Innovative International (IOAC) Shareholders Approve Zoomcar Deal

Innovative International Acquisition Corp. (NASDAQ:IOAC) announced this morning that its shareholders approved its business combination with car-sharing program Zoomcar during a special meeting held on December 19.

Present at the meeting were holders of approximately 9.7 million of IOAC’s ordinary shares, representing approximately 82% of the voting power of the company’s ordinary shares issued and outstanding.

In connection with the vote, the company’s public stockholders holding 2,413,764 ordinary shares opted to redeem their shares. In total, the SPAC saw an aggregate of 99.87% of its trust redeemed, including from previous extension votes, leaving it with approximately $350,000 post-vote.

Earlier this week, the SPAC added $5 million to its combination through a subscription agreement with Ananda Trust, an affiliate of the sponsor. Under the agreement, Ananda Trust agreed to purchase 1,666,666 IOAC Class A ordinary shares for $3.00 per share, totaling roughly $5 million, which is contingent upon the completion of the proposed combination.

This latest agreement mirrors the previously disclosed agreement in which Innovative International secured a $10 million convertible promissory note with Ananda Trust last October, with terms almost identical. The only difference is the reduced per-share purchase price of $3.00, compared to the earlier per-share purchase price of $10.00.

The parties have not yet disclosed a timeline for the closing of the combination, but upon completion, the combined company is expected to trade on the Nasdaq.

Innovative International announced its $456 million deal with Zoomcar in October 2022. Bangalore, India-based Zoomcar operates a car sharing service that empowers host entrepreneurs to safely and easily share their cars to earn additional passive income.

All other proposals presented on the ballot were also approved at the special meeting.