Zoomcar completed the second closing of its private placement offering on February 4, 2025, raising approximately $3M through the issuance of 1,049,796 common shares and 872,000 pre-funded warrants at $1.56 per unit. The offering includes Series A and B warrants, with Series A warrants exercisable at $1.95 per share for five years. Of the total amount, $1.56M worth of securities were issued to settle litigation with Randall Yanker.The company netted approximately $1.25M after deducting fees and expenses payable to placement agent Aegis Capital Corp, which received a 10% cash fee, 3% expense allowance, and various warrants. The placement agent agreement includes an 18-month restriction on equity sales and a two-year right of first refusal for future financings.In corporate updates, the Board approved Hiroshi Nishijima's designation change from Active CEO to CEO, and increased CFO Sachin Gupta's annual salary to $189,000, both effective February 1, 2025.

Zoomcar completed the second closing of its private placement offering on February 4, 2025, raising approximately $3M through the issuance of 1,049,796 common shares and 872,000 pre-funded warrants at $1.56 per unit. The offering includes Series A and B warrants, with Series A warrants exercisable at $1.95 per share for five years. Of the total amount, $1.56M worth of securities were issued to settle litigation with Randall Yanker.The company netted approximately $1.25M after deducting fees and expenses payable to placement agent Aegis Capital Corp, which received a 10% cash fee, 3% expense allowance, and various warrants. The placement agent agreement includes an 18-month restriction on equity sales and a two-year right of first refusal for future financings.In corporate updates, the Board approved Hiroshi Nishijima's designation change from Active CEO to CEO, and increased CFO Sachin Gupta's annual salary to $189,000, both effective February 1, 2025.