secwatch.observer — SEC 8-K summary
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Issuer:     Zoomcar Holdings, Inc. (ZCAR)
CIK:        0001854275
Form:       8-K
Filed at:   2024-06-21T23:59:59+00:00
Accession:  0001213900-24-054492
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.03, 3.02, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Zoomcar issues $3.6M notes, terminates CEO, warns cash only through Nov 2024
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- Issued $3.6M principal notes with 15% interest (20% default) and warrants for 52.97M shares at $0.1416; $3M gross proceeds.
- CEO Greg Moran terminated June 20; COO Hiroshi Nishijima appointed interim CEO.
- Director Graham Gullans resigned; John Clarke and Mark Bailey appointed to board by placement agent Aegis.
- Company expects $1.7M cash after offering fees, sufficient only through Nov 2024 without debt payments.
- Largest investor/director withdrew future support; company needs to raise capital imminently and engaged Aegis for follow-on.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1854275/000121390024054492/0001213900-24-054492-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1854275/000121390024054492/ea0208166-8k_zoomcar.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-054492

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