Zoomcar grants lock-up release for 4.42M shares; director David Ishag resigns

Zoomcar Holdings, Inc.

Released 2,375,925 shares (ASJC Global) and 2,041,575 shares (Cohen Sponsor) from lock-up for 120 days.
Consideration: cash fee of $0.50–$1.50 per share sold less legal fees up to $50,000, paid within 3 days after each 14-day period.
Director David Ishag resigned January 30, 2024; not related to any disagreement with the company.
Shares not sold during the 120-day period will have lock-up restrictions re-affixed; no fee due for those unsold shares.

item 1.01 item 5.02 item 9.01

Executive movements

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Departed

David Ishag

member of the board of directors

ZCAR · Zoomcar Holdings, Inc.

Effective: 2024-01-30
Filed: February 2, 2024, 6:59 PM ET

On January 30, 2024, David Ishag tendered his resignations as a member of the board of directors of the Company.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

David Ishag resigned as member of the board of directors at Zoomcar Holdings, Inc..

Action: resigned
Role: member of the board of directors

Exact text from the filing

On January 30, 2024, David Ishag tendered his resignations as a member of the board of directors of the Company.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Zoomcar Holdings, Inc. entered into Lock-Up Release Agreement with ASJC Global LLC – Series 24 and Cohen Sponsor LLC – A24 RS valued at cash fee to be paid by the Lock-Up Release Parties to the Company within 3 business days following e (effective 2024-02-01).

Action: entry
Agreement: lease
Counterparty: ASJC Global LLC – Series 24 and Cohen Sponsor LLC – A24 RS
Value: cash fee to be paid by the Lock-Up Release Parties to the Company within 3 business days following e
Effective: 2024-02-01

Exact text from the filing

On February 1, 2024, the Company entered into an agreement (the “ Lock-Up Release Agreement ”) with two of the former members of the Sponsor, ASJC Global LLC – Series 24 (“ ASJC ”) and Cohen Sponsor LLC – A24 RS (“ Sponsor Investor ”, and together with ASJC, the “ Lock-Up Release Parties ”), pursuant to which the Company agreed to waive the lock-up restrictions provided for in the Letter Agreement with respect to the Lock-Up Release Parties for a period of 120 days (the “ Lock-Up Release Period ”) in exchange for a cash fee

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281 material agreements filed in the last 30 days. Browse all material agreements →

Zoomcar Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-009335

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