BENGALURU, India - Zoomcar Holdings, Inc. (NASDAQ: ZCAR), a prominent marketplace for self-drive car sharing, has announced the reappointment of Waze Co-Founder Uri Levine as Strategic and Financial Advisor, effective immediately. Levine, who has previously served as Zoomcar's Chairman of the Board from 2021 to 2023, is set to provide strategic guidance focusing on problem-solving, operational excellence, and capital growth.
Uri Levine's return to Zoomcar comes with the possibility of resuming his role as Chairman, pending board approval. Levine expressed his enthusiasm about rejoining the company, stating his commitment to enhancing mobility solutions in emerging markets and driving growth.
Interim CEO Hiroshi Nishijima welcomed Levine back, citing his proven track record in addressing customer challenges and scaling businesses as invaluable for Zoomcar's future expansion.
Levine's background includes co-founding Waze, the globally recognized traffic and navigation app, which Google (NASDAQ:GOOGL) acquired in 2013 for $1.1 billion. He also contributed as an early board member and investor in Moovit, a public transportation app acquired by Intel (NASDAQ:INTC) for $1 billion in 2020.
Zoomcar, established in 2013 and based in Bengaluru, India, connects Hosts with Guests to facilitate car sharing at affordable prices, aiming to promote sustainable and smart transportation solutions in India.
The company's press release includes forward-looking statements subject to significant risks and uncertainties. Zoomcar has cautioned that actual results may differ materially from those projected due to factors beyond their control and does not commit to updating any forward-looking statements unless required by law.
This news article is based on a press release statement from Zoomcar Holdings, Inc.
In other recent news, Zoomcar Holdings, Inc. has seen significant developments. The auto rental service company's shareholders approved a reverse stock split and elected two Class I directors, Swatick Majumdar and John Clarke, to the board. The exact ratio and timing of the reverse stock split will be determined by the board, with possibilities ranging from one-for-fifty to one-for-one hundred and fifty.
The shareholders also consented to the exercise of the Bridge Warrants, potentially resulting in the issuance of over 20% of Zoomcar's outstanding common stock. Furthermore, Grant Thornton Bharat LLP was ratified as the company's independent registered public accounting firm for the fiscal year ending March 31, 2025.
Zoomcar is facing potential delisting from Nasdaq due to non-compliance with the minimum market value requirement. The company has until January 21, 2025, to regain compliance.
There have been leadership changes as well. A 50% salary reduction for interim CEO Hiroshi Nishijima was reported, effective retroactively from June 1, 2024. Additionally, the departure of Zoomcar's President, Mr. Adarsh Menon, effective as of June 30, 2024, has been announced. These are recent developments within the company's operations.
InvestingPro Insights
As Zoomcar Holdings, Inc. (NASDAQ: ZCAR) welcomes back Uri Levine as Strategic and Financial Advisor, investors should be aware of some critical financial metrics and insights provided by InvestingPro.
According to InvestingPro data, Zoomcar's market capitalization stands at a modest $5.98 million USD, reflecting its current position in the market. The company's revenue for the last twelve months as of Q1 2025 was $9.52 million USD, with a concerning revenue growth of -4.35% over the same period.
InvestingPro Tips highlight some significant challenges facing the company. One tip indicates that Zoomcar "operates with a significant debt burden," which could be a major concern given the company's negative operating income of -$23.66 million USD for the last twelve months as of Q1 2025. This aligns with another tip suggesting the company is "quickly burning through cash," potentially impacting its ability to fund future growth initiatives.
The stock's performance has been notably poor, with InvestingPro data showing a staggering -99.34% one-year price total return as of the 296th day of 2024. This dramatic decline is further emphasized by an InvestingPro Tip stating that the "price has fallen significantly over the last year."
These insights underscore the importance of Uri Levine's reappointment and the potential value he could bring to Zoomcar's strategic direction and financial health. Investors and stakeholders will likely be watching closely to see if Levine's expertise can help address these financial challenges and reverse the company's current trajectory.
For a more comprehensive analysis, InvestingPro offers 16 additional tips for Zoomcar, providing a deeper understanding of the company's financial position and market performance.
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