| Greg Moran’s 12-year drive with Zoomcar has now ended
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"On June 20, 2024, Greg Moran, the company’s chief executive officer, was terminated from his role. Pursuant to Moran’s employment agreement, Moran is required to resign from the Board of Directors of the company as a result of such termination," read SEC filings as of June 21.
According to sources, the firm has been under regulatory review concerning the market price of its Nasdaq-listed shares and its revenue projections.
On February 5, SEC filings showed that the regulator sought clarity on the firm's revenue projections.
"We note that the projected revenues for 2023 were $21.6 million, as set forth in the analysis of financial advisors and in connection with the evaluation of the business combination. We also note that your actual revenues for the year ended March 31, 2023 were $8.8 million. It appears that you will miss your 2023 revenue projection," the filings said.
On LinkedIn, Moran wrote that this week marks the end of a decade-plus journey at the helm building Zoomcar. "I couldn't be more proud of what we've built in India and beyond as we introduced the power of car sharing to millions of new consumers across countless cities. Special shoutout to the entire Zoomcar team and our loyal customers for the continuous support along the way," he wrote.
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With a huge range of issues at Zoomcar, the warning signs were inevitable. | 
27th June 2024, 11:07
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