Fubotv earnings beat by $0.10, revenue topped estimates
Zoomcar Holdings, Inc. (NASDAQ:ZCAR), a micro-cap auto rental and leasing services company with a market capitalization of $2.24 million and currently showing weak financial health according to InvestingPro analysis, announced today the departure of Madan Menon from its board of directors. Menon’s resignation, effective immediately as of Monday, was not due to any disagreements with the company’s practices or policies. The announcement comes as the company faces significant challenges, with its stock declining nearly 100% over the past year.
Following Menon’s departure, Zoomcar convened a meeting on Tuesday to reorganize its board committees. Effective Tuesday, the Audit Committee will be chaired by Evelyn D’An with John Clarke and Swatick Majumdar as members. The Compensation Committee will be led by John Clarke with Evelyn D’An, and the Nominating and Corporate Governance Committee will have Swatick Majumdar as the chair and Evelyn D’An as a member.
The company confirmed that the restructuring of these committees was completed without any reported disputes or issues influencing the changes. The announcement, based on a press release statement, is part of the company’s regulatory filing requirements as it continues its operations in the auto rental and leasing market without interruption.
In other recent news, Zoomcar Holdings, Inc. has announced the launch of Zoomcar Vouchers, a prepaid option designed to boost customer retention and encourage repeat bookings. This initiative aims to offer users bonus credits, promoting advanced travel planning. Additionally, Zoomcar has completed a third round of private placement offerings, issuing $15.6 million in securities to settle claims and waive certain investor rights from previous financings. As part of this financial maneuver, the company has issued shares and warrants, reflecting adjustments from a recent reverse stock split.
Furthermore, Zoomcar has appointed Uri Levine as the new Chairman of its Board of Directors, following Mark Bailey’s resignation. Levine, who co-founded Waze, brings significant experience in mobility technology to the role. His appointment is seen as strategic for Zoomcar’s growth, particularly in the Indian market. The company has also adjusted the terms of its Series B Warrants and authorized the settlement of certain claims, setting the "Reset Price" to $0.312, which will adjust to $6.24 following the reverse stock split.
These developments reflect Zoomcar’s ongoing efforts to enhance its financial structure and strategic leadership.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.