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.

To view the full press release, visit https://ibn.fm/IuHsI

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

About InvestorWire

InvestorWire (“IW”) is a specialized communications platform with a focus on advanced wire-grade press release syndication for private and public companies and the investment community. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, IW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, IW brings its clients unparalleled recognition and brand awareness. IW is where breaking news, insightful content and actionable information converge.

For more information, please visit https://www.InvestorWire.com

Please see full terms of use and disclaimers on the InvestorWire website applicable to all content provided by IW, wherever published or re-published: https://www.InvestorWire.com/Disclaimer

InvestorWire
Los Angeles, CA
www.InvestorWire.com
310.299.1717 Office
Editor@InvestorWire.com

InvestorWire is powered by IBN