Core Viewpoint - Zoomcar Holdings, Inc. announced a reverse stock split at a ratio of 1-for-20 to increase the per share trading price and attract institutional investors while maintaining compliance with Nasdaq listing requirements [1][4]. Group 1: Reverse Stock Split Details - The reverse stock split will take effect on March 21, 2025, with trading on a split-adjusted basis starting March 24, 2025 [1]. - The number of issued and outstanding shares will decrease from approximately 14,208,606 to about 710,431 shares [3]. - The par value per share will remain unchanged, and adjustments will be made to stock options and equity incentive plans accordingly [3]. Group 2: Approval Process - Stockholders approved the reverse stock split proposal at a special meeting on February 18, 2025, with the final ratio determined by the Board of Directors [2]. - The Board approved the 1-for-20 reverse stock split on March 9, 2025 [2]. Group 3: Company Overview - Zoomcar, founded in 2013 and headquartered in Bengaluru, India, is a leading marketplace for self-drive car sharing, promoting sustainable transportation solutions [6].
Zoomcar Holdings, Inc. Announces 1-for-20 Reverse Stock Split