---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-023603"
form_type: "8-K"
ticker: "ZCAR"
cik: "0001854275"
company_name: "Zoomcar Holdings, Inc."
filed_at: "2024-03-18T23:59:59+00:00"
generated_at: "2026-06-04T15:49:06.883576+00:00"
event_type: "regulatory"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Zoomcar receives Nasdaq delisting notice; amends lock-up release with sponsors

## Summary
- Nasdaq notified Zoomcar that board lacks majority independent directors after resignation of David Ishag; cure period until Jan 2025 or Jul 2024.
- Lock-up amendment removes volume/price restrictions and extends release period through original six-month term.
- Sponsors to pay $500,000 upfront, then $0.35 per share sold after 1,428,572 shares are sold.
- Delisting not imminent; company expects to regain compliance within cure period.
- Lock-up release covers 2,375,925 ASJC shares and 2,041,575 Cohen Sponsor shares.

## SEC filing metadata
- accession: 0001213900-24-023603
- form_type: 8-K
- ticker: ZCAR
- cik: 0001854275
- company_name: Zoomcar Holdings, Inc.
- filed_at: 2024-03-18T23:59:59+00:00
- event_type: regulatory
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 3.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1854275/000121390024023603/0001213900-24-023603-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1854275/000121390024023603/ea0202008-8k_zoomcar.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-023603
- JSON: https://secwatch.observer/filing/0001213900-24-023603.json
- Plain text: https://secwatch.observer/filing/0001213900-24-023603.txt

## Key facts
- Listing & Compliance Notices
  Zoomcar Holdings, Inc. received a nasdaq deficiency notice notice regarding board independence (rules 5605, 5605(b)(1)(A)).
  - Exchange: nasdaq
  - Notice: deficiency notice
  - Deficiency: board independence
  - Rules: 5605, 5605(b)(1)(A)
  source text: March 12, 2024, the Company received a notice (“ Notice ”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“ Nasdaq ”), notifying the Company that, as a result of the resignation of David Ishag from the board of directors of the Company (the “ Board ”), effective January 30, 2024, the Company is no longer in compliance with the continued listing requirements set forth in Nasdaq Listing Rule 5605, which requires that a majority of the Board be comprised of independent directors. The Notice is only a notification of deficiency, not of imminent delisting, and has no cur
  evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000121390024023603/0001213900-24-023603-index.htm
- Material Agreements
  Zoomcar Holdings, Inc. amended Amendment with ASJC Global LLC – Series 24 and Cohen Sponsor LLC – A24 RS valued at $500,000 in an upfront cash payment and thereafter, and only after the Lock-Up Release Parties have (effective 2024-03-18).
  - Action: amendment
  - Agreement: lease
  - Counterparty: ASJC Global LLC – Series 24 and Cohen Sponsor LLC – A24 RS
  - Value: $500,000 in an upfront cash payment and thereafter, and only after the Lock-Up Release Parties have
  - Effective: 2024-03-18
  source text: On March 18, 2024, the Lock-Up Release Agreement was amended (the “ Amendment ”) pursuant to which (i) the Lock-Up Release Period was extended from 120 days through the end of the original six-month lock-up period, (ii) the volume and stock price restrictions for sales made by the Lock-Up Release Parties during the Lock-Up Release Period were removed and (iii) the payment terms between the Company and Lock-Up Release Parties was modified such that, in lieu of the prior payment schedule, the Lock-Up Release Parties will pay the Company $500,000 in an upfront cash payment and thereafter, and only after the Lock-Up Release Parties have sold 1,428,572 shares, the Lock-Up Release Parties will pay the Company $0.35 per additional share sold during the Lock-Up Release Period.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000121390024023603/0001213900-24-023603-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.