Zoomcar Holdings (ZCAR) has released an update to notify the public and investors about an entry into a material definitive agreement.
Zoomcar Holdings, Inc. completed its business combination with Zoomcar, Inc. on December 28, 2023. The company has entered a Lock-Up Release Agreement with certain former members of its Sponsor, waiving lock-up restrictions for 120 days in exchange for a cash fee based on the volume weighted average price per share sold in each 14-day payment period during the release period. After the period ends, the lock-up restrictions will be reapplied to any remaining shares held by the parties without additional consideration.
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For a comprehensive understanding of the announcement, you can read the full document here.
