04:19 AM EST, 11/06/2024 (MT Newswires) -- Zoomcar Holdings ( ZCAR ) said Wednesday that it priced a private placement with certain institutional investors for expected gross proceeds of about $9.2 million.

The company plans to issue about 2.1 million units at $4.28 per unit. Each unit will consist of one share of common stock, two series A warrants and one series B warrant.

The company said it plans to use the net proceeds to repay about $3.6 million of outstanding indebtedness and for general corporate purposes and working capital.

The closing of the private placement is expected on or about Wednesday.

Zoomcar's ( ZCAR ) shares dropped more than 16% in recent premarket activity on Wednesday.

Price: 11.01, Change: -2.19, Percent Change: -16.59