IOAC, Zoomcar Successfully Complete Merger, Form Zoomcar Holdings

Innovative International Acquisition Corporation (NASDAQ: IOAC) and Zoomcar, Inc., a peer-to-peer car sharing company focused on emerging markets, have disclosed about the successful completion of their merger, officially known as the Business Combination. 

The transaction involved IOAC, formerly a Cayman Islands registered blank-check special purpose acquisition company, transferring to the State of Delaware to become a Delaware corporation.

According to the official statement by Zoomcar, as a result of the merger, the combined entity has been rebranded as Zoomcar Holdings, Inc. ("Zoomcar Holdings") and is set to commence trading on NASDAQ today, 29 December 2023, under the ticker symbols "ZCAR" for common stock and "ZCARW" for publicly traded warrants.

The Business Combination received unanimous approval from IOAC shareholders during a general meeting held on 19 December 2023. 

Zoomcar stockholders, including specific holders of shares of Zoomcar India, a wholly-owned Zoomcar subsidiary, also approved the transaction.

Greg Moran, CEO and Co-Founder of Zoomcar, expressed enthusiasm about the merger, stating, "We are thrilled to announce this exciting milestone in Zoomcar's nearly decade-long company journey. This marks the beginning of an important new phase in our company's growth as we embark on reaching new heights for our emerging market-focused peer-to-peer car sharing platform. We thank the IOAC team for partnering with us in these efforts."

Mohan Ananda, Chairman and CEO of IOAC, now approved as a nominee to the board of directors of Zoomcar Holdings and expected to serve as the initial Chairman of the Zoomcar Holdings board, highlighted Zoomcar's potential to establish a global community of car owners and renters. Ananda stated, "With Zoomcar's exceptional management team, we are poised to make a transformative impact on traditional industries."

Following the merger, Zoomcar Holdings will continue to operate under the leadership of Greg Moran, Co-Founder and CEO of Zoomcar, Inc. Shares of Zoomcar common stock are set to trade under the symbol ZCAR on the Nasdaq Global Market platform, with publicly traded warrants listed on the Nasdaq Capital Market platform.

Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, acted as the exclusive financial and capital markets advisor to Zoomcar, with DLA Piper LLP (US) providing legal counsel. Ellenoff Grossman & Schole LLP served as US legal advisor to Zoomcar. Lincoln International acted as the financial advisor to the special committee of the board of directors of Innovative, with Morris, Nichols, Arsht & Tunnell LLP providing legal advice to the Special Committee. McDermott Will & Emery LLP acted as the US legal advisor to Innovative, and Weinberg Zareh Malkin Price LLP served as the US legal advisor to Ananda Small Business Trust.

Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused on emerging markets. The Zoomcar community connects hosts with guests, offering a selection of cars for use at affordable prices, promoting sustainable and smart transportation solutions in growing markets.