Zoomcar Holdings, Inc. Files 8-K with Material Agreements and Equity Sales

TL;DR

Zoomcar dropped an 8-K detailing new debt, equity sales, and exec changes. Watch ZCAR.

AI Summary

On June 18, 2024, Zoomcar Holdings, Inc. entered into a material definitive agreement related to the creation of a direct financial obligation. The company also reported on unregistered sales of equity securities and changes in its board of directors and officer compensation. This filing details significant financial and corporate governance events for Zoomcar.

Why It Matters

This 8-K filing indicates significant financial and corporate actions by Zoomcar, including new obligations and equity transactions, which could impact its financial structure and shareholder value.

Risk Assessment

Risk Level: medium — The filing involves material definitive agreements, financial obligations, and unregistered equity sales, which can introduce financial and operational risks.

Key Numbers

• 20240618 — Report Date (Date of the reported events and filing.)
• 20210331 — Name Change Date (Date Zoomcar Holdings, Inc. changed from its former name.)

Key Players & Entities

• Zoomcar Holdings, Inc. (company) — Filer
• Innovative International Acquisition Corp. (company) — Former Company Name
• 0001854275 (company) — Central Index Key

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share ZCAR The Nasdaq Stock Mar
• $5 — one share of Common Stock at a price of $5.71, subject to adjustment ZCARW The
• $3,600,000 — Company issued and sold an aggregate of $3,600,000 in principal amount of notes (the " Not
• $3,000,000 — the " Warrants ") for gross proceeds of $3,000,000. The closing occurred on June 20, 2024
• $250,000 — s in an amount aggregating in excess of $250,000, or a Material Adverse Effect (as defin
• $0.1416 — n stock at an initial exercise price of $0.1416 per share. The Warrants may be exercise
• $0.02832 — r to receipt of Stockholder Approval or $0.02832 following receipt of Stockholder Approv
• $85,000 — of the Placement Agent's counsel up to $85,000. In addition to the foregoing fees, the
• $1.7 million — e Company expects to have approximately $1.7 million of cash and cash equivalents after givi

Filing Documents

• ea0208166-8k_zoomcar.htm (8-K) — 68KB
• ea020816601ex4-1_zoomcar.htm (EX-4.1) — 122KB
• ea020816601ex10-1_zoomcar.htm (EX-10.1) — 259KB
• ea020816601ex10-2_zoomcar.htm (EX-10.2) — 116KB
• ea020816601ex10-3_zoomcar.htm (EX-10.3) — 177KB
• ea020816601ex10-4_zoomcar.htm (EX-10.4) — 71KB
• ex10-4_001.jpg (GRAPHIC) — 5KB
• ex10-4_002.jpg (GRAPHIC) — 2KB
• 0001213900-24-054492.txt ( ) — 1224KB
• zcar-20240618.xsd (EX-101.SCH) — 4KB
• zcar-20240618_def.xml (EX-101.DEF) — 26KB
• zcar-20240618_lab.xml (EX-101.LAB) — 36KB
• zcar-20240618_pre.xml (EX-101.PRE) — 25KB
• ea0208166-8k_zoomcar_htm.xml (XML) — 6KB

03

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 above regarding the Notes is incorporated herein by reference into this Item 3.02. Item 3.02. Unregistered Sales of Equity Securities. The information set forth in Item 1.01 above is incorporated herein by reference into this Item 3.02. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On June 20, 2024, Greg Moran, the Company's Chief Executive Officer, was terminated from his role. Pursuant to Mr. Moran's employment agreement, Mr. Moran is required to resign from the Board of Directors of the Company (the " Board ") as a result of such termination. 3 Following such termination, effective June 20, 2024, the Board appointed Hiroshi Nishijima, the Company's Chief Operating Officer, as interim Chief Executive Officer. Mr. Nishijima has been the Company's Chief Operating Officer since May 2022. Mr. Nishijima has more than half a decade of experience in the app-based marketplace business, especially in the mobility sector. Prior to his current role at the Company, from April 2020 to April 2022, Mr. Nishijima served as the Chief Executive Officer of Via Mobility Japan, K.K., a private on-demand ride sharing service providing cost-effective mobility solutions for public transportation. From January 2016 to April 2020, he served in multiple leadership positions at Grab Holdings Ltd (Nasdaq: GRAB), an app-based transportation, grocery, food, and Fintech services platform. Mr. Nishijima's roles at Grab included being the Head of Transport Business of Grab Indonesia and the Deputy Chief of Staff to the Chief Executive Officer of Grab. Prior to working at Grab, Mr. Nishijima worked at Boston Consulting Group, Inc., first serving as Project Leader of its Japan office from December 2010 to December

View Full Filing

View this 8-K filing on SEC EDGAR