Zoomcar Holdings, Inc. Announces Closing of Sale of $3.6 Million Notes Private Placement | ZCAR Stock News
Summary
The Notes will mature on the earlier of nine months after issuance or the closing of capital raises or sales of assets of the Company with net proceeds sufficient to repay the Notes (the "Maturity Date").The Warrants are exercisable beginning on the later of (a) the six-month anniversary of issuance and (b) the date the Company obtains stockholder approval. The Warrants are subject to exercise price and corresponding share adjustments for certain dilutive issuances and resets following reverse stock splits, in each case, subject to a floor price, and also contain an alternative cashless exercise provision permitting for the cashless exchange of the Warrants for an equal number of shares. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the SEC covering the resale of the shares issuable upon exercise of the Warrants.This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.Founded in 2013 and headquartered in Bengaluru, , Zoomcar is a marketplace for car sharing focused on emerging markets. The Zoomcar community connects Hosts with guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in growing markets.The foregoing material may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned.