SUMMARY
- Zoomcar successfully raises $9.15 million from institutional investors through a private placement.
- The funds will be used to repay $3.6 million in debt and support working capital.
- Approximately 2.14 million units will be issued, each consisting of a common share, Series A, and Series B warrants.
Zoomcar, a NASDAQ-listed self-drive car-sharing marketplace, has announced the pricing of a private placement raising $9.15 million in gross proceeds from institutional investors. The company will issue approximately 2.14 million units, each priced at $4.28. Each unit will consist of one common share, two Series A warrants, and one Series B warrant.
The primary use of the funds will be to repay approximately $3.6 million in outstanding debt. The remainder will be allocated for general corporate purposes and to bolster the company’s working capital.
The Series A warrants allow investors to purchase shares at an exercise price of $4.03 per share, with a five-year term. The Series B warrants, on the other hand, will enable the purchase of shares at an exercise price of $0.0001, exercisable until fully used. The private placement, expected to close on November 6, will help Zoomcar strengthen its financial position and expand its services in the competitive car-sharing sector.
Aegis Capital Corp. acted as the exclusive placement agent for the offering.
