---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-122278"
form_type: "8-K"
ticker: "ZCAR"
cik: "0001854275"
company_name: "Zoomcar Holdings, Inc."
filed_at: "2025-12-16T23:59:59+00:00"
generated_at: "2026-05-16T13:05:38.183223+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Zoomcar issues $220K convertible note to FirstFire with 25% conversion discount, 12% interest

## Summary
- Issued $220K convertible promissory note to FirstFire; net proceeds ~$200K after $20K original issue discount.
- Note matures in 12 months, 12% interest, scheduled repayments, prepayable at a discount.
- On uncured default after 180 days, conversion at 75% of lowest 15-day VWAP (25% discount).
- Issued pre-funded warrants for 1M shares as additional consideration and to settle prior claims.
- Piggyback registration rights for 12 months; default penalty increases principal by 50%.

## SEC filing metadata
- accession: 0001213900-25-122278
- form_type: 8-K
- ticker: ZCAR
- cik: 0001854275
- company_name: Zoomcar Holdings, Inc.
- filed_at: 2025-12-16T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1854275/000121390025122278/0001213900-25-122278-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1854275/000121390025122278/ea0269955-8k_zoomcar.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-122278
- JSON: https://secwatch.observer/filing/0001213900-25-122278.json
- Plain text: https://secwatch.observer/filing/0001213900-25-122278.txt

## Key facts
- Debt Financings
  Zoomcar Holdings, Inc. incurred convertible notes of $220,000.00 with FirstFire Global Opportunities Fund, LLC at 12% per annum maturing 12 months after issuance.
  - Instrument: convertible notes
  - Principal: $220,000.00
  - Counterparty: FirstFire Global Opportunities Fund, LLC
  - Rate: 12% per annum
  - Maturity: 12 months after issuance
  - Event: incurrence
  source text: On December 10, 2025, Zoomcar Holdings, Inc. (the “Company”) closed a Securities Purchase Agreement (the “Purchase Agreement”) with FirstFire Global Opportunities Fund, LLC (“FirstFire”), in connection with a private placement offering of a convertible promissory note in the original principal amount of $220,000.00 (the “Note”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000121390025122278/0001213900-25-122278-index.htm
- Equity Issuances
  Zoomcar Holdings, Inc. issued convertible note to FirstFire Global Opportunities Fund, LLC for original principal amount of $220,000.00.
  - Security: convertible note
  - Purchaser: FirstFire Global Opportunities Fund, LLC
  - Consideration: original principal amount of $220,000.00
  source text: On December 10, 2025, Zoomcar Holdings, Inc. (the "Company") closed a Securities Purchase Agreement (the "Purchase Agreement") with FirstFire Global Opportunities Fund, LLC ("FirstFire"), in connection with a private placement offering of a convertible promissory note in the original principal amount of $220,000.00 (the "Note")
  evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000121390025122278/0001213900-25-122278-index.htm
- Equity Issuances
  Zoomcar Holdings, Inc. issued 1,000,000 shares of the Company's common stock of warrant to FirstFire Global Opportunities Fund, LLC for as additional consideration.
  - Security: warrant
  - Shares: 1,000,000 shares of the Company's common stock
  - Purchaser: FirstFire Global Opportunities Fund, LLC
  - Consideration: as additional consideration
  source text: pre-funded warrants to purchase 1,000,000 shares of the Company's common stock (the "Pre-Funded Warrants") as additional consideration
  evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000121390025122278/0001213900-25-122278-index.htm
- Material Agreements
  Zoomcar Holdings, Inc. entered into Securities Purchase Agreement with FirstFire Global Opportunities Fund, LLC valued at $220,000.00 (effective 2025-12-10).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: FirstFire Global Opportunities Fund, LLC
  - Value: $220,000.00
  - Effective: 2025-12-10
  source text: On December 10, 2025, Zoomcar Holdings, Inc. (the "Company") closed a Securities Purchase Agreement (the "Purchase Agreement") with FirstFire Global Opportunities Fund, LLC ("FirstFire"), in connection with a private placement offering of a convertible promissory note in the original principal amount of $220,000.00
  evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000121390025122278/0001213900-25-122278-index.htm

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