BENGALURU, India - Zoomcar Holdings, Inc. (NASDAQ: ZCAR), a prominent marketplace for self-drive car sharing, has postponed its Annual Meeting of Stockholders to October 1, 2024. The event, initially scheduled for September 26, 2024, will now convene virtually at 10:00 AM ET.
The company has extended the meeting to provide stockholders more time to vote on several proposals. Eligible stockholders, identified as those on record by July 29, 2024, are encouraged to participate and cast their votes. Zoomcar has made provisions for stockholders to vote in advance through www.proxyvote.com or during the meeting via www.virtualshareholdermeeting.com/ZCAR2024 or by calling a dedicated phone line.
For additional support with voting or inquiries regarding the meeting, stockholders can reach out to the proxy solicitor directly.
Zoomcar, established in 2013 and based in Bengaluru, India, operates a community-driven platform that offers a variety of cars for rent. The service is designed to provide affordable transportation options and promote sustainable travel solutions in India.
The press release also contained forward-looking statements, cautioning that these statements are subject to risks and uncertainties. The company stated that actual outcomes may significantly differ and that it does not commit to updating any forward-looking statements, except as required by law.
This article is based on a press release statement from Zoomcar Holdings, Inc.
In other recent news, Zoomcar Holdings, Inc. has announced several significant developments. The auto rental service company has set a new deadline for shareholders' proposals and director nominations for its upcoming annual meeting, now rescheduled for September 26, 2024. This adjustment allows shareholders to prepare their submissions, which must adhere to the guidelines outlined in the company's Amended and Restated Bylaws.
Zoomcar also faces potential delisting from Nasdaq due to non-compliance with the minimum market value requirement. The company has been given a 180-day period, ending January 21, 2025, to regain compliance by maintaining a market value above $15,000,000 for at least 10 consecutive business days.
In addition, Zoomcar has announced a 50% salary reduction for its interim CEO, Hiroshi Nishijima, effective retroactively from June 1, 2024. The company has also reported the departure of its President, Mr. Adarsh Menon, effective as of June 30, 2024, with no details provided regarding the reason for his resignation or his future plans.
Lastly, the company has not yet named a successor for Mr. Menon and has given no indications about its plans for complying with new or revised financial accounting standards. These are the latest developments in the company's operations.
InvestingPro Insights
As Zoomcar Holdings, Inc. (NASDAQ: ZCAR) prepares for its postponed Annual Meeting of Stockholders, investors should be aware of several key financial metrics and insights provided by InvestingPro.
According to InvestingPro data, Zoomcar's market capitalization stands at a modest $10.54 million, reflecting its current position in the car-sharing marketplace. The company's revenue for the last twelve months as of Q1 2025 was $9.52 million, with a concerning revenue growth rate of -4.35% over the same period.
InvestingPro Tips highlight some challenges facing the company. One tip notes that Zoomcar "operates with a significant debt burden," which could be a critical point of discussion at the upcoming stockholder meeting. Another tip indicates that the company is "quickly burning through cash," a factor that may influence voting decisions on the proposals to be presented.
The stock's performance has been particularly troubling, with InvestingPro data showing a staggering -98.77% price total return over the past year. This aligns with another InvestingPro Tip stating that the "stock price has fallen significantly over the last year."
These insights provide valuable context for stockholders as they prepare to vote on the company's proposals. Investors seeking a more comprehensive analysis can find 12 additional InvestingPro Tips for Zoomcar, offering a deeper understanding of the company's financial health and market position.
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