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Zoomcar Holdings, Inc. (NASDAQ:ZCAR), a micro-cap auto rental and leasing services company with a market capitalization of $1.94 million, announced the appointment of Uri Levine as the new Chairman of its Board of Directors, effective March 31, 2025. The appointment follows the resignation of former director Mark Bailey. According to InvestingPro analysis, the company appears undervalued despite facing significant operational challenges, including a concerning cash burn rate.
Uri Levine, 60, joined the Board as a Class III Director, bringing a wealth of experience as a serial entrepreneur and disruptor. Co-founder of the traffic and navigation app Waze, which Google (NASDAQ:GOOGL) acquired in 2013, Levine has a notable track record in the tech industry. He has served as a consultant to Zoomcar Holdings since October 2024 and has previously been associated with Zoomcar, Inc. from 2021 to 2023. His appointment comes at a crucial time as the company faces financial headwinds, with revenue of $9.12 million in the last twelve months and a concerning current ratio of 0.13.
Under the terms of his appointment, Levine will receive a monthly service fee of $29,166, a cash bonus of $500,000 due on September 30, 2025, and, subject to stockholder approval, 1,000,000 shares of restricted stock. These shares will vest on the earlier of two years from the date of grant or Zoomcar India Private Limited achieving $20 million in revenue for fiscal year 2026.
Levine’s extensive background includes serving on the board of Infosys (NSE:INFY) Ltd. (NYSE:INFY) and various private companies. He is also an educator, teaching entrepreneurship at IE University in Madrid, and a trustee at Tel Aviv University.
Zoomcar Holdings has clarified that there are no familial relationships between Levine and any company directors or executive officers. Additionally, Levine has no direct or indirect material interest in any transaction that would require disclosure under SEC regulations.
The information in this article is based on a recent SEC filing by Zoomcar Holdings, Inc. InvestingPro subscribers have access to 16 additional key insights about ZCAR, including detailed financial health metrics and expert analysis. Get the complete picture with InvestingPro’s comprehensive research report, available for over 1,400 US stocks.
In other recent news, Zoomcar Holdings, Inc. reported its financial results for the fourth quarter of 2024, highlighting a marginal revenue increase of 1% to $2.45 million. The company also saw a substantial rise in contribution profit from $210,000 to $1.28 million, marking five consecutive quarters of positive contribution profit. In a strategic move, Uri Levine, co-founder of Waze, was appointed as Chairman of the Board, bringing his extensive experience in mobility technology to Zoomcar. Additionally, the company announced a 1-for-20 reverse stock split, aiming to attract institutional investors and comply with Nasdaq’s minimum bid price requirement. Zoomcar’s Board of Directors also approved adjustments to the terms of its Series B Warrants and authorized claim settlements. The company is focusing on repeat user growth and operational cost optimization, with plans to restructure debt to enhance financial sustainability. Analyst firms have noted these developments, with some expressing optimism about Zoomcar’s strategic focus and market presence in India.
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