Zoomcar Holdings (NASDAQ: ZCAR), a marketplace for car sharing in emerging markets, recently announced the closing of a private placement. According to the announcement, the company closed the purchase and sale of approximately $3.6 million of promissory notes and investor warrants for expected aggregate gross proceeds of $3 million with institutional investors. The private placement consisted of the sale of senior non-convertible notes in an aggregate principal amount of $3,600,000 and warrants to purchase approximately 53 million shares of company common stock with an exercise price of $0.1416 per unit. The notes, issued at an original issue discount of approximately 16.67%, will bear interest at 15% per year unless an event of default has occurred, upon which interest accrues at 20% per year. The warrants are exercisable beginning on the later of (a) the six-month anniversary of issuance and (b) the date the company’s stockholders provide approval. Zoomcar intends to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital. Aegis Capital Corp. acted as the exclusive placement agent for the private placement.
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About Zoomcar Holdings Inc.
Founded in 2013 and headquartered in Bengaluru, India, 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. For more information, please visit www.zoomcar.com
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