Zoomcar Holdings Completes Business Combination, Goes Public

TL;DR

**Zoomcar just went public via a business combination, so now you can trade its stock!**

AI Summary

On December 28, 2023, Zoomcar Holdings, Inc. (formerly Innovative International Acquisition Corp.) completed its business combination, effectively becoming a publicly traded company. This means the company, which operates in auto rental and leasing, is now trading on a public exchange. For investors, this matters because it provides liquidity for existing shareholders and an opportunity for new investors to buy into the company's future growth in the car-sharing market.

Why It Matters

This filing signals Zoomcar's official entry into the public market, allowing investors to trade its stock and potentially benefit from its growth in the car-sharing sector.

Risk Assessment

Risk Level: medium — While going public offers opportunities, new public companies often face volatility and scrutiny, making it a medium risk for investors.

Analyst Insight

A smart investor would monitor Zoomcar's initial trading activity and future financial disclosures to assess its performance and market reception post-business combination before making investment decisions.

Key Players & Entities

• Zoomcar Holdings, Inc. (company) — the registrant that completed a business combination
• Innovative International Acquisition Corp. (company) — the former name of Zoomcar Holdings, Inc.
• December 28, 2023 (date) — date of the earliest event reported, the completion of the business combination
• 001-40964 (other) — Commission File Number for Zoomcar Holdings, Inc.

Forward-Looking Statements

• Zoomcar Holdings, Inc. will experience increased trading volume in the short term due to its public listing. (Zoomcar Holdings, Inc.) — high confidence, target: 2024-03-28
• The company's stock price will be volatile as the market assesses its valuation post-combination. (Zoomcar Holdings, Inc.) — medium confidence, target: 2024-06-28

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share ZCAR The Nasdaq Stock Mar
• $11 — one share of Common Stock at a price of $11.50, subject to adjustment ZCARW The
• $350,000,000 — es with an aggregate value equal to (w) $350,000,000 plus (x) the sum of the aggregate exerc
• $10.00 — of Common Stock at a purchase price of $10.00 per share, contingent upon the Closing.
• $10,000,000 — , Ananda Trust invested an aggregate of $10,000,000 in Zoomcar (the " Ananda Trust Zoomcar
• $3.00 — C Class A ordinary shares at a price of $3.00 per share (the " Ananda Trust Closing I
• $8,434,605 — to such Purchaser after the Closing for $8,434,605 (the Original Note Principal Amount ),
• $10 — fter the Original Note Issuance Date is $10.00, provided, however, that Conversion
• $0.25 — ll cases to a conversion floor price of $0.25 (the " Conversion Floor "), provided, t
• $3 m — in an aggregate amount of approximately $3 million, requiring deferred cash payments
• $88,000 — ement terms, in the aggregate amount of $88,000; and (iii) certain other fee modificati
• $9.5 million — period, in an aggregate amount equal to $9.5 million. Amendment to the Merger Agreement O

Filing Documents

• ea191008-8k_zoomcar.htm (8-K) — 579KB
• ea191008ex3-1_zoomcar.htm (EX-3.1) — 42KB
• ea191008ex3-2_zoomcar.htm (EX-3.2) — 101KB
• ea191008ex10-6_zoomcar.htm (EX-10.6) — 348KB
• ea191008ex10-7_zoomcar.htm (EX-10.7) — 128KB
• ea191008ex10-8_zoomcar.htm (EX-10.8) — 81KB
• ea191008ex10-9_zoomcar.htm (EX-10.9) — 151KB
• ea191008ex10-11_zoomcar.htm (EX-10.11) — 33KB
• ea191008ex10-12_zoomcar.htm (EX-10.12) — 68KB
• ea191008ex10-13_zoomcar.htm (EX-10.13) — 96KB
• ea191008ex10-14_zoomcar.htm (EX-10.14) — 58KB
• ea191008ex10-15_zoomcar.htm (EX-10.15) — 65KB
• ea191008ex10-16_zoomcar.htm (EX-10.16) — 58KB
• ea191008ex10-17_zoomcar.htm (EX-10.17) — 155KB
• ea191008ex16-1_zoomcar.htm (EX-16.1) — 2KB
• ea191008ex21-1_zoomcar.htm (EX-21.1) — 5KB
• ea191008ex99-1_zoomcar.htm (EX-99.1) — 20KB
• ea191008ex99-2_zoomcar.htm (EX-99.2) — 242KB
• image_001.jpg (GRAPHIC) — 27KB
• image_002.jpg (GRAPHIC) — 27KB
• ex99-1_001.jpg (GRAPHIC) — 4KB
• 0001213900-24-001242.txt ( ) — 3048KB
• zcar-20231228.xsd (EX-101.SCH) — 4KB
• zcar-20231228_def.xml (EX-101.DEF) — 27KB
• zcar-20231228_lab.xml (EX-101.LAB) — 37KB
• zcar-20231228_pre.xml (EX-101.PRE) — 25KB
• ea191008-8k_zoomcar_htm.xml (XML) — 6KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. Ananda Trust Closing Subscription Agreement On December 19, 2023, IOAC and Ananda Trust, an affiliate of the Sponsor, entered into a subscription agreement (the " Ananda Trust Closing Subscription Agreement "), pursuant to which, upon the Closing, Ananda Trust purchased 1,666,666 IOAC Class A ordinary shares at a price of $3.00 per share (the " Ananda Trust Closing Investment "). Other than with respect to the per share purchase price, the terms of the Ananda Trust Closing Subscription Agreement were substantially similar to the terms of the Ananda Trust Signing Subscription Agreement. Ananda Trust is an affiliate of the Sponsor. Further, the Trustee and control person with regard to the Ananda Trust, Mohan Ananda, was, prior to the Closing, the Chief Executive Officer and Chairman of the board of directors of IOAC; additionally, Mr. Ananda is a director of the Company and has been appointed to serve as the initial chairman of the Company Board from and after the Closing. Additionally, based on the Company's capitalization immediately after the Closing, Ananda Trust is the Company's largest stockholder, though Ananda Trust's proportionate interest and voting power with regard to the Company may change over time and from time to time. As previously disclosed, the terms of the Ananda Trust Closing Investment are not necessarily reflective of the terms and conditions of a transaction negotiated at arm's length, and it is possible that, if such terms were negotiated at arm's length, they would have been different from, and more favorable to, the Company and its stockholders; however, the disinterested members of the IOAC Board approved the terms of the Ananda Trust Closing Investment, which they believed to be the best terms available, under the circumstances, to facilitate the consummation of the proposed Business Combination and deliver capital required by the Company to pursue its business plans. Additional

View Full Filing

View this 8-K filing on SEC EDGAR