Zoomcar Reports Material Agreement, Officer Changes on Jan 30

TL;DR

**Zoomcar just made big moves with a new agreement and leadership changes, watch for impact.**

AI Summary

Zoomcar Holdings, Inc. filed an 8-K on February 2, 2024, reporting events from January 30, 2024. This filing indicates the company entered into a material definitive agreement and saw changes in its board of directors or officers, including compensatory arrangements. This matters to investors because significant agreements and executive changes can impact the company's strategic direction, financial health, and future performance, potentially affecting stock value.

Why It Matters

This filing signals important strategic and leadership shifts at Zoomcar, which could influence its operational efficiency and market position, directly impacting shareholder value.

Risk Assessment

Risk Level: medium — The filing mentions a material definitive agreement and changes in officers, which could introduce both opportunities and risks depending on the specifics not fully detailed here.

Analyst Insight

A smart investor would seek further details on the 'material definitive agreement' and the specifics of the 'departure of directors or certain officers' to understand the full implications for Zoomcar's future operations and financial health before making investment decisions.

Key Players & Entities

• Zoomcar Holdings, Inc. (company) — registrant filing the 8-K
• Innovative International Acquisition Corp. (company) — former name of the registrant
• January 30, 2024 (date) — date of earliest event reported
• February 2, 2024 (date) — date of filing

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
• $0.50 — Up Release Period, in an amount between $0.50 and $1.50 per share that is sold by the
• $1.50 — Period, in an amount between $0.50 and $1.50 per share that is sold by the Lock-Up R
• $50,000 — s any legal fees in the amount of up to $50,000 incurred by the Lock-Up Release Parties

Filing Documents

• ea192584-8k_zoomcar.htm (8-K) — 49KB
• ea192584ex10-1_zoomcar.htm (EX-10.1) — 47KB
• 0001213900-24-009335.txt ( ) — 344KB
• zcar-20240130.xsd (EX-101.SCH) — 4KB
• zcar-20240130_def.xml (EX-101.DEF) — 28KB
• zcar-20240130_lab.xml (EX-101.LAB) — 38KB
• zcar-20240130_pre.xml (EX-101.PRE) — 26KB
• ea192584-8k_zoomcar_htm.xml (XML) — 7KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): January 30, 2024 ZOOMCAR HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 001-40964 99-0431609 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) Anjaneya Techno Park , No.147 , 1st Floor Kodihalli, Bangalore , India 560008 (Address of principal executive offices) (Zip Code) +91 99454-8382 (Registrant's telephone number, including area code) Innovative International Acquisition Corp. 24681 La Plaza Ste 300 Dana Point, CA 92629 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 per share ZCAR The Nasdaq Stock Market LLC Warrants, each exercisable for one share of Common Stock at a price of $11.50, subject to adjustment ZCARW The Nasdaq Stock Market LLC Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ( 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 ( 240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 1.01 Entry into a Material Definitive Agreement. Waiver of Insider Letter and Lock-Up Release Agreement As previously disclosed in the Current Report 8-K of Zoomcar Holdings, Inc. (the " Company ") on January 4, 2024, the Company, which was previously known as Innovative International Acquisition Corp., a Cayman Islands exempted company, consummated its previously announced business combination on December 28, 2023 with Zoomcar, Inc., a Delaware corporation (" Zoomcar "), pursuant to that certain Agreement and Plan of Merger and Reorganization, dated as of October 13, 2022, by and among the Company, Innovative International Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of the Company, Zoomcar, and Greg Moran, solely in the capacity as the representative of the Zoomcar stockholders. As previously disclosed in the Current Report 8-K of the Company, filed with the SEC on October 29, 2021, in connection with the Company's initial public offering, the Company entered into a letter agreement (as amended, the " Letter Agreement "), dated October 26, 2021, by and among the Company, the officers and directors of the Company, and Innovative International Sponsor I LLC (the " Sponsor " and collectively, with the former members of the Sponsor that received securities upon distribution of securities by the Sponsor, and the officers and directors of the Company, the " Lock-up Parties "). The Letter Agreement, among other things, imposed certain lock-up restrictions on the Company securities held by the Lock-up Parties. On February 1, 2024, the Company entered into an agreement (the " Lock-Up Release Agreement ") with two of the former members of the Sponsor, ASJC Global LLC – Series 24 (" ASJC ") and Cohen Sponsor LLC – A24 RS (" Sponsor Investor ", and together with ASJC, the " Lock-Up Release Parties "), pursuant to which the Company agreed to waive the lock-up restrictions provided for in the Letter Agreement with respect to the Lock-Up Release Parties for a period of 120 days (the " Lock-Up Release Period ") in exchange for a cash fee to be paid by the Lock-Up Release Parties to the Company within 3 business days following each 14 day payment period during the Lock-Up Release Period, in an amount between $0.50 and $1.50 per share that is sold by the Lock-Up Release Parties during the Lock-Up Release Period, less any legal fees in the amount of up to $50,000 incurred by the Lock-Up Release Parties in connection with the Lock-Up Release Agreement. The cash fee payable to the Company by the Lock-Up Parties will be based upon the volume weighted average price per share sold during each 14 day payment period during the Lock-Up Release Perio

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View this 8-K filing on SEC EDGAR