Innovative International (IOAC) Completes Zoomcar Deal

Innovative International Acquisition Corp. (NASDAQ:IOAC) announced yesterday evening that it has completed its combination with car-sharing program Zoomcar. The approval from shareholders was previously obtained in a special meeting on December 19.

In connection with last week’s 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.

The combined company is set to begin trading on the NASDAQ this morning under the ticker symbol “ZCAR” for its common stock and “ZCARW” for its publicly traded warrants.  

Before closing, IOAC moved its incorporation from the Cayman Islands to the State of Delaware, becoming a Delaware corporation.

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.

Zoomcar will continue to operate under its current management team, led by Co-Founder and CEO Greg Moran.