Zoomcar Closes $9.15 Million Private Placement, Plans To Bolster Working Capital

Zoomcar Holdings, Inc. (NASDAQ: ZCAR), a Nasdaq-listed marketplace for self-drive car sharing, has closed a USD 9.15 million private placement from institutional investors, including a USD 2.5 million investment from one of its directors. The net proceeds will primarily be used to pay down USD 3.8 million in outstanding debt, with remaining funds directed toward general corporate purposes and working capital.

The placement involved the issuance of 2,137,850 units at USD 4.28 per unit. Each unit includes one common stock share (or pre-funded warrant), two Series A warrants exercisable for five years at an initial price of USD 4.03 per share, and one Series B warrant with an adjustable number of shares. The exercise price for the Series A warrants has a floor of USD 0.806 and will adjust based on certain conditions.

Aegis Capital Corp. served as the exclusive placement agent for the offering, which was conducted as a private placement exempt from the Securities Act of 1933’s registration requirements. Zoomcar has agreed to register the common stock from the placement and the shares issuable upon exercise of warrants with the SEC to facilitate future resale.