12:03 PM EST, 11/08/2024 (MT Newswires) -- Zoomcar Holdings ( ZCAR ) shares dropped more than 3% in recent Friday trading after the company said late Thursday that it has closed its $9.2 million private placement.

The company said it used the net proceeds to repay about $3.8 million of debt and plans to use the remainder for general corporate purposes and working capital.

Zoomcar ( ZCAR ) said that in connection with the private placement, it issued about 2.1 million units, with each unit sold at an effective unit price of $4.28 and consisted of one common share, two series A warrants and one series B warrant.

Price: 7.50, Change: -0.27, Percent Change: -3.47