Summary by Moomoo AI
Zoomcar Holdings announced the termination of CEO Greg Moran on June 20, 2024, with COO Hiroshi Nishijima appointed as interim CEO. The Board also appointed John Clarke and Mark Bailey as independent directors, following the resignations of Graham Gullans and David Ishag.The company secured $3.6M through the issuance of notes and warrants to institutional investors, with a 15% annual interest rate and nine-month maturity. The deal includes warrants to purchase up to 52.97M shares at $0.1416 per share. Aegis Capital Corp. acted as placement agent, receiving a 10% cash fee and warrants to purchase 2.12M shares.The company expects to have approximately $1.7M in cash after offering expenses, sufficient to operate through November 2024 without debt payments. Following the withdrawal of support from its largest investor, Zoomcar needs immediate additional capital and has entered into a non-binding engagement with Aegis to explore follow-on financing.
