Zoomcar Announces Pricing of $9.15 million Private Placement
Summary
The aggregate gross cash proceeds are expected to be $9.15 million, before deducting fees to the placement agent and other offering expenses payable by the Company. The exercise price and number of shares of common stock issuable upon exercise of the Series A warrants are subject to adjustment on the Reset Date, upon future dilutive issuances and following reverse stock splits, in each case, subject to a floor, and the exercise price and number of shares of common stock issuable upon exercise of the Series B warrants are subject to adjustment upon reverse stock splits, subject to a floor, and in each case, as will be described in more detail in the Current Report on Form 8-K to be filed in connection with the private placement.The closing of the private placement is expected to occur on or about November 6, 2024, subject to the satisfaction of certain customary closing conditions.Aegis Capital Corp. is acting as the Exclusive Placement Agent for the private placement.The securities described above are being sold in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the "Act"), and have not been registered under the Act, or applicable state securities laws. 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 India. This press release contains, or may contain, among other things, certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future presentations or otherwise, except as required by applicable law.