Zoomcar Holdings, Inc. (ZCAR): Nasdaq/NYSE listing notice — IOAC Nasdaq hearing rescheduled to Feb 20, 2024; provides details on new Ananda Trust note

Zoomcar Holdings, Inc.

Nasdaq delisting hearing rescheduled from Mar 14 to Feb 20, 2024; IOAC expects Business Combination to close before hearing.
Existing notes to Ananda Trust total ~$2,027,840: $500k convertible at $10/share, ~$1,527,840 payable in cash.
New unsecured convertible note to replace existing debt: zero interest, due 90 days post-closing, conversion at price below public share redemption price.
Business Combination with Zoomcar expected to close before the Hearing Date; hearing may be canceled if New Zoomcar meets listing criteria.

item 3.01 item 8.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Zoomcar Holdings, Inc. received a nasdaq delisting notice notice regarding market value.

Exchange: nasdaq
Notice: delisting notice
Deficiency: market value

Exact text from the filing

November 20, 2023, IOAC received a written notice (the “Nasdaq Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, because IOAC has not regained compliance with the Market Value of Listed Securities Standard (the “MVLS Rule”), IOAC’s securities (units, ordinary shares and warrants) will be suspended from The Nasdaq Global Market unless IOAC timely requests a hearing to appeal such decision before the Nasdaq Hearings Panel (the “Panel”). IOAC has requested a hearing before the Panel, and the delisting action has been stayed by Nasdaq pe

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Zoomcar Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-126074

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