Zoomcar To Be Listed On NASDAQ; Will Be Renamed As Zoomcar Holdings

BW Online Bureau Oct 23, 2023

Innovative International Acquisition Corp. (IOAC) and Zoomcar, Inc. have notified that the U.S. Securities and Exchange Commission ("SEC") has declared the effectiveness of IOAC's registration statement on Form S-4, marking a significant step in the proposed business combination between the two companies. The registration statement was initially filed on February 7, 2023, and the business combination was initially announced on October 13, 2022.

IOAC has scheduled an extraordinary general meeting of its shareholders on October 25, 2023, to seek approval for the merger agreement and related transactions, a crucial milestone in this process. This meeting will take place at the offices of McDermott Will & Emery, LLP, in New York, NY, and will also be accessible virtually.

Shareholders of record as of September 20, 2023, will receive notices and have the opportunity to vote on the proposed merger. The joint proxy statement and prospectus, containing important information about the merger agreement, will be mailed to shareholders as of the record date and can also be accessed via the SEC's website.

Mohan Ananda, Chairman and CEO of IOAC, stated, "This significant milestone brings us one step closer to finalising the merger transaction with Zoomcar, a leader in emerging markets as the largest car-sharing platform."

Additionally, Zoomcar stockholders of record as of September 30, 2023, will have the opportunity to provide written consents regarding the merger agreement and associated transactions. It is recommended that Zoomcar stockholders review the proxy statement and written consent solicitation materials, as well as IOAC's public filings on the SEC's website.

Greg Moran, CEO and Co-Founder of Zoomcar, added, "We're thrilled to announce this important milestone in our ongoing partnership with the IOAC team, and we look forward to continuing the buildout of our peer-to-peer car-sharing platform across our core emerging market geographies."

The closing of the transaction, expected in the fourth quarter of 2023, is subject to approval by IOAC shareholders, Zoomcar stockholders, and other closing conditions as outlined in the merger agreement.

Upon completion, IOAC will transfer out of the Cayman Islands into the State of Delaware, where it will be renamed Zoomcar Holdings, Inc. The company will continue to be led by Greg Moran and its common stock is expected to be listed on NASDAQ under the ticker symbol "ZCAR".