Zoomcar Holdings, Inc. (NASDAQ:ZCAR), a company specializing in auto rental and leasing services, announced today that it has adjourned its 2024 annual meeting of stockholders to October 8, 2024. The adjournment was due to the absence of a sufficient number of shares present in person or represented by proxy to constitute a quorum.
The meeting, originally scheduled for September 26, 2024, had been previously adjourned to today, October 4, 2024, for the same reason. The lack of quorum has prompted the company to further delay the meeting until the following Tuesday at 1:00 p.m. Eastern Time.
Stockholders of record as of July 29, 2024, are entitled to vote at the Annual Meeting. The company has made no changes to the proposals set to be voted on by its stockholders. To ensure their votes are counted, stockholders may visit http://www.proxyvote.com to cast their votes before the reconvened meeting or participate during the meeting at http://www.virtualshareholdermeeting.com/ZCAR2024. Alternatively, they may call 1-800-690-6903 to vote. Those who have already voted and do not wish to change their vote need not take any further action.
In other recent news, Zoomcar Holdings, Inc. has faced several notable developments. The company adjourned its 2024 annual meeting of stockholders due to a lack of quorum, rescheduling it for October 1, 2024. Shareholders of record as of July 29, 2024, are entitled to vote at the reconvened meeting. In a related development, Zoomcar has announced a new deadline for shareholder proposals and director nominations for the upcoming annual meeting.
Furthermore, Zoomcar has been put on notice by Nasdaq due to non-compliance with the minimum market value requirement, which could potentially lead to delisting. The company has a 180-day period, ending January 21, 2025, to regain compliance. In terms of leadership changes, the company announced a 50% salary reduction for interim CEO Hiroshi Nishijima, effective retroactively from June 1, 2024. Additionally, the departure of Zoomcar's President, Mr. Adarsh Menon, effective as of June 30, 2024, has been reported.
InvestingPro Insights
Zoomcar Holdings' struggle to achieve a quorum for its annual meeting may be symptomatic of broader challenges facing the company. According to InvestingPro data, ZCAR's market capitalization stands at a modest $10.22 million, reflecting its small-cap status. This low valuation is further contextualized by the company's financial performance, with revenue for the last twelve months at $9.52 million and a concerning operating income margin of -248.48%.
InvestingPro Tips highlight significant headwinds for ZCAR. The company is operating with a substantial debt burden and may face difficulties in meeting interest payments. Moreover, ZCAR is rapidly depleting its cash reserves, which could explain the urgency in holding the annual meeting to address strategic decisions.
The stock's performance has been particularly troubling, with InvestingPro data showing a staggering year-to-date price total return of -96.34% and a one-year return of -98.81%. These figures align with the InvestingPro Tip indicating that ZCAR's stock price has fallen significantly over various time frames.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for ZCAR, providing deeper insights into the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.