warrant holder is no longer subject to backup withholding.

Failure to provide the information on the Form W-9 may subject the tendering warrant holder to U.S. federal income tax withholding.

Certain warrant holders (including, among others, all corporations and certain foreign individuals and entities) may not be subject to backup withholding. Foreign warrant holders should submit an appropriate and properly completed IRS Form W-8 in order to avoid backup withholding. Such warrant holders should consult a tax advisor to determine which Form W-8 is appropriate.

All questions as to the validity, form and eligibility of any surrender of Series A Warrants will be determined by the Company and such determination shall be final and binding.

**For Information:**

**Company**

Zoomcar Holdings, Inc.

Anjaneya Techno Park, No.147, 1st Floor

Kodihalli, Bangalore, India 560008

Attn: Chief Legal Officer & General Counsel

Email: investors@zoomcar.com

Phone: +91 8048821871

## Ex-99.(A)(1)(D)

**Exhibit 99(a)(1)(D)**

**LETTER OF TRANSMITTAL AND CONSENT**

**FOR THE SERIES B COMMON STOCK PURCHASE WARRANTS**

**ZOOMCAR HOLDINGS, INC.**

(Exchange Ratio of ten (10) Shares of Common Stock : One (1) Series B Warrant)

Representing the privately issued Series B common stock purchase warrants (the "Series B Warrants") of Zoomcar Holdings, Inc. (the "Company"), exercisable for shares of the Company's common stock, par value $0.0001 per share (the "Common Stock").

The Series B Warrants are privately issued and are not publicly traded. There is no market for them. the Series B Warrants are held in certificated form and/or in book-entry form, as applicable.

**Delivery of Series B Warrants.** To validly tender Common Warrants, the undersigned must complete and duly execute the Letter of Transmittal and any other required documents.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**A: Name(s) and Address(es) of Registered Owner(s):** | &nbsp;&nbsp;**B: Number of Series B Warrants Being Exchanged:** | &nbsp;&nbsp;**C: Shares of Common Stock to be Issued:** | &nbsp;&nbsp;**D: New Warrants to be Issued:** |
| &nbsp;&nbsp;[To be prefilled by Vinyl with name on register] | &nbsp;&nbsp;[To be prefilled by Vinyl with total warrants held] | &nbsp;&nbsp;Multiply Column B by 10 [To be prefilled by Vinyl based on number warrants held] | &nbsp;&nbsp;N/A |

---

No fractional shares will be issued. Series B Warrants may only be exchanged for whole shares of Common Stock. Because the Exchange Ratio is expressed as a whole number of shares per Series B Warrant, fractional shares are not expected; however, if any fractional shares would otherwise be issuable, the Company will, after aggregating all fractional shares of such holder, round down to the nearest whole share.

**SPECIAL ISSUANCE INSTRUCTIONS**

To be completed ONLY if the shares of Common Stock for surrendered Series B Warrants are to be issued in the name of someone other than the undersigned. Issue the shares to:

Name:_____________________________________________________________________________

Email Address:______________________________________________________________________

Address:___________________________________________________________________________

Tax Identification or Social Security Number:____________________________________________

**SPECIAL DELIVERY INSTRUCTIONS**

To be completed ONLY if the shares for surrendered Series B Warrants are to be delivered to someone other than the undersigned or to the undersigned at an address other than that shown above. Deliver the shares to:

Name:_____________________________________________________________________________

Email Address:_____________________________________________________________________

Address:___________________________________________________________________________

The undersigned acknowledges that the undersigned has been advised to consult with its own advisors as to the consequences of participating or not participating in the Offer.

**REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE WARRANT HOLDER**

The undersigned hereby represents, warrants to the Company, and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the undersigned has full power and authority to tender the
Series B Warrants and subscribe for all of the shares of the Company which may be received upon exchange of the Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the undersigned has good, marketable and unencumbered title
to the Series B Warrants, free and clear of all security interests, liens, restrictions, charges, encumbrances, conditional sales agreements
or other obligations relating to their exchange, sale or transfer, and not subject to any adverse claim;

&nbsp;&nbsp;&nbsp;&nbsp;(c) on request, the undersigned will execute and deliver any
additional documents the Company deems necessary to complete the exchange of the Series B Warrants tendered hereby;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the undersigned understands that tenders of Series B Warrants
pursuant to the Offer and in the instructions hereto will constitute the undersigned's acceptance of the terms and conditions of
the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;(e) the undersigned agrees to all of the terms of the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the undersigned hereby agrees to permanently waive and renounce any and all "full ratchet" or other price-based anti-dilution rights, if any, that attach to any securities of the Company that it holds that were issued in connection with the Series B Warrants that it is tendering for exchange hereby;

(g) The certificate(s) representing any Common Warrants tendered hereby will be void and of no value upon issuance of the subscribed shares.

(h) the undersigned is an "Accredited Investor" as defined in Rule 501 promulgated under the Securities Act of 1933, as amended.

By signing and delivering this Letter of Transmittal and Consent and tendering any Series B Warrants, the undersigned hereby irrevocably consents to and approves (and, if applicable, directs the warrant agent or the Company to effect) any amendment(s) and/or supplement(s) to the governing Series B Warrant instrument as may be necessary or advisable to facilitate the exchange of the Series B Warrants for shares of Common Stock pursuant to the Offer, in each case as described in the Offer Materials (the "Series B Warrant Amendment").

All authorities conferred or agreed to be conferred in this Letter of Transmittal shall survive the death or incapacity of the undersigned, and any obligation of the undersigned hereunder shall be binding upon the heirs, personal representatives, executors, administrators, successors, assigns, trustees in bankruptcy, and legal representatives of the undersigned. Except as stated in the Offer, this tender is irrevocable.

Delivery of this Letter of Transmittal and all other documents to an address, or transmission of instructions to an email address, other than as set forth below, does not constitute a valid delivery. Please carefully read this entire Letter of Transmittal, including the accompanying instructions before responding.

**Exchange Agent:**

Vinyl Equity, Inc.

912 Cherry Street

Winnetka, IL

Email: inquiries@vinylequity.com

**IMPORTANT—WARRANT HOLDERS SIGN HERE**

(Must be signed by registered holder(s) exactly as name(s) appear(s) on the Series B Warrants and documents transmitted herewith. U.S. Holders please also obtain and complete IRS Form W-9. Non-U.S. Holders please obtain and complete IRS Form W-8BEN, W-8BEN-E, or other applicable IRS Form W-8.)

Signature:___________________________________________________________________________

Name:____________________________________ Capacity:_________________________________

Phone Number:_________________ Tax Identification or Social Security Number: _____________

Date:_________________

**INSTRUCTIONS FOR LETTER OF TRANSMITTAL AND CONSENT**

1. Delivery of Letter of Transmittal. The Letter of Transmittal properly completed and duly executed should be delivered to the Exchange Agent as set forth in the Offer to Exchange. The Exchange Agent will accept email delivery of the Letter of Transmittal at inquiries@vinylequity.com.

**THE METHOD OF DELIVERY OF ALL OTHER REQUIRED DOCUMENTS IS AT THE ELECTION AND RISK OF THE OWNER. IT IS RECOMMENDED THAT THEY BE SENT BY AN OVERNIGHT OR HAND DELIVERY SERVICE.**

2. Inadequate Space. If the space provided on the Letter of Transmittal is inadequate for you to provide the requested information, any information should be listed on a separate schedule to be attached thereto.

3. Signatures of Letter of Transmittal and Endorsements. When the Letter of Transmittal is signed by the registered owner(s) of the Series B Warrant(s) listed and surrendered hereby, no endorsements of warrants or separate assignments are required.

If any surrendered Series B Warrant(s) are registered in different names, it will be necessary to complete, sign and submit as many separate Letters of Transmittal as there are different registrations.

If the Letter of Transmittal is signed by trustees, executors, administrators, guardians, attorney-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, such persons should so indicate when signing.

4. Special Issuance and Delivery Instructions. Indicate the name and address to which shares are to be issued and/or delivered if different from the name and address of the person(s) signing the Letter of Transmittal.

5. If the shares are to be issued to someone other than the registered warrant holder, the signature of the person(s) signing the Letter of Transmittal must be signature guaranteed by by a member of a recognized Medallion Signature Guarantee Program (STAMP, SEMP or MSP) and an original copy of this Letter of Transmittal must be delivered to the Exchange Agent at the address listed below.

6. Additional Copies. Additional copies of the Letter of Transmittal may be obtained from the Company or the Exchange Agent at the address listed below.

7. Expiration Date. No Letters of Transmittal will be accepted after 5:00 p.m. Eastern Time on April 15, 2026, unless the Offer is extended.

8. Form W-9 and Form W-8. To avoid backup withholding, a tendering warrant holder is required to provide the Exchange Agent with a correct Taxpayer Identification Number ("TIN") on Form W-9 and to certify, under penalties of perjury, that such number is correct and that such warrant holder is not subject to backup withholding of U.S. federal income tax, and that such warrant holder is a U.S. person (as defined for U.S. federal income tax purposes). If a tendering warrant holder has been notified by the Internal Revenue Service ("IRS") that such warrant holder is subject to backup withholding, such warrant holder must cross out item (2) of the Certification box of the Form W-9, unless such warrant holder has since been notified by the IRS that such warrant holder is no longer subject to backup withholding.

Failure to provide the information on the Form W-9 may subject the tendering warrant holder to U.S. federal income tax withholding.

Certain warrant holders (including, among others, all corporations and certain foreign individuals and entities) may not be subject to backup withholding. Foreign warrant holders should submit an appropriate and properly completed IRS Form W-8 in order to avoid backup withholding. Such warrant holders should consult a tax advisor to determine which Form W-8 is appropriate.

All questions as to the validity, form and eligibility of any surrender of Series B Warrants will be determined by the Company and such determination shall be final and binding.

**For Information:**

**Company**

Zoomcar Holdings, Inc.

Anjaneya Techno Park, No.147, 1st Floor

Kodihalli, Bangalore, India 560008

Attn: Chief Legal Officer & General Counsel

Email: investors@zoomcar.com

Phone: +91 8048821871

## Ex-99.(A)(1)(E)

**Exhibit 99(a)(1)(E)**

**LETTER OF TRANSMITTAL AND CONSENT**

**FOR THE PRE-FUNDED COMMON STOCK PURCHASE WARRANTS**

**ZOOMCAR HOLDINGS, INC.**

(Exchange Ratio of ten (10) Shares of Common Stock : One (1) Pre-Funded Warrant)

Representing the privately issued Pre-Funded common stock purchase warrants (the "Pre-Funded Warrants") of Zoomcar Holdings, Inc. (the "Company"), exercisable for shares of the Company's common stock, par value $0.0001 per share (the "Common Stock").

The Pre-Funded Warrants are privately issued and are not publicly traded. There is no market for them. the Pre-Funded Warrants are held in certificated form and/or in book-entry form, as applicable.

**Delivery of Pre-Funded Warrants.** To validly tender Common Warrants, the undersigned must complete and duly execute the Letter of Transmittal and any other required documents.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**A: Name(s) and Address(es) of Registered Owner(s):** | &nbsp;&nbsp;**B: Number of Pre-Funded Warrants Being Exchanged:** | &nbsp;&nbsp;**C: Shares of Common Stock to be Issued:** | &nbsp;&nbsp;**D: New Warrants to be Issued:** |
| &nbsp;&nbsp;[To be prefilled by Vinyl with name on register] | &nbsp;&nbsp;[To be prefilled by Vinyl with total warrants held] | &nbsp;&nbsp;Multiply Column B by 10 [To be prefilled by Vinyl based on number warrants held] | &nbsp;&nbsp;N/A |

---

No fractional shares will be issued. Pre-Funded Warrants may only be exchanged for whole shares of Common Stock. Because the Exchange Ratio is expressed as a whole number of shares per Pre-Funded Warrant, fractional shares are not expected; however, if any fractional shares would otherwise be issuable, the Company will, after aggregating all fractional shares of such holder, round down to the nearest whole share.

**SPECIAL ISSUANCE INSTRUCTIONS**

To be completed ONLY if the shares of Common Stock for surrendered Pre-Funded Warrants are to be issued in the name of someone other than the undersigned. Issue the shares to:

Name:_____________________________________________________________________________

Email Address:______________________________________________________________________

Address:___________________________________________________________________________

Tax Identification or Social Security Number:____________________________________________

**SPECIAL DELIVERY INSTRUCTIONS**

To be completed ONLY if the shares for surrendered Pre-Funded Warrants are to be delivered to someone other than the undersigned or to the undersigned at an address other than that shown above. Deliver the shares to:

Name:_____________________________________________________________________________

Email Address:_____________________________________________________________________

Address:___________________________________________________________________________

The undersigned acknowledges that the undersigned has been advised to consult with its own advisors as to the consequences of participating or not participating in the Offer.

**REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE WARRANT HOLDER**

The undersigned hereby represents, warrants to the Company, and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the undersigned has full power and authority to tender the
Pre-Funded Warrants and subscribe for all of the shares of the Company which may be received upon exchange of the Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the undersigned has good, marketable and unencumbered title
to the Pre-Funded Warrants, free and clear of all security interests, liens, restrictions, charges, encumbrances, conditional sales agreements
or other obligations relating to their exchange, sale or transfer, and not subject to any adverse claim;

&nbsp;&nbsp;&nbsp;&nbsp;(c) on request, the undersigned will execute and deliver any
additional documents the Company deems necessary to complete the exchange of the Pre-Funded Warrants tendered hereby;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the undersigned understands that tenders of Pre-Funded Warrants
pursuant to the Offer and in the instructions hereto will constitute the undersigned's acceptance of the terms and conditions of
the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;(e) the undersigned agrees to all of the terms of the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the undersigned hereby agrees to permanently waive and renounce any and all "full ratchet" or other price-based anti-dilution rights, if any, that attach to any securities of the Company that it holds that were issued in connection with the Pre-Funded Warrants that it is tendering for exchange hereby;

(g) The certificate(s) representing any Common Warrants tendered hereby will be void and of no value upon issuance of the subscribed shares.

(h) the undersigned is an "Accredited Investor" as defined in Rule 501 promulgated under the Securities Act of 1933, as amended.

By signing and delivering this Letter of Transmittal and Consent and tendering any Pre-Funded Warrants, the undersigned hereby irrevocably consents to and approves (and, if applicable, directs the warrant agent or the Company to effect) any amendment(s) and/or supplement(s) to the governing Pre-Funded Warrant instrument as may be necessary or advisable to facilitate the exchange of the Pre-Funded Warrants for shares of Common Stock pursuant to the Offer, in each case as described in the Offer Materials (the "Pre-Funded Warrant Amendment").

All authorities conferred or agreed to be conferred in this Letter of Transmittal shall survive the death or incapacity of the undersigned, and any obligation of the undersigned hereunder shall be binding upon the heirs, personal representatives, executors, administrators, successors, assigns, trustees in bankruptcy, and legal representatives of the undersigned. Except as stated in the Offer, this tender is irrevocable.

Delivery of this Letter of Transmittal and all other documents to an address, or transmission of instructions to an email address, other than as set forth below, does not constitute a valid delivery. Please carefully read this entire Letter of Transmittal, including the accompanying instructions before responding.

**Exchange Agent:**

Vinyl Equity, Inc.

912 Cherry Street

Winnetka, IL

Email: inquiries@vinylequity.com

**IMPORTANT—WARRANT HOLDERS SIGN HERE**

(Must be signed by registered holder(s) exactly as name(s) appear(s) on the Pre-Funded Warrants and documents transmitted herewith. U.S. Holders please also obtain and complete IRS Form W-9. Non-U.S. Holders please obtain and complete IRS Form W-8BEN, W-8BEN-E, or other applicable IRS Form W-8.)

Signature:___________________________________________________________________________

Name:____________________________________ Capacity:_________________________________

Phone Number:_________________ Tax Identification or Social Security Number: _____________

Date:_________________

**INSTRUCTIONS FOR LETTER OF TRANSMITTAL AND CONSENT**

1. Delivery of Letter of Transmittal. The Letter of Transmittal properly completed and duly executed should be delivered to the Exchange Agent as set forth in the Offer to Exchange. The Exchange Agent will accept email delivery of the Letter of Transmittal at inquiries@vinylequity.com.

**THE METHOD OF DELIVERY OF ALL OTHER REQUIRED DOCUMENTS IS AT THE ELECTION AND RISK OF THE OWNER. IT IS RECOMMENDED THAT THEY BE SENT BY AN OVERNIGHT OR HAND DELIVERY SERVICE.**

2. Inadequate Space. If the space provided on the Letter of Transmittal is inadequate for you to provide the requested information, any information should be listed on a separate schedule to be attached thereto.

3. Signatures of Letter of Transmittal and Endorsements. When the Letter of Transmittal is signed by the registered owner(s) of the Pre-Funded Warrant(s) listed and surrendered hereby, no endorsements of warrants or separate assignments are required.

If any surrendered Pre-Funded Warrant(s) are registered in different names, it will be necessary to complete, sign and submit as many separate Letters of Transmittal as there are different registrations.

If the Letter of Transmittal is signed by trustees, executors, administrators, guardians, attorney-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, such persons should so indicate when signing.

4. Special Issuance and Delivery Instructions. Indicate the name and address to which shares are to be issued and/or delivered if different from the name and address of the person(s) signing the Letter of Transmittal.

5. If the shares are to be issued to someone other than the registered warrant holder, the signature of the person(s) signing the Letter of Transmittal must be signature guaranteed by by a member of a recognized Medallion Signature Guarantee Program (STAMP, SEMP or MSP) and an original copy of this Letter of Transmittal must be delivered to the Exchange Agent at the address listed below.

6. Additional Copies. Additional copies of the Letter of Transmittal may be obtained from the Company or the Exchange Agent at the address listed below.

7. Expiration Date. No Letters of Transmittal will be accepted after 5:00 p.m. Eastern Time on April 15, 2026, unless the Offer is extended.

8. Form W-9 and Form W-8. To avoid backup withholding, a tendering warrant holder is required to provide the Exchange Agent with a correct Taxpayer Identification Number ("TIN") on Form W-9 and to certify, under penalties of perjury, that such number is correct and that such warrant holder is not subject to backup withholding of U.S. federal income tax, and that such warrant holder is a U.S. person (as defined for U.S. federal income tax purposes). If a tendering warrant holder has been notified by the Internal Revenue Service ("IRS") that such warrant holder is subject to backup withholding, such warrant holder must cross out item (2) of the Certification box of the Form W-9, unless such warrant holder has since been notified by the IRS that such warrant holder is no longer subject to backup withholding.

Failure to provide the information on the Form W-9 may subject the tendering warrant holder to U.S. federal income tax withholding.

Certain warrant holders (including, among others, all corporations and certain foreign individuals and entities) may not be subject to backup withholding. Foreign warrant holders should submit an appropriate and properly completed IRS Form W-8 in order to avoid backup withholding. Such warrant holders should consult a tax advisor to determine which Form W-8 is appropriate.

All questions as to the validity, form and eligibility of any surrender of Pre-Funded Warrants will be determined by the Company and such determination shall be final and binding.

**For Information:**

**Company**

Zoomcar Holdings, Inc.

Anjaneya Techno Park, No.147, 1st Floor

Kodihalli, Bangalore, India 560008

Attn: Chief Legal Officer & General Counsel

Email: investors@zoomcar.com

Phone: +91 8048821871

## Ex-99.(A)(1)(F)

**Exhibit 99(a)(1)(F)**

**LETTER OF TRANSMITTAL AND CONSENT**

**FOR THE BRIDGE PLACEMENT AGENT COMMON STOCK PURCHASE WARRANTS**

**ZOOMCAR HOLDINGS, INC.**

(Exchange Ratio of ten (10) Shares of Common Stock : One (1) Bridge Placement Agent Warrant)

Representing the privately issued Bridge Placement Agent common stock purchase warrants (the "Bridge Placement Agent Warrants") of Zoomcar Holdings, Inc. (the "Company"), exercisable for shares of the Company's common stock, par value $0.0001 per share (the "Common Stock").

The Bridge Placement Agent Warrants are privately issued and are not publicly traded. There is no market for them. the Bridge Placement Agent Warrants are held in certificated form and/or in book-entry form, as applicable.

**Delivery of Bridge Placement Agent Warrants.** To validly tender Common Warrants, the undersigned must complete and duly execute the Letter of Transmittal and any other required documents.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**A: Name(s) and Address(es) of Registered Owner(s):** | &nbsp;&nbsp;**B: Number of Bridge Placement Agent Warrants Being Exchanged:** | &nbsp;&nbsp;**C: Shares of Common Stock to be Issued:** | &nbsp;&nbsp;**D: New Warrants to be Issued:** |
| &nbsp;&nbsp;[To be prefilled by Vinyl with name on register] | &nbsp;&nbsp;[To be prefilled by Vinyl with total warrants held] | &nbsp;&nbsp;Multiply Column B by 10 [To be prefilled by Vinyl based on number warrants held] | &nbsp;&nbsp;N/A |

---

No fractional shares will be issued. Bridge Placement Agent Warrants may only be exchanged for whole shares of Common Stock. Because the Exchange Ratio is expressed as a whole number of shares per Bridge Placement Agent Warrant, fractional shares are not expected; however, if any fractional shares would otherwise be issuable, the Company will, after aggregating all fractional shares of such holder, round down to the nearest whole share.

**SPECIAL ISSUANCE INSTRUCTIONS**

To be completed ONLY if the shares of Common Stock for surrendered Bridge Placement Agent Warrants are to be issued in the name of someone other than the undersigned. Issue the shares to:

Name:_____________________________________________________________________________

Email Address:______________________________________________________________________

Address:___________________________________________________________________________

Tax Identification or Social Security Number:____________________________________________

**SPECIAL DELIVERY INSTRUCTIONS**

To be completed ONLY if the shares for surrendered Bridge Placement Agent Warrants are to be delivered to someone other than the undersigned or to the undersigned at an address other than that shown above. Deliver the shares to:

Name:_____________________________________________________________________________

Email Address:_____________________________________________________________________

Address:___________________________________________________________________________

The undersigned acknowledges that the undersigned has been advised to consult with its own advisors as to the consequences of participating or not participating in the Offer.

**REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE WARRANT HOLDER**

The undersigned hereby represents, warrants to the Company, and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the undersigned has full power and authority to tender the
Bridge Placement Agent Warrants and subscribe for all of the shares of the Company which may be received upon exchange of the Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the undersigned has good, marketable and unencumbered title
to the Bridge Placement Agent Warrants, free and clear of all security interests, liens, restrictions, charges, encumbrances, conditional
sales agreements or other obligations relating to their exchange, sale or transfer, and not subject to any adverse claim;

&nbsp;&nbsp;&nbsp;&nbsp;(c) on request, the undersigned will execute and deliver any
additional documents the Company deems necessary to complete the exchange of the Bridge Placement Agent Warrants tendered hereby;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the undersigned understands that tenders of Bridge Placement
Agent Warrants pursuant to the Offer and in the instructions hereto will constitute the undersigned's acceptance of the terms and
conditions of the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;(e) the undersigned agrees to all of the terms of the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the undersigned hereby agrees to permanently waive and renounce any and all "full ratchet" or other price-based anti-dilution rights, if any, that attach to any securities of the Company that it holds that were issued in connection with the Bridge Placement Agent Warrants that it is tendering for exchange hereby;

(g) The certificate(s) representing any Common Warrants tendered hereby will be void and of no value upon issuance of the subscribed shares.

(h) the undersigned is an "Accredited Investor" as defined in Rule 501 promulgated under the Securities Act of 1933, as amended.

By signing and delivering this Letter of Transmittal and Consent and tendering any Bridge Placement Agent Warrants, the undersigned hereby irrevocably consents to and approves (and, if applicable, directs the warrant agent or the Company to effect) any amendment(s) and/or supplement(s) to the governing Bridge Placement Agent Warrant instrument as may be necessary or advisable to facilitate the exchange of the Bridge Placement Agent Warrants for shares of Common Stock pursuant to the Offer, in each case as described in the Offer Materials (the "Bridge Placement Agent Warrant Amendment").

All authorities conferred or agreed to be conferred in this Letter of Transmittal shall survive the death or incapacity of the undersigned, and any obligation of the undersigned hereunder shall be binding upon the heirs, personal representatives, executors, administrators, successors, assigns, trustees in bankruptcy, and legal representatives of the undersigned. Except as stated in the Offer, this tender is irrevocable.

Delivery of this Letter of Transmittal and all other documents to an address, or transmission of instructions to an email address, other than as set forth below, does not constitute a valid delivery. Please carefully read this entire Letter of Transmittal, including the accompanying instructions before responding.

**Exchange Agent:**

Vinyl Equity, Inc.

912 Cherry Street

Winnetka, IL

Email: inquiries@vinylequity.com

**IMPORTANT—WARRANT HOLDERS SIGN HERE**

(Must be signed by registered holder(s) exactly as name(s) appear(s) on the Bridge Placement Agent Warrants and documents transmitted herewith. U.S. Holders please also obtain and complete IRS Form W-9. Non-U.S. Holders please obtain and complete IRS Form W-8BEN, W-8BEN-E, or other applicable IRS Form W-8.)

Signature:___________________________________________________________________________

Name:____________________________________ Capacity:_________________________________

Phone Number:_________________ Tax Identification or Social Security Number: _____________

Date:_________________

**INSTRUCTIONS FOR LETTER OF TRANSMITTAL AND CONSENT**

1. Delivery of Letter of Transmittal. The Letter of Transmittal properly completed and duly executed should be delivered to the Exchange Agent as set forth in the Offer to Exchange. The Exchange Agent will accept email delivery of the Letter of Transmittal at inquiries@vinylequity.com.

**THE METHOD OF DELIVERY OF ALL OTHER REQUIRED DOCUMENTS IS AT THE ELECTION AND RISK OF THE OWNER. IT IS RECOMMENDED THAT THEY BE SENT BY AN OVERNIGHT OR HAND DELIVERY SERVICE.**

2. Inadequate Space. If the space provided on the Letter of Transmittal is inadequate for you to provide the requested information, any information should be listed on a separate schedule to be attached thereto.

3. Signatures of Letter of Transmittal and Endorsements. When the Letter of Transmittal is signed by the registered owner(s) of the Bridge Placement Agent Warrant(s) listed and surrendered hereby, no endorsements of warrants or separate assignments are required.

If any surrendered Bridge Placement Agent Warrant(s) are registered in different names, it will be necessary to complete, sign and submit as many separate Letters of Transmittal as there are different registrations.

If the Letter of Transmittal is signed by trustees, executors, administrators, guardians, attorney-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, such persons should so indicate when signing.

4. Special Issuance and Delivery Instructions. Indicate the name and address to which shares are to be issued and/or delivered if different from the name and address of the person(s) signing the Letter of Transmittal.

5. If the shares are to be issued to someone other than the registered warrant holder, the signature of the person(s) signing the Letter of Transmittal must be signature guaranteed by by a member of a recognized Medallion Signature Guarantee Program (STAMP, SEMP or MSP) and an original copy of this Letter of Transmittal must be delivered to the Exchange Agent at the address listed below.

6. Additional Copies. Additional copies of the Letter of Transmittal may be obtained from the Company or the Exchange Agent at the address listed below.

7. Expiration Date. No Letters of Transmittal will be accepted after 5:00 p.m. Eastern Time on April 15, 2026, unless the Offer is extended.

8. Form W-9 and Form W-8. To avoid backup withholding, a tendering warrant holder is required to provide the Exchange Agent with a correct Taxpayer Identification Number ("TIN") on Form W-9 and to certify, under penalties of perjury, that such number is correct and that such warrant holder is not subject to backup withholding of U.S. federal income tax, and that such warrant holder is a U.S. person (as defined for U.S. federal income tax purposes). If a tendering warrant holder has been notified by the Internal Revenue Service ("IRS") that such warrant holder is subject to backup withholding, such warrant holder must cross out item (2) of the Certification box of the Form W-9, unless such warrant holder has since been notified by the IRS that such warrant holder is no longer subject to backup withholding.

Failure to provide the information on the Form W-9 may subject the tendering warrant holder to U.S. federal income tax withholding.

Certain warrant holders (including, among others, all corporations and certain foreign individuals and entities) may not be subject to backup withholding. Foreign warrant holders should submit an appropriate and properly completed IRS Form W-8 in order to avoid backup withholding. Such warrant holders should consult a tax advisor to determine which Form W-8 is appropriate.

All questions as to the validity, form and eligibility of any surrender of Bridge Placement Agent Warrants will be determined by the Company and such determination shall be final and binding.

**For Information:**

**Company**

Zoomcar Holdings, Inc.

Anjaneya Techno Park, No.147, 1st Floor

Kodihalli, Bangalore, India 560008

Attn: Chief Legal Officer & General Counsel

Email: investors@zoomcar.com

Phone: +91 8048821871

## Ex-99.(A)(1)(G)

**Exhibit 99(a)(1)(G)**

**LETTER OF TRANSMITTAL AND CONSENT**

**FOR THE SERIES A PLACEMENT AGENT COMMON STOCK PURCHASE WARRANTS**

**ZOOMCAR HOLDINGS, INC.**

(Exchange Ratio of ten (10) Shares of Common Stock : One (1) Series A Placement Agent Warrant)

Representing the privately issued Series A Placement Agent common stock purchase warrants (the "Series A Placement Agent Warrants") of Zoomcar Holdings, Inc. (the "Company"), exercisable for shares of the Company's common stock, par value $0.0001 per share (the "Common Stock").

The Series A Placement Agent Warrants are privately issued and are not publicly traded. There is no market for them. the Series A Placement Agent Warrants are held in certificated form and/or in book-entry form, as applicable.

**Delivery of Series A Placement Agent Warrants.** To validly tender Common Warrants, the undersigned must complete and duly execute the Letter of Transmittal and any other required documents.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**A: Name(s) and Address(es) of Registered Owner(s):** | &nbsp;&nbsp;**B: Number of Series A Placement Agent Warrants Being Exchanged:** | &nbsp;&nbsp;**C: Shares of Common Stock to be Issued:** | &nbsp;&nbsp;**D: New Warrants to be Issued:** |
| &nbsp;&nbsp;[To be prefilled by Vinyl with name on register] | &nbsp;&nbsp;[To be prefilled by Vinyl with total warrants held] | &nbsp;&nbsp;Multiply Column B by 10 [To be prefilled by Vinyl based on number warrants held] | &nbsp;&nbsp;N/A |

---

No fractional shares will be issued. Series A Placement Agent Warrants may only be exchanged for whole shares of Common Stock. Because the Exchange Ratio is expressed as a whole number of shares per Series A Placement Agent Warrant, fractional shares are not expected; however, if any fractional shares would otherwise be issuable, the Company will, after aggregating all fractional shares of such holder, round down to the nearest whole share.

**SPECIAL ISSUANCE INSTRUCTIONS**

To be completed ONLY if the shares of Common Stock for surrendered Series A Placement Agent Warrants are to be issued in the name of someone other than the undersigned. Issue the shares to:

Name:_____________________________________________________________________________

Email Address:______________________________________________________________________

Address:___________________________________________________________________________

Tax Identification or Social Security Number:____________________________________________

**SPECIAL DELIVERY INSTRUCTIONS**

To be completed ONLY if the shares for surrendered Series A Placement Agent Warrants are to be delivered to someone other than the undersigned or to the undersigned at an address other than that shown above. Deliver the shares to:

Name:_____________________________________________________________________________

Email Address:_____________________________________________________________________

Address:___________________________________________________________________________

The undersigned acknowledges that the undersigned has been advised to consult with its own advisors as to the consequences of participating or not participating in the Offer.

**REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE WARRANT HOLDER**

The undersigned hereby represents, warrants to the Company, and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the undersigned has full power and authority to tender the
Series A Placement Agent Warrants and subscribe for all of the shares of the Company which may be received upon exchange of the Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the undersigned has good, marketable and unencumbered title
to the Series A Placement Agent Warrants, free and clear of all security interests, liens, restrictions, charges, encumbrances, conditional
sales agreements or other obligations relating to their exchange, sale or transfer, and not subject to any adverse claim;

&nbsp;&nbsp;&nbsp;&nbsp;(c) on request, the undersigned will execute and deliver any
additional documents the Company deems necessary to complete the exchange of the Series A Placement Agent Warrants tendered hereby;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the undersigned understands that tenders of Series A Placement
Agent Warrants pursuant to the Offer and in the instructions hereto will constitute the undersigned's acceptance of the terms and
conditions of the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;(e) the undersigned agrees to all of the terms of the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;(f) the undersigned hereby agrees to permanently waive and renounce any and all "full ratchet" or other price-based anti-dilution rights, if any, that attach to any securities of the Company that it holds that were issued in connection with the Series A Placement Agent Common Stock Purchase Warrants that it is tendering for exchange hereby;

(g) The certificate(s) representing any Common Warrants tendered hereby will be void and of no value upon issuance of the subscribed shares.

&nbsp;&nbsp;&nbsp;&nbsp;(h) the undersigned is an "Accredited Investor" as defined in Rule 501 promulgated under the Securities Act of 1933, as amended.

By signing and delivering this Letter of Transmittal and Consent and tendering any Series A Placement Agent Warrants, the undersigned hereby irrevocably consents to and approves (and, if applicable, directs the warrant agent or the Company to effect) any amendment(s) and/or supplement(s) to the governing Series A Placement Agent Warrant instrument as may be necessary or advisable to facilitate the exchange of the Series A Placement Agent Warrants for shares of Common Stock pursuant to the Offer, in each case as described in the Offer Materials (the "Series A Placement Agent Warrant Amendment").

All authorities conferred or agreed to be conferred in this Letter of Transmittal shall survive the death or incapacity of the undersigned, and any obligation of the undersigned hereunder shall be binding upon the heirs, personal representatives, executors, administrators, successors, assigns, trustees in bankruptcy, and legal representatives of the undersigned. Except as stated in the Offer, this tender is irrevocable.

Delivery of this Letter of Transmittal and all other documents to an address, or transmission of instructions to an email address, other than as set forth below, does not constitute a valid delivery. Please carefully read this entire Letter of Transmittal, including the accompanying instructions before responding.

**Exchange Agent:**

Vinyl Equity, Inc.

912 Cherry Street

Winnetka, IL

Email: inquiries@vinylequity.com

**IMPORTANT—WARRANT HOLDERS SIGN HERE**

(Must be signed by registered holder(s) exactly as name(s) appear(s) on the Series A Placement Agent Warrants and documents transmitted herewith. U.S. Holders please also obtain and complete IRS Form W-9. Non-U.S. Holders please obtain and complete IRS Form W-8BEN, W-8BEN-E, or other applicable IRS Form W-8.)

Signature:___________________________________________________________________________

Name:____________________________________ Capacity:_________________________________

Phone Number:_________________ Tax Identification or Social Security Number: _____________

Date:_________________

**INSTRUCTIONS FOR LETTER OF TRANSMITTAL AND CONSENT**

1. Delivery of Letter of Transmittal. The Letter of Transmittal properly completed and duly executed should be delivered to the Exchange Agent as set forth in the Offer to Exchange. The Exchange Agent will accept email delivery of the Letter of Transmittal at inquiries@vinylequity.com.

**THE METHOD OF DELIVERY OF ALL OTHER REQUIRED DOCUMENTS IS AT THE ELECTION AND RISK OF THE OWNER. IT IS RECOMMENDED THAT THEY BE SENT BY AN OVERNIGHT OR HAND DELIVERY SERVICE.**

2. Inadequate Space. If the space provided on the Letter of Transmittal is inadequate for you to provide the requested information, any information should be listed on a separate schedule to be attached thereto.

3. Signatures of Letter of Transmittal and Endorsements. When the Letter of Transmittal is signed by the registered owner(s) of the Series A Placement Agent Warrant(s) listed and surrendered hereby, no endorsements of warrants or separate assignments are required.

If any surrendered Series A Placement Agent Warrant(s) are registered in different names, it will be necessary to complete, sign and submit as many separate Letters of Transmittal as there are different registrations.

If the Letter of Transmittal is signed by trustees, executors, administrators, guardians, attorney-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, such persons should so indicate when signing.

4. Special Issuance and Delivery Instructions. Indicate the name and address to which shares are to be issued and/or delivered if different from the name and address of the person(s) signing the Letter of Transmittal.

5. If the shares are to be issued to someone other than the registered warrant holder, the signature of the person(s) signing the Letter of Transmittal must be signature guaranteed by by a member of a recognized Medallion Signature Guarantee Program (STAMP, SEMP or MSP) and an original copy of this Letter of Transmittal must be delivered to the Exchange Agent at the address listed below.

6. Additional Copies. Additional copies of the Letter of Transmittal may be obtained from the Company or the Exchange Agent at the address listed below.

7. Expiration Date. No Letters of Transmittal will be accepted after 5:00 p.m. Eastern Time on April 15, 2026, unless the Offer is extended.

8. Form W-9 and Form W-8. To avoid backup withholding, a tendering warrant holder is required to provide the Exchange Agent with a correct Taxpayer Identification Number ("TIN") on Form W-9 and to certify, under penalties of perjury, that such number is correct and that such warrant holder is not subject to backup withholding of U.S. federal income tax, and that such warrant holder is a U.S. person (as defined for U.S. federal income tax purposes). If a tendering warrant holder has been notified by the Internal Revenue Service ("IRS") that such warrant holder is subject to backup withholding, such warrant holder must cross out item (2) of the Certification box of the Form W-9, unless such warrant holder has since been notified by the IRS that such warrant holder is no longer subject to backup withholding.

Failure to provide the information on the Form W-9 may subject the tendering warrant holder to U.S. federal income tax withholding.

Certain warrant holders (including, among others, all corporations and certain foreign individuals and entities) may not be subject to backup withholding. Foreign warrant holders should submit an appropriate and properly completed IRS Form W-8 in order to avoid backup withholding. Such warrant holders should consult a tax advisor to determine which Form W-8 is appropriate.

All questions as to the validity, form and eligibility of any surrender of Series A Placement Agent Warrants will be determined by the Company and such determination shall be final and binding.

**For Information:**

**Company**

Zoomcar Holdings, Inc.

Anjaneya Techno Park, No.147, 1st Floor

Kodihalli, Bangalore, India 560008

Attn: Chief Legal Officer & General Counsel

Email: investors@zoomcar.com

Phone: +91 8048821871

## Ex-99.(A)(1)(H)

**Exhibit 99(a)(1)(H)**

**LETTER OF TRANSMITTAL AND CONSENT**

**FOR THE SERIES A PLACEMENT AGENT COMMON STOCK PURCHASE WARRANTS**

**ZOOMCAR HOLDINGS, INC.**

(Exchange Ratio of ten (10) Shares of Common Stock : One (1) Series A Placement Agent Warrant)

Representing the privately issued Series A Placement Agent common stock purchase warrants (the "Series A Placement Agent Warrants") of Zoomcar Holdings, Inc. (the "Company"), exercisable for shares of the Company's common stock, par value $0.0001 per share (the "Common Stock").

The Series A Placement Agent Warrants are privately issued and are not publicly traded. There is no market for them. the Series A Placement Agent Warrants are held in certificated form and/or in book-entry form, as applicable.

**Delivery of Series A Placement Agent Warrants.** To validly tender Common Warrants, the undersigned must complete and duly execute the Letter of Transmittal and any other required documents.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**A: Name(s) and Address(es) of Registered Owner(s):** | &nbsp;&nbsp;**B: Number of Series A Placement Agent Warrants Being Exchanged:** | &nbsp;&nbsp;**C: Shares of Common Stock to be Issued:** | &nbsp;&nbsp;**D: New Warrants to be Issued:** |
| &nbsp;&nbsp;[To be prefilled by Vinyl with name on register] | &nbsp;&nbsp;[To be prefilled by Vinyl with total warrants held] | &nbsp;&nbsp;Multiply Column B by 10 [To be prefilled by Vinyl based on number warrants held] | &nbsp;&nbsp;N/A |

---

No fractional shares will be issued. Series A Placement Agent Warrants may only be exchanged for whole shares of Common Stock. Because the Exchange Ratio is expressed as a whole number of shares per Series A Placement Agent Warrant, fractional shares are not expected; however, if any fractional shares would otherwise be issuable, the Company will, after aggregating all fractional shares of such holder, round down to the nearest whole share.

**SPECIAL ISSUANCE INSTRUCTIONS**

To be completed ONLY if the shares of Common Stock for surrendered Series A Placement Agent Warrants are to be issued in the name of someone other than the undersigned. Issue the shares to:

Name:_____________________________________________________________________________

Email Address:______________________________________________________________________

Address:___________________________________________________________________________

Tax Identification or Social Security Number:____________________________________________

**SPECIAL DELIVERY INSTRUCTIONS**

To be completed ONLY if the shares for surrendered Series A Placement Agent Warrants are to be delivered to someone other than the undersigned or to the undersigned at an address other than that shown above. Deliver the shares to:

Name:_____________________________________________________________________________

Email Address:_____________________________________________________________________

Address:___________________________________________________________________________

The undersigned acknowledges that the undersigned has been advised to consult with its own advisors as to the consequences of participating or not participating in the Offer.

**REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE WARRANT HOLDER**

The undersigned hereby represents, warrants to the Company, and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the undersigned has full power and authority to tender the
Series A Placement Agent Warrants and subscribe for all of the shares of the Company which may be received upon exchange of the Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the undersigned has good, marketable and unencumbered title
to the Series A Placement Agent Warrants, free and clear of all security interests, liens, restrictions, charges, encumbrances, conditional
sales agreements or other obligations relating to their exchange, sale or transfer, and not subject to any adverse claim;

&nbsp;&nbsp;&nbsp;&nbsp;(c) on request, the undersigned will execute and deliver any
additional documents the Company deems necessary to complete the exchange of the Series A Placement Agent Warrants tendered hereby;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the undersigned understands that tenders of Series A Placement
Agent Warrants pursuant to the Offer and in the instructions hereto will constitute the undersigned's acceptance of the terms and
conditions of the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;(e) the undersigned agrees to all of the terms of the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the undersigned hereby agrees to permanently waive and renounce any and all "full ratchet" or other price-based anti-dilution rights, if any, that attach to any securities of the Company that it holds that were issued in connection with the Series A Warrants that it is tendering for exchange hereby;

(g) The certificate(s) representing any Common Warrants tendered hereby
will be void and of no value upon issuance of the subscribed shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the undersigned hereby agrees to permanently waive and renounce any and all "full ratchet" or other price-based anti-dilution rights, if any, that attach to any securities of the Company that it holds that were issued in connection with the Series A Placement Agent Warrants that it is tendering for exchange hereby;

(g) The certificate(s) representing any Common Warrants tendered hereby will be void and of no value upon issuance of the subscribed shares.

(h) the undersigned is an "Accredited Investor" as defined in Rule 501 promulgated under the Securities Act of 1933, as amended.

By signing and delivering this Letter of Transmittal and Consent and tendering any Series A Placement Agent Warrants, the undersigned hereby irrevocably consents to and approves (and, if applicable, directs the warrant agent or the Company to effect) any amendment(s) and/or supplement(s) to the governing Series A Placement Agent Warrant instrument as may be necessary or advisable to facilitate the exchange of the Series A Placement Agent Warrants for shares of Common Stock pursuant to the Offer, in each case as described in the Offer Materials (the "Series A Placement Agent Warrant Amendment").

All authorities conferred or agreed to be conferred in this Letter of Transmittal shall survive the death or incapacity of the undersigned, and any obligation of the undersigned hereunder shall be binding upon the heirs, personal representatives, executors, administrators, successors, assigns, trustees in bankruptcy, and legal representatives of the undersigned. Except as stated in the Offer, this tender is irrevocable.

Delivery of this Letter of Transmittal and all other documents to an address, or transmission of instructions to an email address, other than as set forth below, does not constitute a valid delivery. Please carefully read this entire Letter of Transmittal, including the accompanying instructions before responding.

**Exchange Agent:**

Vinyl Equity, Inc.

912 Cherry Street

Winnetka, IL

Email: inquiries@vinylequity.com

**IMPORTANT—WARRANT HOLDERS SIGN HERE**

(Must be signed by registered holder(s) exactly as name(s) appear(s) on the Series A Placement Agent Warrants and documents transmitted herewith. U.S. Holders please also obtain and complete IRS Form W-9. Non-U.S. Holders please obtain and complete IRS Form W-8BEN, W-8BEN-E, or other applicable IRS Form W-8.)

Signature:___________________________________________________________________________

Name:____________________________________ Capacity:_________________________________

Phone Number:_________________ Tax Identification or Social Security Number: _____________

Date:_________________

**INSTRUCTIONS FOR LETTER OF TRANSMITTAL AND CONSENT**

1. Delivery of Letter of Transmittal. The Letter of Transmittal properly completed and duly executed should be delivered to the Exchange Agent as set forth in the Offer to Exchange. The Exchange Agent will accept email delivery of the Letter of Transmittal at inquiries@vinylequity.com.

**THE METHOD OF DELIVERY OF ALL OTHER REQUIRED DOCUMENTS IS AT THE ELECTION AND RISK OF THE OWNER. IT IS RECOMMENDED THAT THEY BE SENT BY AN OVERNIGHT OR HAND DELIVERY SERVICE.**

2. Inadequate Space. If the space provided on the Letter of Transmittal is inadequate for you to provide the requested information, any information should be listed on a separate schedule to be attached thereto.

3. Signatures of Letter of Transmittal and Endorsements. When the Letter of Transmittal is signed by the registered owner(s) of the Series A Placement Agent Warrant(s) listed and surrendered hereby, no endorsements of warrants or separate assignments are required.

If any surrendered Series A Placement Agent Warrant(s) are registered in different names, it will be necessary to complete, sign and submit as many separate Letters of Transmittal as there are different registrations.

If the Letter of Transmittal is signed by trustees, executors, administrators, guardians, attorney-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, such persons should so indicate when signing.

4. Special Issuance and Delivery Instructions. Indicate the name and address to which shares are to be issued and/or delivered if different from the name and address of the person(s) signing the Letter of Transmittal.

5. If the shares are to be issued to someone other than the registered warrant holder, the signature of the person(s) signing the Letter of Transmittal must be signature guaranteed by by a member of a recognized Medallion Signature Guarantee Program (STAMP, SEMP or MSP) and an original copy of this Letter of Transmittal must be delivered to the Exchange Agent at the address listed below.

6. Additional Copies. Additional copies of the Letter of Transmittal may be obtained from the Company or the Exchange Agent at the address listed below.

7. Expiration Date. No Letters of Transmittal will be accepted after 5:00 p.m. Eastern Time on April 15, 2026, unless the Offer is extended.

8. Form W-9 and Form W-8. To avoid backup withholding, a tendering warrant holder is required to provide the Exchange Agent with a correct Taxpayer Identification Number ("TIN") on Form W-9 and to certify, under penalties of perjury, that such number is correct and that such warrant holder is not subject to backup withholding of U.S. federal income tax, and that such warrant holder is a U.S. person (as defined for U.S. federal income tax purposes). If a tendering warrant holder has been notified by the Internal Revenue Service ("IRS") that such warrant holder is subject to backup withholding, such warrant holder must cross out item (2) of the Certification box of the Form W-9, unless such warrant holder has since been notified by the IRS that such warrant holder is no longer subject to backup withholding.

Failure to provide the information on the Form W-9 may subject the tendering warrant holder to U.S. federal income tax withholding.

Certain warrant holders (including, among others, all corporations and certain foreign individuals and entities) may not be subject to backup withholding. Foreign warrant holders should submit an appropriate and properly completed IRS Form W-8 in order to avoid backup withholding. Such warrant holders should consult a tax advisor to determine which Form W-8 is appropriate.

All questions as to the validity, form and eligibility of any surrender of Series A Placement Agent Warrants will be determined by the Company and such determination shall be final and binding.

**For Information:**

**Company**

Zoomcar Holdings, Inc.

Anjaneya Techno Park, No.147, 1st Floor

Kodihalli, Bangalore, India 560008

Attn: Chief Legal Officer & General Counsel

Email: investors@zoomcar.com

Phone: +91 8048821871

## Ex-99.(A)(1)(N)

**Exhibit (a)(1)(N)**

**LETTER OF TRANSMITTAL AND CONSENT**

**FOR THE COMMON STOCK PURCHASE WARRANTS**

**ZOOMCAR HOLDINGS, INC.**

(Exchange Ratio of twenty-thousand (20,000) Shares of Common Stock : One (1) Warrant)

Representing the privately issued Common Stock Purchase Warrants ("Warrants") of Zoomcar Holdings, Inc. (the "Company"), exercisable for shares of the Company's common stock, par value $0.0001 per share (the "Common Stock").

The Warrants are privately issued and are not publicly traded. There is no market for them. The Warrants are held in certificated form and/or in book-entry form, as applicable.

**Delivery of Warrants.** To validly tender Warrants, the undersigned must: (i) if the Warrants are evidenced by certificates, deliver the certificate(s) representing the Warrants (or an affidavit of lost certificate and indemnity documentation acceptable to the Company and the Exchange Agent), together with a properly completed and duly executed Letter of Transmittal and Consent and any other required documents, or (ii) if the Warrants are held in book-entry form, cause such Warrants to be delivered through book-entry transfer in accordance with the procedures described in the Offer to Exchange, together with a properly completed and duly executed Letter of Transmittal and Consent, Accredited Investor Verification Letter, and any other required documents.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**A: Name(s) and Address(es) of<br> Registered Owner(s):** | &nbsp;&nbsp;**B: Number of<br> Warrants Being<br> Exchanged:** | &nbsp;&nbsp;**C: Shares of <br> Common Stock to be<br> Issued:** | &nbsp;&nbsp;**D: New Warrants to <br> be Issued:** |
| &nbsp;&nbsp;Please fill in exactly as name(s) and address(es) appear on the Warrants. |  | &nbsp;&nbsp;Multiply Column B by 20,000 | &nbsp;&nbsp;N/A |

---

No fractional shares will be issued. Warrants may only be exchanged for whole shares of Common Stock. Because the Exchange Ratio is expressed as a whole number of shares per Warrant, fractional shares are not expected; however, if any fractional shares would otherwise be issuable, the Company will, after aggregating all fractional shares of such holder, round down to the nearest whole share.

**SPECIAL ISSUANCE INSTRUCTIONS**

To be completed ONLY if the shares of Common Stock for surrendered Warrants are to be issued in the name of someone other than the undersigned. Issue the shares to:

Name:_____________________________________________________________________________

Address:___________________________________________________________________________

Tax Identification or Social Security Number:____________________________________________

**SPECIAL DELIVERY INSTRUCTIONS**

To be completed ONLY if the shares for surrendered Warrants are to be delivered to someone other than the undersigned or to the undersigned at an address other than that shown above. Deliver the shares to:

Name:_____________________________________________________________________________

Address:___________________________________________________________________________

The undersigned acknowledges that the undersigned has been advised to consult with its own advisors as to the consequences of participating or not participating in the Offer.

**REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE WARRANT HOLDER**

The undersigned hereby represents, warrants to the Company, and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the undersigned has full power and authority to tender the Warrants and subscribe for all of the shares of the Company which may be received upon exchange of the Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the undersigned has good, marketable and unencumbered title to the Warrants, free and clear of all security interests, liens, restrictions, charges, encumbrances, conditional sales agreements or other obligations relating to their exchange, sale or transfer, and not subject to any adverse claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on request, the undersigned will execute and deliver any additional documents the Company deems necessary to complete the exchange of the Warrants tendered hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the undersigned understands that tenders of Warrants pursuant to the Offer and in the instructions hereto will constitute the undersigned's acceptance of the terms and conditions of the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the undersigned agrees to all of the terms of the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the undersigned hereby agrees to permanently waive and renounce any and all "full ratchet" or other price-based anti-dilution rights, if any, that attach to any securities of the Company that it holds that were issued in connection with the Warrants that it is tendering for exchange hereby;

(g) the certificate(s) representing any Common Warrants tendered hereby will be void and of no value upon issuance of the subscribed shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the undersigned is an "Accredited Investor" as defined in Rule 501 promulgated under the Securities Act of 1933, as amended.

All authorities conferred or agreed to be conferred in this Letter of Transmittal and Consent shall survive the death or incapacity of the undersigned, and any obligation of the undersigned hereunder shall be binding upon the heirs, personal representatives, executors, administrators, successors, assigns, trustees in bankruptcy, and legal representatives of the undersigned. Except as stated in the Offer, this tender is irrevocable.

Delivery of this Letter of Transmittal and Consent, Accredited Investor Verification Letter, and all other documents to an address, or transmission of instructions to an email address, other than as set forth below, does not constitute a valid delivery. Please carefully read this entire Letter of Transmittal and Consent, including the accompanying instructions, before responding.

**Exchange Agent:**

Vinyl Equity, Inc.

912 Cherry Street

Winnetka, IL

Email: inquiries@vinylequity.com

**IMPORTANT—WARRANT HOLDERS SIGN HERE**

(Must be signed by registered holder(s) exactly as name(s) appear(s) on the Warrants and documents transmitted herewith. U.S. Holders, please also obtain and complete IRS Form W-9. Non-U.S. Holders, please obtain and complete IRS Form W-8BEN, W-8BEN-E, or other applicable IRS Form W-8.)

Signature:___________________________________________________________________________

Name:____________________________________ Capacity:__________________________________

Phone Number:_________________ Tax Identification or Social Security Number: _____________

Date:_________________

**INSTRUCTIONS FOR LETTER OF TRANSMITTAL AND CONSENT**

1. Delivery of Letter of Transmittal and Consent, and Warrants. The Letter of Transmittal and Consent, properly completed and duly executed, should be delivered to the Exchange Agent as set forth in the Offer to Exchange. The Exchange Agent will accept email delivery of the Letter of Transmittal at inquiries@vinylequity.com.

**THE METHOD OF DELIVERY OF WARRANT(S) AND ALL OTHER REQUIRED DOCUMENTS IS AT THE ELECTION AND RISK OF THE OWNER. IT IS RECOMMENDED THAT THEY BE SENT BY AN OVERNIGHT OR HAND DELIVERY SERVICE.**

2. Inadequate Space. If the space provided on the Letter of Transmittal and Consent is inadequate for you to provide the requested information, any information should be listed on a separate schedule to be attached thereto.

3. Signatures of Letter of Transmittal and Consent, and Endorsements. When the Letter of Transmittal and Consent is signed by the registered owner(s) of the Warrant(s) listed and surrendered hereby, no endorsements of warrants or separate assignments are required.

If the Warrant(s) surrendered is (are) owned of record by two or more joint owners, all such owners must sign the Letter of Transmittal.

If any surrendered Warrant(s) are registered in different names, it will be necessary to complete, sign and submit as many separate Letters of Transmittal as there are different registrations.

If the Letter of Transmittal and Consent is signed by trustees, executors, administrators, guardians, attorney-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, such persons should so indicate when signing and proper evidence, satisfactory to the Company and/or Exchange Agent, of their authority to do so must be submitted.

4. Special Issuance and Delivery Instructions. Indicate the name and address to which shares are to be issued and/or delivered if different from the name and address of the person(s) signing the Letter of Transmittal.

5. Additional Copies. Additional copies of the Letter of Transmittal and Consent may be obtained from the Company or the Exchange Agent at the address listed below.

6. Expiration Date. No Letters of Transmittal and Consent will be accepted after 5:00 p.m. Eastern Time on April 15, 2026, unless the Offer is extended.

7. Form W-9 and Form W-8. To avoid backup withholding, a tendering warrant holder is required to provide the Exchange Agent with a correct Taxpayer Identification Number ("TIN") on Form W-9 and to certify, under penalties of perjury, that such number is correct and that such warrant holder is not subject to backup withholding of U.S. federal income tax, and that such warrant holder is a U.S. person (as defined for U.S. federal income tax purposes). If a tendering warrant holder has been notified by the Internal Revenue Service ("IRS") that such warrant holder is subject to backup withholding, such warrant holder must cross out item (2) of the Certification box of the Form W-9, unless such warrant holder has since been notified by the IRS that such warrant holder is no longer subject to backup withholding.

Failure to provide the information on the Form W-9 may subject the tendering warrant holder to U.S. federal income tax withholding.

Certain warrant holders (including, among others, all corporations and certain foreign individuals and entities) may not be subject to backup withholding. Foreign warrant holders should submit an appropriate and properly completed IRS Form W-8 in order to avoid backup withholding. Such warrant holders should consult a tax advisor to determine which Form W-8 is appropriate.

All questions as to the validity, form and eligibility of any surrender of Warrants will be determined by the Company, and such determination shall be final and binding. The Company reserves the right to waive any irregularities or defects in the surrender of any Warrants. A surrender will not be deemed to have been made until all irregularities have been cured or waived. The Company is under no obligation to waive or to provide any notification of any irregularities or defects in the surrender of any Warrants, nor shall the Company be liable for any failure to give such notification.

**For Information:**

**Company**

Zoomcar Holdings, Inc.

Anjaneya Techno Park, No.147, 1st Floor

Kodihalli, Bangalore, India 560008

Attn: Chief Legal Officer & General Counsel

Email: investors@zoomcar.com

Phone: +91 8048821871

## Ex-99.(D)(1)(A)

**Exhibit (d)(1)(A)**

NEITHER THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS.

Effective Date: [ ], 2021

**ZOOMCAR, INC.**

WARRANT TO PURCHASE COMMON STOCK

**ZoomCar, Inc.**, a Delaware corporation (the "**Company**"), for value received on [ ], 2021 (the "**Effective Date**"), hereby issues to [ ] (the "**Holder**") this Warrant (the "**Warrant**") to purchase, [ ] shares of the Company's Common Stock (as hereinafter defined) (each such share as from time to time adjusted as hereinafter provided being a "**Warrant Share**" and all such shares being the "**Warrant Shares**"), at the Exercise Price (as defined below), as from time to time adjusted as hereinafter provided, on or before the Expiration Date (as defined below), all subject to the following terms and conditions. This Warrant is one of a series of warrants of like tenor that have been issued in connection with the Company's private offering solely to accredited investors of units in accordance with, and subject to, the terms and conditions described in the Subscription Agreement, attached to the Confidential Private Placement Memorandum of the Company dated March 11, 2021, as the same may be amended and supplemented from time to time (the "**Subscription Agreement**" and the "**Private Placement Memorandum**," respectively).

As used in this Warrant, (i) "**Business Day**" means any day other than Saturday, Sunday or any other day on which commercial banks in the City of New York, New York, are authorized or required by law or executive order to close; (ii) "**Common Stock**" means the common stock of the Company, par value $0.0001 per share, including any securities issued or issuable with respect thereto or into which or for which such shares may be exchanged for, or converted into, pursuant to any stock dividend, stock split, stock combination, recapitalization, reclassification, reorganization or other similar event; (iii) "**Exercise Price**" means $2.50 per share of Common Stock, subject to adjustment as provided herein; (iv) "**Exercise Commencement Date**" means the earliest of: (x) the effectiveness of a registration statement that the Company is required to file pursuant to Section 2.2 of the Investors' Rights Agreement being entered into by the Company with the Warrant holders in connection with the transactions set forth in the Private Placement Memorandum and pursuant to which the resale of the Warrant Shares is being registered **("Investors' Rights Agreement**"), (y) the closing of an IPO (as defined in the Investors' Rights Agreement) or (z) the closing of any other transaction or set of events that results in the Company (or the surviving corporation in connection with such transaction) being (or remaining) subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") and its (or the surviving corporation's capital stock) capital stock trading on a national securities exchange, OTC Markets or Pink Sheets (any of the foregoing, a "**Public Event**"); (v) "**Expiration Date**" means the five year anniversary following any Public Event; (vi) "**Trading Day**" means any day on which the Common Stock is traded (or available for trading) on its principal trading market; (vii) "**Affiliate**" means any person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, a person, as such terms are used and construed in Rule 144 promulgated under the Securities Act of 1933, as amended (the "**Securities Act**"); and (viii) "**Warrant holders**" means the Holder and the other holders of Warrants issued pursuant to the Subscription Agreement and Private Placement Memorandum.

1. DURATION AND EXERCISE OF WARRANTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Exercise Period</u>. Commencing on the Exercise Commencement Date, the Holder may exercise this Warrant in whole or in part on any Business Day on or before 5:00 P.M., Eastern Time, on the Expiration Date, at which time this Warrant shall become void and of no value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) <u>Exercise Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) While this Warrant remains outstanding and exercisable in accordance with Section 1(a), in addition to the manner set forth in Section 1(b)(ii) below, the Holder may exercise this Warrant in whole or in part at any time and from time to time by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) delivery to the Company of a duly executed copy of the Notice of Exercise attached as **Exhibit A**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) surrender of this Warrant to the Secretary of the Company at its principal offices or at such other office or agency as the Company may specify in writing to the Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) payment of the then-applicable Exercise Price per share multiplied by the number of Warrant Shares being purchased upon exercise of the Warrant (such amount, the "**Aggregate Exercise Price**") made in the form of cash, or by certified check, bank draft or money order payable in lawful money of the United States of America or in the form of a Cashless Exercise to the extent permitted in Section 1(b)(ii) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In addition to the provisions of Section 1(b)(i) above, if any time after the Registration Effectiveness Default Date (as defined in the Investors' Rights Agreement), a registration statement covering the resale of the Warrant Shares by the Holder is not effective with the Securities and Exchange Commission (the "**SEC**"), the Holder may, in its sole discretion, exercise all or any part of the Warrant in a "cashless" or "net-issue" exercise (a "**Cashless Exercise**") by delivering to the Company (1) the Notice of Exercise and (2) the original Warrant, pursuant to which the Holder shall surrender the right to receive upon exercise of this Warrant, a number of Warrant Shares having a value (as determined below) equal to the Aggregate Exercise Price, in which case, the number of Warrant Shares to be issued to the Holder upon such exercise shall be calculated using the following formula:

X = <u>Y \* (A - B)</u> A

with: X = the number of Warrant Shares to be issued to the Holder <br>Y = the number of Warrant Shares with respect to which the Warrant is being exercised

A = the fair value per share of Common Stock on the date of exercise of this Warrant <br>B = the then-current Exercise Price of the Warrant

Solely for the purposes of this paragraph, "**fair value**" per share of Common Stock shall mean the average Closing Price (as defined below) per share of Common Stock for the twenty (20) Trading Days immediately preceding the date on which the Notice of Exercise is deemed to have been sent to the Company. "**Closing Price**" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on the New York Stock Exchange, the NYSE American, the NASDAQ Global Select Market, the NASDAQ Global Market or the NASDAQ Capital Market or any other national securities exchange, the closing price per share of the Common Stock for such date (or the nearest preceding date) on the primary eligible market or exchange on which the Common Stock is then listed or quoted; (b) if prices for the Common Stock are then quoted on the OTC Bulletin Board or any tier of the OTC Markets, the closing bid price per share of the Common Stock for such date (or the nearest preceding date) so quoted; or (c) if prices for the Common Stock are then reported in the "Pink Sheets" published by the National Quotation Bureau Incorporated (or a similar organization or agency succeeding to its functions of reporting prices), the most recent closing bid price per share of the Common Stock so reported. If the Common Stock is not publicly traded as set forth above, the "fair value" per share of Common Stock shall be reasonably and in good faith determined by the board of directors of the Company (the "**Board of Directors**") as of the date which the Notice of Exercise is deemed to have been sent to the Company.

Notwithstanding the foregoing, provided that a registration statement (including any post-effective amendment) covering the resale of the Warrant Shares by the Holder has (x) been declared effective by the SEC and (y) has been effective for an aggregate period of one year, any Cashless Exercise right hereunder shall thereupon terminate.

For purposes of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise transaction shall be deemed to have been acquired by the Holder, and the holding period for such shares shall be deemed to have commenced, on the date this Warrant was originally issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Upon the exercise of this Warrant in compliance with the provisions of this Section 1(b), and except as limited pursuant to the last paragraph of Section 1(b)(ii), the Company shall promptly issue and cause to be delivered to the Holder a certificate for the Warrant Shares purchased by the Holder. Each exercise of this Warrant shall be effective immediately prior to the close of business on the date (the "**Date of Exercise**") that the conditions set forth in Section 1(b) have been satisfied, as the case may be. On the first Business Day following the date on which the Company has received each of the Notice of Exercise and the Aggregate Exercise Price (or notice of a Cashless Exercise in accordance with Section 1(b)(ii)) (the "**Exercise Delivery Documents**"), the Company shall transmit an acknowledgment of receipt of the Exercise Delivery Documents to the Company's transfer agent (the "**Transfer Agent**"). On or before the third Business Day following the date on which the Company has received all of the Exercise Delivery Documents (the "**Share Delivery Date**"), the Company shall (X) provided that the Transfer Agent is participating in The Depository Trust Company ("**DTC**") Fast Automated Securities Transfer Program, upon the request of the Holder, credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder's or its designee's balance account with DTC through its Deposit Withdrawal Agent Commission system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and dispatch by overnight courier to the address as specified in the Notice of Exercise, a certificate, registered in the Company's share register in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. Upon delivery of the Exercise Delivery Documents, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the certificates evidencing such Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If the Company shall fail for any reason or for no reason to issue to the Holder, within three (3) Business Days of receipt of the Exercise Delivery Documents, a certificate for the number of shares of Common Stock to which the Holder is entitled and register such shares of Common Stock on the Company's share register or to credit the Holder's balance account with DTC for such number of shares of Common Stock to which the Holder is entitled upon the Holder's exercise of this Warrant, and if on or after such Business Day the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of shares of Common Stock issuable upon such exercise that the Holder anticipated receiving from the Company (a "**Buy-In**"), then the Company shall, (A) pay in cash to the Holder the amount, if any, by which (x) the Holder's total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased (the "**Buy-In Amount**") plus the amount paid by the Holder to the Company as the exercise price for the Warrant Shares exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock, and paid the Company $5,000 as the exercise price, the Holder's cash outlay would be a total of $16,000; and if the aggregate sales price of the shares giving rise to such Buy-In obligation was $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $6,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder's right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to timely deliver certificates representing shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Partial Exercise</u>. This Warrant shall be exercisable, either in its entirety or, from time to time, for part only of the number of Warrant Shares referenced by this Warrant. If this Warrant is submitted in connection with any exercise pursuant to Section 1 and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the actual number of Warrant Shares being acquired upon such an exercise, then the Company shall as soon as practicable and in no event later than ten (10) Business Days after any exercise and at its own expense, issue a new Warrant of like tenor representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Disputes</u>. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in accordance with Section 16.

2. ISSUANCE OF WARRANT SHARES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company covenants that all Warrant Shares will, upon issuance in accordance with the terms of this Warrant, be (i) duly authorized, fully paid and non-assessable, and (ii) free from all liens, charges and security interests, with the exception of claims arising through the acts or omissions of any Holder and except as arising from applicable Federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall register this Warrant upon records to be maintained by the Company for that purpose in the name of the record holder of such Warrant from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner thereof for the purpose of any exercise thereof, any distribution to the Holder thereof and for all other purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company will not, by amendment of its certificate of incorporation, by-laws or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all action necessary or appropriate in order to protect the rights of the Holder to exercise this Warrant, or against impairment of such rights.

3. ADJUSTMENTS OF EXERCISE PRICE, NUMBER AND TYPE OF WARRANT SHARES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Exercise Price and the number of shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time to time upon the occurrence of certain events described in this Section 3. If the Company does not have the requisite number of authorized but unissued shares of Common Stock to make any adjustment, the Company shall use its commercially best efforts to obtain the necessary stockholder consent to increase the authorized number of shares of Common Stock to make such an adjustment pursuant to this Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Subdivision or Combination of Stock</u>. In case the Company shall at any time subdivide (whether by way of stock dividend, stock split or otherwise) its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision shall be proportionately reduced and the number of Warrant Shares shall be proportionately increased, and conversely, in case the outstanding shares of Common Stock of the Company shall be combined (whether by way of stock combination, reverse stock split or otherwise) into a smaller number of shares, the Exercise Price in effect immediately prior to such combination shall be proportionately increased and the number of Warrant Shares shall be proportionately decreased. The Exercise Price and the Warrant Shares, as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events described in this Section 3(a)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Dividends in Stock, Property, Reclassification</u>. If at any time, or from time to time, all of the holders of Common Stock (or any shares of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received or become entitled to receive, without payment therefore:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any shares of stock or other securities that are at any time directly or indirectly convertible into or exchangeable for Common Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) additional stock or other securities or property (including cash) by way of spin-off, split-up, reclassification, combination of shares or similar corporate rearrangement (other than shares of Common Stock issued as a stock split or adjustments in respect of which shall be covered by the terms of Section 3(a)(i) above),

then and in each such case, the Exercise Price and the number of Warrant Shares to be obtained upon exercise of this Warrant shall be adjusted proportionately, and the Holder hereof shall, upon the exercise of this Warrant, be entitled to receive, in addition to the number of shares of Common Stock receivable thereupon, and without payment of any additional consideration therefor, the amount of stock and other securities and property (including cash in the cases referred to above) that such Holder would hold on the date of such exercise had such Holder been the holder of record of such Common Stock as of the date on which holders of Common Stock received or became entitled to receive such shares or all other additional stock and other securities and property. The Exercise Price and the Warrant Shares, as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events described in this Section 3(a)(ii)**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Reorganization, Reclassification, Consolidation, Merger or Sale</u>. If any recapitalization, reclassification or reorganization of the capital stock of the Company, any consolidation or merger of the Company with another corporation, or the sale of all or substantially all of its assets or other transaction shall be effected in such a way that holders of Common Stock shall be entitled to receive stock, securities, or other assets or property (an "**Organic Change**"), then, as a condition of such Organic Change, lawful and adequate provisions shall be made by the Company whereby the Holder hereof shall thereafter have the right to purchase and receive (in lieu of the shares of the Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented by this Warrant) such shares of stock, securities or other assets or property as may be issued or payable with respect to or in exchange for a number of outstanding shares of such Common Stock equal to the number of shares of such stock immediately theretofore purchasable and receivable assuming the full exercise of the rights represented by this Warrant. In the event of any Organic Change, appropriate provision shall be made by the Company with respect to the rights and interests of the Holder of this Warrant to the end that the provisions hereof (including, without limitation, provisions for adjustments of the Exercise Price and of the number of shares purchasable and receivable upon the exercise of this Warrant and the corresponding registration rights contained in the Investors' Rights Agreement) shall thereafter be applicable, in relation to any shares of stock, securities or assets thereafter deliverable upon the exercise hereof. The Company will not effect any such consolidation, merger or sale unless, prior to the consummation thereof, the successor corporation (if other than the Company) resulting from such consolidation or merger or the corporation purchasing such assets shall assume by written instrument reasonably satisfactory in form and substance to the Holder executed and mailed or delivered to the registered Holder hereof at the last address of such Holder appearing on the books of the Company, the obligation to deliver to such Holder such shares of stock, securities or assets as, in accordance with the foregoing provisions, such Holder may be entitled to purchase. If there is an Organic Change, then the Company shall cause to be mailed to the Holder at its last address as it shall appear on the books and records of the Company, at least 10 calendar days before the effective date of the Organic Change, a notice stating the date on which such Organic Change is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares for securities, cash, or other property delivered upon such Organic Change; provided, however, that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. The Holder is entitled to exercise this Warrant during the 10 calendar day period commencing on the date of such notice to the effective date of the event triggering such notice. In any event, the successor corporation (if other than the Company) resulting from such consolidation or merger or the corporation purchasing such assets shall be deemed to assume such obligation to deliver to such Holder such shares of stock, securities or assets even in the absence of a written instrument assuming such obligation to the extent such assumption occurs by operation of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Additional Issuances of Equity Securities</u>. If the Company, at any time prior to the Exercise Commencement Date (which includes the transaction that results in a Public Event hereunder), shall issue or sell any Equity Securities (as defined below) at an effective price per share less than the then effective Exercise Price (such lower price, the "Base Share Price" and such issuances collectively, a "Dilutive Issuance"), as adjusted hereunder (if the holder of the Equity Securities so issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, is entitled to receive shares of Common Stock at an effective price per share which is less than the then effective Exercise Price, such issuance shall be deemed to have occurred for less than the then effective Exercise Price on such date of the Dilutive Issuance), then, the Exercise Price shall be reduced to equal the Base Share Price. Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 3(a)(iv) in respect of Exempt Issuances (as defined below). The Company shall notify the Holder in writing as promptly as reasonably possible following the issuance of any Equity Securities subject to this section, indicating therein the applicable issuance price, or of applicable reset price, exchange price, conversion price and other pricing terms (such notice the "Dilutive Issuance Notice"). For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(a)(iv), upon the occurrence of any Dilutive Issuance while this Warrant is outstanding, after the date of such Dilutive Issuance the Holder is entitled to the Base Share Price regardless of whether the Holder accurately refers to the Base Share Price in the Exercise Notice. Simultaneously with any adjustment to the Exercise Price pursuant to this Section 3(a)(iv), the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, as applicable, so that after such adjustment the aggregate Exercise Price payable hereunder for the increased or decreased, as applicable, number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment.

For purposes of this Section 3(a)(iv), the following definitions shall apply:

"Common Stock Equivalents" means any securities of the Company or its subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

"Equity Securities" means (i) Common Stock and (ii) Common Stock Equivalents.

"Exempt Issuance" means (i) any Equity Securities issued or issuable pursuant to options, warrants or other rights issued or issuable to employees, officers or directors of, or consultants or advisors to the Company or any subsidiary, pursuant to equity incentive plans or other employee benefit arrangements; (ii) any Equity Securities issued or issuable pursuant to any rights or agreements, stock options, warrants or convertible securities outstanding as of the issuance date of this Warrant; (iii) any Equity Securities issued or issuable for consideration other than cash pursuant to a merger, consolidation, strategic alliance, acquisition or similar business combination; (iv) any Equity Securities issued or issuable in connection with any stock split, stock dividend, distribution or recapitalization by the Company; (v) any Equity Securities issued or issuable pursuant to any equipment loan or leasing arrangement, real property leasing arrangement, or debt financing from a bank or similar financial or lending institution; and (vi) any Equity Securities issued or issuable to Holders, the Placement Agent or any of their respective affiliates in connection with the offering contemplated in the Private Placement Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Certificate as to Adjustments</u>. Upon the occurrence of each adjustment or readjustment pursuant to this Section 3, the Company at its expense shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to each Holder of this Warrant a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based. The Company shall promptly furnish or cause to be furnished to such Holder a like certificate setting forth: (i) such adjustments and readjustments; and (ii) the number of shares and the amount, if any, of other property which at the time would be received upon the exercise of the Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Certain Events</u>. If any event occurs as to which the other provisions of this Section 3 are not strictly applicable but the lack of any adjustment would not fairly protect the purchase rights of the Holder under this Warrant in accordance with the basic intent and principles of such provisions, or if strictly applicable would not fairly protect the purchase rights of the Holder under this Warrant in accordance with the basic intent and principles of such provisions, then the Board of Directors will, in good faith, make an appropriate adjustment to protect the rights of the Holder, <u>provided</u> that no such adjustment pursuant to this Section 3(c) will increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 3.

4. REDEMPTION OF WARRANTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Prior to the Expiration Date, the Company shall have the option, subject to the conditions set forth herein, to redeem all of the Warrants then outstanding upon not less than thirty (30) days' nor more than sixty (60) days' prior written notice to the Warrant holders at any time, provided that, at the time of delivery of such notice (i) there is an effective registration statement covering the resale of the Warrant Shares, and (ii) the closing price of the Company's Common Stock for the ten (10) consecutive Trading Days prior to the date of the notice of redemption is at least $7.50, as proportionately adjusted to reflect any stock splits, stock dividends, combination of shares or like events. The Company will retain Aegis Capital Corp. as its solicitation agent in the event the Company elects to redeem the Warrants and shall be paid a fee of 4% of the gross proceeds derived from the exercise of the Warrants as provided in Section 4(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice</u>. Notice of redemption will be effective upon mailing in accordance with this Section and such date may be referred to below as the "**Notice Date.**" Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the date fixed for redemption to the Holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Holder received such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Redemption Date and Redemption Price</u>. The notice of redemption shall state the date set for redemption, which date shall be not less than thirty (30) days, or more than sixty (60) days, from the Notice Date (the "**Redemption Date**"). The Company shall not mail the notice of redemption unless all funds necessary to pay for redemption of the Warrants to be redeemed shall have first been set aside by the Company for the benefit of the Warrant holders so as to be and continue to be available therefor. The redemption price to be paid to the Warrant holders will be $0.0001 for each share of Common Stock of the Company to which the Warrant holder would then be entitled upon exercise of the Warrant being redeemed, as adjusted from time to time as provided herein (the "**Redemption Price**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Exercise</u>. Following the Notice Date, the Warrant holders may exercise their Warrants in accordance with Section 1 of this Warrant between the Notice Date and 5:00 p.m. Eastern Time on the Redemption Date, and such exercise shall be timely if the form of election to purchase duly executed and the Warrant Exercise Price for the shares of Common Stock to be purchased are actually received by the Company at its principal offices prior to 5:00 p.m. Eastern Time on the Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Mailing</u>. If any Warrant holder does not wish to exercise any Warrant being redeemed, he should mail such Warrant to the Company at its principal offices after receiving the notice of redemption. On and after 5:00 p.m. Eastern Time on the Redemption Date, notwithstanding that any Warrant subject to redemption shall not have been surrendered for redemption, the obligation evidenced by all Warrants not surrendered for redemption or effectively exercised shall be deemed no longer outstanding, and all rights with respect thereto shall forthwith cease and terminate, except only the right of the holder of each Warrant subject to redemption to receive the Redemption Price for each share of Common Stock to which he would be entitled if he exercised the Warrant upon receiving notice of redemption of the Warrant subject to redemption held by him.

5. TRANSFERS AND EXCHANGES OF WARRANT AND WARRANT SHARES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Registration of Transfers and Exchanges</u>. Subject to Section 5(c), upon the Holder's surrender of this Warrant, with a duly executed copy of the Form of Assignment attached as **Exhibit B**, to the Secretary of the Company at its principal offices or at such other office or agency as the Company may specify in writing to the Holder, the Company shall register the transfer of all or any portion of this Warrant. Upon such registration of transfer, the Company shall issue a new Warrant, in substantially the form of this Warrant, evidencing the acquisition rights transferred to the transferee and a new Warrant, in similar form, evidencing the remaining acquisition rights not transferred, to the Holder requesting the transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Warrant Exchangeable for Different Denominations</u>. The Holder may exchange this Warrant for a new Warrant or Warrants, in substantially the form of this Warrant, evidencing in the aggregate the right to purchase the number of Warrant Shares which may then be purchased hereunder, each of such new Warrants to be dated the date of such exchange and to represent the right to purchase such number of Warrant Shares as shall be designated by the Holder. The Holder shall surrender this Warrant with duly executed instructions regarding such re-certification of this Warrant to the Secretary of the Company at its principal offices or at such other office or agency as the Company may specify in writing to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Restrictions on Transfers</u>. This Warrant may not be transferred at any time without (i) registration under the Securities Act or (ii) an exemption from such registration and a written opinion of legal counsel addressed to the Company that the proposed transfer of the Warrant may be effected without registration under the Securities Act, which opinion will be in form and from counsel reasonably satisfactory to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Permitted Transfers and Assignments</u>. Notwithstanding any provision to the contrary in this Section 5, the Holder may transfer, with or without consideration, this Warrant or any of the Warrant Shares (or a portion thereof) to the Holder's Affiliates (as such term is defined under Rule 144 of the Securities Act) without obtaining the opinion from counsel that may be required by Section 5(c)(ii), <u>provided</u> that the Holder delivers to the Company and its counsel certification, documentation, and other assurances reasonably required by the Company's counsel to enable the Company's counsel to render an opinion to the Company's Transfer Agent that such transfer does not violate applicable securities laws.

6. MUTILATED OR MISSING WARRANT CERTIFICATE

If this Warrant is mutilated, lost, stolen or destroyed, upon request by the Holder, the Company will, at its expense, issue, in exchange for and upon cancellation of the mutilated Warrant, or in substitution for the lost, stolen or destroyed Warrant, a new Warrant, in substantially the form of this Warrant, representing the right to acquire the equivalent number of Warrant Shares; <u>provided</u>, <u>however</u>, that, as a prerequisite to the issuance of a substitute Warrant, the Company may require satisfactory evidence of loss, theft or destruction as well as an indemnity from the Holder of a lost, stolen or destroyed Warrant.

7. PAYMENT OF TAXES

The Company will pay all transfer and stock issuance taxes attributable to the preparation, issuance and delivery of this Warrant and the Warrant Shares (and replacement Warrants) including, without limitation, all documentary and stamp taxes; <u>provided</u>, <u>however</u>, that the Company shall not be required to pay any tax in respect of the transfer of this Warrant, or the issuance or delivery of certificates for Warrant Shares or other securities in respect of the Warrant Shares to any person or entity other than to the Holder.

8. FRACTIONAL WARRANT SHARES

No fractional Warrant Shares shall be issued upon exercise of this Warrant. The Company, in lieu of issuing any fractional Warrant Share, shall round up the number of Warrant Shares issuable to nearest whole share.

9. NO STOCK RIGHTS AND LEGEND

No holder of this Warrant, as such, shall be entitled to vote or be deemed the holder of any other securities of the Company that may at any time be issuable on the exercise hereof, nor shall anything contained herein be construed to confer upon the holder of this Warrant, as such, the rights of a stockholder of the Company or the right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or give or withhold consent to any corporate action or to receive notice of meetings or other actions affecting stockholders (except as provided herein), or to receive dividends or subscription rights or otherwise (except as provide herein).

Each certificate for Warrant Shares initially issued upon the exercise of this Warrant, and each certificate for Warrant Shares issued to any subsequent transferee of any such certificate, shall be stamped or otherwise imprinted with a legend in substantially the following form:

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS."

10. REGISTRATION RIGHTS

The Holder shall be entitled to the registration rights as are contained in the Investors' Rights Agreement with respect to the Warrant Shares, the provisions of which are deemed incorporated herein by reference.

11. NOTICES

All notices, consents, waivers, and other communications under this Warrant must be in writing and will be deemed given to a party when (a) delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid); (b) sent by facsimile or e-mail with confirmation of transmission by the transmitting equipment or (c) received or rejected by the addressee, if sent by certified mail, return receipt requested, if to the registered Holder hereof; to the Holder at the address, facsimile number, or e-mail address furnished by the registered Holder to the Company in accordance with the Subscription Agreement by and between the Company and the Holder, or if to the Company, to it at 7th Floor, Tower-B, Diamond District 150, HAL Airport Road, Kodihalli Bangalore, INDIA 560038 greg@zoomcar.com, Attn: Greg Moran, CEO (or to such other address, facsimile number, or e-mail address as the Holder or the Company as a party may designate by notice the other party).

12. SEVERABILITY

If a court of competent jurisdiction holds any provision of this Warrant invalid or unenforceable, the other provisions of this Warrant will remain in full force and effect. Any provision of this Warrant held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.

13. BINDING EFFECT

This Warrant shall be binding upon and inure to the sole and exclusive benefit of the Company, its successors and assigns, the registered Holder or Holders from time to time of this Warrant and the Warrant Shares.

14. SURVIVAL OF RIGHTS AND DUTIES

This Warrant shall terminate and be of no further force and effect on the earlier of 5:00 P.M., Eastern Time, on the Expiration Date or the date on which this Warrant has been exercised in full.

15. GOVERNING LAW

This Warrant will be governed by and construed under the laws of the State of Delaware without regard to conflicts of laws principles that would require the application of any other law.

16. DISPUTE RESOLUTION

In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via facsimile or e-mail with confirmation of transmission by the transmitting equipment within two Business Days of receipt of the Notice of Exercise giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within three Business Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall, within two Business Days, submit via email or facsimile (a) the disputed determination of the Exercise Price to an independent, reputable investment bank selected by the Company and approved by the Holder (which approval shall not be unreasonably withheld) or (b) the disputed arithmetic calculation of the Warrant Shares to the Company's independent, outside accountant. The Company shall cause at its expense the investment bank or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the results no later than ten (10) Business Days from the time it receives the disputed determinations or calculations. Such investment bank's or accountant's determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error.

17. NOTICES OF RECORD DATE

Upon (a) any establishment by the Company of a record date of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive any dividend or other distribution, or right or option to acquire securities of the Company, or any other right, or (b) any capital reorganization, reclassification, recapitalization, merger or consolidation of the Company with or into any other corporation, any transfer of all or substantially all the assets of the Company, or any voluntary or involuntary dissolution, liquidation or winding up of the Company, or the sale, in a single transaction, of a majority of the Company's voting stock (whether newly issued, or from treasury, or previously issued and then outstanding, or any combination thereof), the Company shall mail to the Holder at least ten (10) Business Days, or such longer period as may be required by law, prior to the record date specified therein, a notice specifying (i) the date established as the record date for the purpose of such dividend, distribution, option or right and a description of such dividend, option or right, (ii) the date on which any such reorganization, reclassification, transfer, consolidation, merger, dissolution, liquidation or winding up, or sale is expected to become effective and (iii) the date, if any, fixed as to when the holders of record of Common Stock shall be entitled to exchange their shares of Common Stock for securities or other property deliverable upon such reorganization, reclassification, transfer, consolation, merger, dissolution, liquidation or winding up.

18. RESERVATION OF SHARES

The Company shall reserve and keep available out of its authorized but unissued shares of Common Stock for issuance upon the exercise of this Warrant, free from pre-emptive rights, such number of shares of Common Stock for which this Warrant shall from time to time be exercisable. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation. Without limiting the generality of the foregoing, the Company covenants that it will use best efforts to take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and use best efforts to obtain all such authorizations, exemptions or consents, including but not limited to consents from the Company's stockholders or Board of Directors or any public regulatory body, as may be necessary to enable the Company to perform its obligations under this Warrant.

19. NO THIRD PARTY RIGHTS

This Warrant is not intended, and will not be construed, to create any rights in any parties other than the Company and the Holder, and no person or entity may assert any rights as third-party beneficiary hereunder.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of the date first set forth above.

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| |
|:---|
| **ZOOMCAR, INC.** |
| By: |

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EXHIBIT A

NOTICE OF EXERCISE

(To be executed by the Holder of Warrant if such Holder desires to exercise Warrant)

To ZoomCar, Inc.:

The undersigned hereby irrevocably elects to exercise this Warrant and to purchase thereunder, ________________full shares of ZoomCar, Inc. common stock, par value $0.0001 per share, issuable upon exercise of the Warrant and delivery of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) $<u> </u> (in cash as provided for in the foregoing Warrant) and any applicable taxes payable by the undersigned pursuant to such Warrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)<u> </u> shares of Common Stock (pursuant to a Cashless Exercise in accordance with Section 1(b)(ii) of the Warrant) (check here if the undersigned desires to deliver an unspecified number of shares equal the number sufficient to effect a Cashless Exercise [ ]).

The undersigned requests that certificates for such shares be issued in the name of:

(Please print name, address and social security or federal employer<br> identification number (if applicable))

Capitalized terms used herein without definition have the meaning ascribed to them in the Warrant. The undersigned hereby reaffirms all of the representations and warranties made in the subscription agreement submitted to ZoomCar, Inc. to acquire the Warrant, including that the undersigned is an "accredited investor" as defined under Rule 501 of Regulation D of the Securities Act of 1933, as amended.

If the shares issuable upon this exercise of the Warrant are not all of the Warrant Shares which the Holder is entitled to acquire upon the exercise of the Warrant, the undersigned requests that a new Warrant evidencing the rights not so exercised be issued in the name of and delivered to:

(Please print name, address and social security or federal employer<br> identification number (if applicable))

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| |
|:---|
| Name of Holder (print): |
| (Signature): |
| (By:) |
| (Title:) |
| Dated: |

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EXHIBIT B

FORM OF ASSIGNMENT

FOR VALUE RECEIVED,<u> </u> hereby sells, assigns and transfers to each assignee set forth below all of the rights of the undersigned under the Warrant (as defined in and evidenced by the attached Warrant) to acquire the number of Warrant Shares set opposite the name of such assignee below and in and to the foregoing Warrant with respect to said acquisition rights and the shares issuable upon exercise of the Warrant:

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| | | |
|:---|:---|:---|
| Name of Assignee | Address | Number of Shares |

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If the total of the Warrant Shares are not all of the Warrant Shares evidenced by the foregoing Warrant, the undersigned requests that a new Warrant evidencing the right to acquire the Warrant Shares not so assigned be issued in the name of and delivered to the undersigned.

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| |
|:---|
| Name of Holder (print): |
| (Signature): |
| (By:) |
| (Title:) |
| Dated: |

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## Ex-99.(D)(1)(H)

**Exhibit 99(d)(1)(H)**

**<u>Form of Common</u>**  **<u>Warrant</u>**

**NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.** 

**WARRANT TO PURCHASE COMMON STOCK** 

**ZOOMCAR HOLDINGS, INC.** 

Warrant Shares: <<>> Initial Exercise Date: <<>> <br> Issuance Date: <<>>

THIS WARRANT TO PURCHASE COMMON STOCK (the "<u>Warrant</u>") certifies that, for value received, <<>> or its assigns (the "<u>Holder</u>") is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time until this Warrant is exercised in full (the "<u>Termination Date</u>") , to subscribe for and purchase from Zoomcar Holdings, Inc., a Delaware corporation (the "<u>Company</u>"), up to <<>> shares (as subject to adjustment hereunder, the "<u>Warrant Shares</u>") of Common Stock. The purchase price of one (1) share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2.2.

1.  **<u>Definitions</u>** . In addition to the terms defined
elsewhere in this Warrant or in the Securities Purchase Agreement dated <<>> by and among the Company and the investors (the
"  **<u>Purchasers</u>**") referred to therein (the "  **<u>Securities Purchase Agreement</u>**" or the "  **<u>Agreement</u>** "),
the following terms have the meanings indicated in this Section 1:

1.1. "  **<u>Affiliate</u>**" means any Person that,
directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as
such terms are used in and construed under Rule 405 under the Securities Act.

1.2. "  **<u>Bid Price</u>**" means, for any date, the
price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market,
the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common
Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York
City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the
nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or
OTCQX and if prices for the Common Stock are then reported on the Pink Open Market (or a similar organization or agency succeeding to
its functions of reporting prices), the most recent bid price per share of Common Stock so reported, or (d) in all other cases, the fair
market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority
in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by
the Holder.

1.3. "  **<u>Board of Directors</u>**" means the board
of directors of the Company.

1.4. "  **<u>Business Day</u>**" means any day other
than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain
closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders
or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic
funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers
on such day.

1.5. "  **<u>Commission</u>**" means the United States
Securities and Exchange Commission.

1.6. "  **<u>Common Stock</u>**" means the common stock
of the Company, $0.0001 par value per share, and any other class of securities into which such securities may hereafter be reclassified
or changed.

1.7. "  **<u>Common Stock Equivalents</u>**" means any
securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including,
without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable
or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

1.8. "  **<u>Exchange Act</u>**" means the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

1.9. "  **<u>Person</u>**" means an individual or corporation,
partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government
(or an agency or subdivision thereof) or other entity of any kind.

1.10. "  **<u>Securities Act</u>**" means the Securities
Act of 1933, as amended, and the rules and regulations promulgated thereunder.

1.11. "  **<u>Subsidiary</u>**" means any subsidiary
of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the
date hereof.

1.12. "  **<u>Trading Day</u>**" means a day on which
the Common Stock is traded on a Trading Market.

1.13. "  **<u>Trading Market</u>**" means any of the
following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American,
the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, OTCQB or OTCQX (or
any successors to any of the foregoing).

1.14. "  **<u>Transfer Agent</u>**" means Equiniti Trust
Company, LLC, the current transfer agent of the Company, with a mailing address of 48 Wall Street, 22<sup>nd</sup> Floor, New York NY
10005 and an email address of , and any successor transfer agent of the Company.

1.15. "  **<u>VWAP</u>**" means, for any date, the price
determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market,
the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which
the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to
4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock
for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for
trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the Pink Open Market (or a similar organization or
agency succeeding to its functions of reporting prices), the most recent bid price per share of Common Stock so reported, or (d) in all
other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the
holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of
which shall be paid by the Holder.

2.  **<u>Exercise</u>** .

2.1.  **<u>Exercise of Warrant</u>** . Exercise of the purchase
rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on
or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the
Notice of Exercise substantially in the form attached hereto as Exhibit <u>2.1</u> (the "  **<u>Notice of Exercise</u>** ").
Within the earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined
in Section 2.4.1 herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant
Shares specified in the applicable Notice of Exercise by wire transfer or cashier's check drawn on a United States bank unless
the cashless exercise procedure specified in Section 2.3 below is specified in the applicable Notice of Exercise. No ink-original Notice
of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise
be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to
the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full,
in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days after the date on
which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion
of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares
purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain
records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any
Notice of Exercise within one (1) Trading Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares
hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the
face hereof.

2.2.  **<u>Exercise Price</u>** . The aggregate exercise price of
this Warrant, except for a nominal exercise price of $6,000 per Warrant Share, subject to adjustment hereunder (such nominal exercise
price, the "  **<u>Exercise Price</u>** "), was pre-funded to the Company on or prior to the Initial Exercise Date and, consequently,
no additional consideration (other than such Exercise Price) shall be required to be paid by the Holder to any Person to effect any exercise of this
Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid aggregate exercise price under
any circumstance or for any reason whatsoever.

2.3.  **<u>Cashless Exercise</u>** . This Warrant may also be exercised,
in whole or in part, by means of a "cashless exercise" in which the Holder shall be entitled to receive a number of Warrant
Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

(A) = as applicable: (i) the VWAP on the Trading Day immediately
preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section
2.1 hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2.1 hereof on a Trading Day prior
to the opening of "regular trading hours" (as defined in Rule 600(b) of Regulation NMS promulgated under the federal securities
laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of
the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P.
as of the time of the Holder's execution of the applicable Notice of Exercise if such Notice of Exercise is executed during "regular
trading hours" on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close
of "regular trading hours" on a Trading Day) pursuant to Section 2.1 hereof or (iii) the VWAP on the date of the applicable
Notice of Exercise if the date of such Notice of Exercise is a Trading
Day and such Notice of Exercise is both executed and delivered pursuant to Section 2.1 hereof after the close of "regular trading
hours" on such Trading Day;

(B) = the Exercise Price of this Warrant, as adjusted hereunder;
and

(X) = the number of Warrant Shares that would be issuable upon exercise
of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless
exercise.

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the holding period of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. Without limiting any other provision in the Agreement, assuming (i) the Holder is not an Affiliate of the Company, and (ii) either (a) all of the applicable conditions of Rule 144 promulgated under the Securities Act with respect to Holder and the Warrant Shares are met or (B) there is no requirement for the Company to be in compliance with the current public information required under Rule 144, in the case of such a cashless exercise, the Company agrees that the Company will cause the removal of the legend from such Warrant Shares (including by delivering an opinion of the Company's counsel to the Company's transfer agent, which opinion shall remain in effect until the date on which the Company's next quarterly filing (10-K or 10-Q) is due, at its own expense to ensure the foregoing), and the Company agrees that the Holder is under no obligation to sell the Warrant Shares issuable upon the exercise of the Warrant prior to removing the legend. The Company agrees not to take any position contrary to this Section 2.3.

2.4.  **<u>Mechanics of Exercise</u>** .

2.4.1.  **<u>Delivery of Warrant Shares upon Exercise</u>** . The
Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account
of the Holder's or its designee's balance account with The Depository Trust Company through its Deposit or Withdrawal at
Custodian system ("  **<u>DWAC</u>**") if the Company is then a participant in such system and either (A) there is an effective
registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B)
the Warrant Shares are eligible for resale by the Holder without the requirement for the Company to be in compliance with the current
public information required under Rule 144 and without volume or manner-of-sale limitations pursuant to Rule 144 (assuming cashless exercise
of the Warrants), and otherwise by physical delivery of a certificate or by electronic delivery (at the election of the Holder), for the
number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice
of Exercise by the date that is the earlier of (i) one (1) Trading Day after the delivery to the Company of the Notice of Exercise and
(ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise
(such date, the "  **<u>Warrant Share Delivery Date</u>** "). Upon delivery of the Notice of Exercise, the Holder shall be
deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been
exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than
in the case of a cashless exercise) is received within the earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising
the Standard Settlement Period following delivery of the Notice of Exercise. Notwithstanding anything herein to the contrary, upon delivery
of the Notice of Exercise, the Holder shall be deemed for purposes of Regulation SHO under the Exchange Act to have become the holder
of the Warrant Shares irrespective of the date of delivery of the Warrant Shares. If the Company fails for any reason to deliver to the
Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in
cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the
Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the third (3rd)
Trading Day after the Warrant Share Delivery Date) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares
are delivered or Holder rescinds such exercise. The Company agrees to maintain a Transfer Agent that is a participant in the FAST program
so long as this Warrant remains outstanding and exercisable. As used herein, "  **<u>Standard Settlement Period</u>**" means
the standard settlement period, expressed in a number of Trading Days, on the Company's primary Trading Market with respect to the
Common Stock as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect to any Notice(s)
of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Initial Exercise Date, which may be delivered at any time
after the time of execution of the Agreement, the Company agrees to deliver the Warrant Shares subject to such notice(s) by 4:00 p.m.
(New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share Delivery Date for purposes
hereunder, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received by such Warrant
Share Delivery Date.

2.4.2.  **<u>Delivery of New Warrants Upon Exercise</u>** . If this
Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate,
at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the
unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

2.4.3.  **<u>Rescission Rights</u>** . If the Company fails to cause
the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2.4.1 by the Warrant Share Delivery Date, then the
Holder will have the right to rescind such exercise.

2.4.4.  **<u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares upon Exercise</u>** . In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent
to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2.4.1 above pursuant to an exercise on or before
the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction
or otherwise) or the Holder's brokerage firm otherwise purchases, shares of Common
Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise
(a "  **<u>Buy-In</u>** "), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder's
total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained
by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise
at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the
Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored and
return any amount received by the Company in respect of the Exercise Price for those Warrant Shares (in which case such exercise shall
be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely
complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving
rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay
the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the
Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder's right to pursue
any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company's failure to timely deliver shares of Common Stock upon exercise of the Warrant as
required pursuant to the terms hereof.

2.4.5.  **<u>No Fractional Shares or Scrip</u>** . No fractional shares
or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder
would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect
of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

2.4.6.  **<u>Charges, Taxes and Expenses</u>** . Issuance of Warrant
Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance
of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the
name of the Holder or in such name or names as may be directed by the Holder; <u>provided</u>, <u>however</u>, that, in the event that
Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied
by the Assignment Form attached hereto as <u>Exhibit 2.4.6</u> duly executed by the Holder and the Company may require, as a condition
thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer
Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established
clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

2.4.7.  **<u>Closing of Books</u>** . The Company will not close its
stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

2.5.  **<u>Holder's Exercise Limitations</u>** . The Company
shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant
to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice
of Exercise, the Holder (together with the Holder's Affiliates, and any other Persons acting as a group together with the Holder
or any of the Holder's Affiliates (such Persons, "  **<u>Attribution Parties</u>** ")), would beneficially own in excess
of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common
Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable
upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common
Stock which would be issuable upon (i) exercise of the remaining, unexercised portion of this Warrant beneficially owned by the Holder
or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or unconverted portion of any other
securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or
exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.
Except as set forth in the preceding sentence, for purposes of this Section 2.5, beneficial ownership shall be calculated in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that
the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder
is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this
Section 2.5 applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the
Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder's determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this
Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify
or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined
in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section
2.5, in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common
Stock as reflected in (A) the Company's most recent periodic or annual report filed with the Commission, as the case may be, (B)
a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth
the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one (1) Trading
Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding
shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this
Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common
Stock was reported. The "  **<u>Beneficial Ownership Limitation</u>**" shall be 4.99% (or, upon election by a Holder prior
to the issuance of any Warrants, 9.99%) of the number of shares of Common Stock outstanding immediately after giving effect to the issuance
of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the
Beneficial Ownership Limitation provisions of this Section 2.5, provided that the Beneficial Ownership Limitation in no event exceeds
9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon
exercise of this Warrant held by the Holder and the provisions of this Section 2.5 shall continue to apply. Any increase in the Beneficial
Ownership Limitation will not be effective until the 61<sup>st</sup> day after such notice is delivered to the Company. The provisions
of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2.5
to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation
herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations
contained in this paragraph shall apply to a successor holder of this Warrant.

3.  **<u>Certain Adjustments</u>** .

3.1.  **<u>Stock Dividends and Splits</u>** . If the Company, at
any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of
Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall
not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common
Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into
a smaller number of shares, or (iv) issues by reclassification of shares of Common Stock any shares of capital stock of the Company,
then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common
Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number
of shares of Common Stock outstanding immediately after such event, and the number of Shares issuable upon exercise of this Warrant shall
be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant
to this Section 3.1 shall become effective immediately after the record date for the determination of stockholders entitled to receive
such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination
or re-classification.

3.2.  **<u>Subsequent Rights Offerings</u>** . In addition to any
adjustments pursuant to Section 3.1 above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights
to purchase stock, warrants, securities or other property pro rata to all (or substantially all) of the record holders of any class of
shares of Common Stock (the "  **<u>Purchase Rights</u>** "), then the Holder will be entitled to acquire, upon the terms
applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number
of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including
without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance
or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are
to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to the extent that the Holder's
right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder
shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as
a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until
such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

3.3.  **<u>Pro Rata Distributions</u>** . During such time as this
Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its
assets) to all (or substantially all) holders of shares of Common Stock, by way of return of capital or otherwise (including, without
limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (a "  **<u>Distribution</u>** "), at any time
after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the
same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon
complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial
Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided,
however, that, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding
the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in
the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such
Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in
the Holder exceeding the Beneficial Ownership Limitation). To the extent that this Warrant has not been partially or completely exercised
at the time of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder
has exercised this Warrant.

3.4.  **<u>Fundamental Transaction</u>** . If, at any time while
this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation
of the Company with or into another Person, (ii) the Company or any Subsidiary, directly or indirectly, effects any sale, lease, license,
assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions,
(iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed
pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property
and has been accepted by the holders of 50% or more of the outstanding Common Stock or 50% or more of the voting power of the common
equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires 50% or
more of the outstanding shares of Common Stock or 50% or more of the voting power of the common equity of the Company (each a "  **<u>Fundamental Transaction</u>** "), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each
Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at
the option of the Holder (without regard to any limitation in Section 2.5 on the exercise of this Warrant), the number of shares of Common
Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the "  **<u>Alternate Consideration</u>**") receivable as a result of such Fundamental Transaction by a holder of the number
of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to
any limitation in Section 2.5 on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise
Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable
in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the
Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then
the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
(the "  **<u>Successor Entity</u>**") to assume in writing all of the obligations of the Company under this Warrant and
the Agreement in accordance with the provisions of this Section 3.4 pursuant to written agreements in form and substance reasonably satisfactory
to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option
of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant that is exercisable for a corresponding number of shares of capital stock
of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this
Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise
price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares
of Common Stock prior to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital
stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation
of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any
such Fundamental Transaction, the Successor Entity shall be added to the term "Company" under this Warrant (so that from
and after the occurrence or consummation of such Fundamental Transaction, each and every provision of this Warrant and the Agreement
referring to the "Company" shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly
and severally), and the Successor Entity or Successor Entities, jointly and severally with the Company, may exercise every right and
power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company
prior thereto under this Warrant and the Agreement with the same effect as if the Company and such Successor Entity or Successor Entities,
jointly and severally, had been named as the Company herein. For the avoidance of doubt, the Holder shall be entitled to the benefits
of the provisions of this Section 3.4 regardless of (i) whether the Company has sufficient authorized shares of Common Stock for the
issuance of Warrant Shares and/or (ii) whether a Fundamental Transaction occurs prior to the Initial Exercise Date.

3.5.  **<u>Calculations</u>** . All calculations under this Section
3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number
of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock
(excluding treasury shares, if any) issued and outstanding.

3.6.  **<u>Notice to Holder</u>** .

3.6.1.  **<u>Adjustment to Exercise Price</u>** . Whenever the Exercise
Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by email a notice setting
forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief
statement of the facts requiring such adjustment.

3.6.2.  **<u>Notice to Allow Exercise by Holder</u>** . If (A) the
Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special
nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the
Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval
of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or
merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets,
or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall
authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the
Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register of
the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the
date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record
is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share
exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record
shall be entitled to exchange their shares of Common Stock for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in
the delivery thereof shall not affect the validity of the corporate action
required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public
information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of
such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

4.  **<u>Transfer of Warrant</u>** .

4.1.  **<u>Transferability</u>** . Subject to compliance with any
applicable securities laws and the conditions set forth in Section 4.4 hereof, this Warrant and all rights hereunder are transferable,
in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written
assignment of this Warrant substantially in the form attached hereto as Exhibit 2.4.6 duly executed by the Holder or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment,
the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of
this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder
shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which
case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days after the date on which the Holder delivers
an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised
by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

4.2.  **<u>New Warrants</u>** . This Warrant may be divided or combined
with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names
and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section
4.1, as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or
Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers
or exchanges shall be dated the initial Issuance Date of this Warrant and shall be identical with this Warrant except as to the number
of Warrant Shares issuable pursuant thereto.

4.3.  **<u>Warrant Register</u>** . The Company shall register this
Warrant, upon records to be maintained by the Company for that purpose (the "  **<u>Warrant Register</u>** "), in the name
of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner
hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to
the contrary.

4.4.  **<u>Reserved.</u>** 

4.5.  **<u>Representation by the Holder</u>** . The Holder, by the
acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant
Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or
any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted
under the Securities Act.

5.  **<u>Miscellaneous</u>** .

5.1.  **<u>No Rights as Stockholder until Exercise; No Settlement in Cash</u>** . This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company
prior to the exercise hereof as set forth in Section 2.4.1, except as expressly set forth in Section 3. Without limiting any rights of
a Holder to receive Warrant Shares on a "cashless exercise" pursuant to Section 2.3 or to receive cash payments pursuant
to Section 2.4.1 and Section 2.4.4 herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.

5.2.  **<u>Loss, Theft, Destruction or Mutilation of Warrant</u>** .
The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation
of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security
reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and
cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate
of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

5.3.  **<u>Saturdays, Sundays, Holidays, etc</u>** . If the last
or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day,
then such action may be taken or such right may be exercised on the next succeeding Business Day.

5.4.  **<u>Authorized Shares</u>** .

5.4.1.  **<u>Reservation of Authorized and Unissued Shares</u>** .
The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock
a sufficient number of shares of Common Stock to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who
are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed.
The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant
will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be
duly authorized, validly issued, fully paid and nonassessable (which means that no further sums are required to be paid by the holders

thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

5.4.2.  **<u>Noncircumvention</u>** . Except and to the extent as
waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of
incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any
other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times
in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to
protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company
will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such
increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally
issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to
obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction
thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

5.4.3.  **<u>Authorizations, Exemptions and Consents</u>** . Before
taking any action that would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from
any public regulatory body or bodies having jurisdiction thereof.

5.5.  **<u>Governing Law</u>** . All questions concerning the construction,
validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal
laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings
concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party
hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced
exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not
to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that
such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this
Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an
action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be
reimbursed by the other party for their reasonable attorneys' fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such action or proceeding. Notwithstanding the foregoing, nothing in this paragraph shall limit or restrict
the federal district court in which a Holder may bring a claim under the federal securities laws.

5.6.  **<u>Restrictions</u>** . The Holder acknowledges that the
Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will
have restrictions upon resale imposed by state and federal securities laws.

5.7.  **<u>Nonwaiver and Expenses</u>** . No course of dealing or
any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice
the Holder's rights, powers or remedies, notwithstanding the fact that the right to exercise this Warrant terminates on the Termination
Date. No provision of this Warrant shall be construed as a waiver by the Holder of any rights which the Holder may have under the federal
securities laws and the rules and regulations of the Commission thereunder.

5.8.  **<u>Notices</u>** . Any and all notices or other communications
or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Exercise, shall be in writing and
delivered personally, by e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company, at Anjaneya
Techno Park, No. 147, 1st floor, Kodihalli, Bangalore, INDIA 5600038, Attention: Chief Executive Officer, email address: investors@zoomcar.com,
or such other email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or
other communications or deliveries to be provided
by the Company hereunder shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier
service addressed to each Holder at the e-mail address or address of such Holder appearing on the books of the Company. Any notice or
other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such
notice or communication is delivered via e-mail at the e-mail address set forth in this Section 5.8 prior to 5:30 p.m. (New York City
time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via e-mail at
the e-mail address set forth in this Section 5.8 on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any
Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service,
or (iv) upon actual receipt by the party to whom such notice is required to be given. To the extent that any notice provided hereunder
constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously
file such notice with the Commission pursuant to a Current Report on Form 8-K.

5.9.  **<u>Limitation of Liability</u>** . No provision hereof,
in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein
of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock
or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

5.10.  **<u>Remedies</u>** . The Holder, in addition to being entitled
to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this
Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it
of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that
a remedy at law would be adequate.

5.11.  **<u>Successors and Assigns</u>** . Subject to applicable
securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors
and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended
to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

5.12.  **<u>Amendment</u>** . This Warrant may be modified or amended
or the provisions hereof waived with the written consent of the Company, on the one hand, and a majority-in-interest of Holders of the
Warrants, on the other hand. No modification or amendment or modification of the provisions hereof may be waived in a manner that is
more favorable to other holder(s) of Warrants, as applicable, or to treat any holder(s) of Warrants in a manner that is in any respect
not equal to the treatment of all other holder(s) of Warrants.

5.13.  **<u>Severability</u>** . Wherever possible, each provision
of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant
shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity,
without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

5.14.  **<u>Headings</u>** . The headings used in this Warrant are
for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

*[ZCAR Investor Common Warrant Signature Page Follows]*

*[ZCAR Investor Common Warrant Signature Page]*

IN WITNESS WHEREOF, the Company has caused this Common Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

---

| | |
|:---|:---|
| ZOOMCAR HOLDINGS, INC. | ZOOMCAR HOLDINGS, INC. |
| By: |  |
| Name: | Deepankar Tiwari |
| Its: | Chief Executive Officer |

---

**<u>Exhibit 2.1</u>**

**NOTICE OF EXERCISE** 

TO: ZOOMCAR HOLDINGS, INC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

☐ in lawful money of the United States.

☐ if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2.3, to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

_______________________________

The Warrant Shares shall be delivered to the following DWAC Account Number:

_______________________________

_______________________________

_______________________________

(4) The undersigned is an "accredited investor" as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

[SIGNATURE OF HOLDER]

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| |
|:---|
| Name of Investing Entity: |
| *Signature of Authorized Signatory of Investing Entity:* |
| Name of Authorized Signatory: |
| Title of Authorized Signatory: |
| Date: |

---

**<u>Exhibit 2.4.6</u>**

**ASSIGNMENT FORM** 

(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to exercise the Warrant to purchase shares of Common Stock.)

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

---

| |
|:---|
| Name: |
| Address: |
| Phone Number: |
| Email Address: |
| Date: |
| Holder's Signature: |
| Holder's Address: |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**SC TO**

**Zoomcar Holdings, Inc.**

**Table 1 to Paragraph (a)(7)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Line Item Type** | **Notes** | **Transaction <br> Valuation** | **Fee Rate** | **Amount <br> of <br> Filing Fee** |
| Fees to be Paid | (1) | $1380330.00 | 0.0001381 | $190.62 |
| Fees Previously Paid | (2) | $33812246.23 |  | $4669.47 |
| Total Transaction Valuation: | Total Transaction Valuation: | $35192576.23 |  |  |
| Total Fees Due for Filing: | Total Fees Due for Filing: |  |  | $4860.09 |
| Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 4669.47 |
| Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: |  |  | $190.62 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated solely for purposes of calculating the amount of the filing fee pursuant to Rule 0-11 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). With respect to the additional securities being registered in connection with Amendment No. 4, the transaction valuation of $1,380,330.00 is based on the product of (i) $0.0735, the last reported sale price of the Company's Common Stock on March 17, 2026, as reported on the OTC Market, and (ii) 18,780,000.00, the number of additional shares of Common Stock issuable upon exchange of 939 2026 Common Warrants being added to the Offer to Exchange pursuant to Amendment No. 4, at an exchange ratio of 20,000 shares per warrant. The filing fee was calculated in accordance with Rule 0-11 under the Exchange Act and the Fee Rate Advisory issued August 25, 2025, by multiplying the transaction value by 0.0001381.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Reflects the filing fee of $4,669.47 previously paid in connection with the initial filing of the Schedule TO on January 23, 2026, based on a transaction valuation of $33,812,246.23, calculated as the product of (i) $0.0700, the last reported sale price of the Company's Common Stock on January 22, 2026, as reported on the OTC Market, and (ii) 483,032,089.00, the estimated number of shares of Common Stock issuable in the original Offer to Exchange. The filing fee was calculated in accordance with Rule 0-11 under the Exchange Act and the Fee Rate Advisory issued August 25, 2025, by multiplying the transaction value by 0.0001381.