In a recent filing with the Securities and Exchange Commission, Zoomcar Holdings, Inc. (NASDAQ:ZCAR), a company specializing in auto rental and leasing services, announced a new deadline for shareholder proposals and director nominations for its upcoming annual meeting. The annual meeting is now scheduled for September 26, 2024, which represents a shift of more than 30 days from the previous year's meeting.
The company, headquartered in Bangalore, India, has set the cutoff for receiving proposals to 5:00 p.m. Eastern Time on August 29, 2024. This adjustment allows shareholders intending to present proposals or nominate director candidates at the Annual Meeting to prepare their submissions. These must be delivered in writing to the company's principal executive offices and addressed to the attention of the Corporate Secretary.
To be considered for inclusion in Zoomcar's proxy statement, submissions must adhere to the guidelines outlined in the company's Amended and Restated Bylaws and comply with Delaware law as well as the regulations of the Commission. The Bylaws were previously filed with Zoomcar's Annual Report on Form 10-K/A for the fiscal year ending March 31, 2024, and are also available upon request from the Corporate Secretary.
This announcement comes as part of Zoomcar's regular corporate governance process and is a routine step in preparing for the company's Annual Meeting. Shareholders are encouraged to review the company's Bylaws and the rules set by the Commission to ensure their proposals and nominations meet all necessary requirements.
Zoomcar Holdings, Inc., led by CEO Hiroshi Nishijima, has established itself in the auto rental market and is recognized for its services that do not require drivers. The company's common stock and warrants are traded on The Nasdaq Stock Market under the symbols "ZCAR" and "ZCARW," respectively.
The information regarding the new deadline for shareholder proposals is based on Zoomcar's latest 8-K filing with the SEC.
In other recent news, Zoomcar Holdings, Inc. has been put on notice by Nasdaq due to non-compliance with the minimum market value requirement, which could potentially lead to delisting. The auto rental service company has 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.
Furthermore, Zoomcar announced a 50% salary reduction for interim CEO Hiroshi Nishijima, effective retroactively from June 1, 2024.
In addition to these developments, Zoomcar has also announced the departure of its President, Mr. Adarsh Menon, effective as of June 30, 2024. The company clarified that Mr. Menon's exit was not due to any disagreements over operations, policies, or practices. However, no details have been provided regarding the reason for his resignation or his future plans.
Lastly, Zoomcar 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 recent developments and investors are advised to keep an eye on the company's progress.
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