- Extraordinary general meeting of IOAC shareholders scheduled
for October 25, 2023, to vote on the
proposed business combination of IOAC with Zoomcar
- Zoomcar is the world's leading emerging market peer2peer car
sharing platform with operations across India, Indonesia and Egypt
- Zoomcar and IOAC entered into a definitive merger agreement
dated October 13, 2022, as amended
(the "Merger Agreement")
- Combined company expected to be named Zoomcar Holdings, Inc.
and listed on NASDAQ in fourth quarter of 2023 under ticker
"ZCAR"
BANGALORE, India, and DANA POINT, Calif., Oct. 3, 2023
/PRNewswire/ -- Innovative International Acquisition Corp.
(NASDAQ: IOAC) ("IOAC"), a Cayman Island registered blank-check
special purpose acquisition company, and Zoomcar, Inc., a
Delaware corporation ("Zoomcar"),
an emerging market focused peer2peer car sharing company, are
pleased to announce that IOAC's registration statement on Form S-4,
initially filed with the U.S. Securities and Exchange Commission
("SEC") on February 7, 2023 (as
amended, the "Registration Statement"), has been declared effective
by the SEC. The Registration Statement was filed in connection with
the proposed business combination between IOAC and Zoomcar,
previously announced on October 13,
2022.
IOAC has scheduled an extraordinary general meeting of IOAC
shareholders (the "IOAC Meeting") to seek approval and adoption of
the Merger Agreement among IOAC, Zoomcar and the other parties
thereto and the transactions contemplated thereby (the
"Transaction"), and other related matters, a key milestone in the
business combination process.
The IOAC Meeting will be held on October 25, 2023, at 11:00
am Eastern Time at the offices of McDermott Will & Emery, LLP at One
Vanderbilt Avenue, New York, NY
10017 and in virtual format at https://web.lumiagm.com/#/228230513
(password: innovative2023).
IOAC's shareholders of record as of the close of business on
September 20, 2023, are entitled to
receive notice of, to vote, and have their votes counted at the
IOAC Meeting and any adjournment thereof. The joint proxy
statement, prospectus and other relevant documents in connection
with the proposed Transaction will be mailed to IOAC's shareholders
as of the record date. The Registration Statement containing the
joint proxy statement and prospectus contains important information
about the proposed Transaction, the Merger Agreement, and the
proposals to be considered at the IOAC Meeting. The Registration
Statement containing the joint proxy statement, prospectus, and
proposals to be considered is available through the SEC's website
at www.sec.gov.
The joint proxy statement also notifies Zoomcar stockholders of
Zoomcar's solicitation of written consents to the Merger Agreement
and Transactions associated therewith. Zoomcar stockholders
of record as of September 30, 2023
will be entitled to execute and deliver written consents and are
encouraged to review the important information about the proposed
Transaction contained in the proxy statement and written consent
solicitation materials, in addition to the Registration Statement
and IOAC's other public filings available free of charge through
the SEC's website at www.sec.gov.
Mohan Ananda, the Chairman and
CEO of IOAC stated "I am delighted to announce the SEC's approval
of the effectiveness of the S-4 registration statement. This
significant milestone brings us one step closer to finalizing the
merger transaction with Zoomcar, a leader in emerging markets as
the largest car-sharing platform. With the explosion of emerging
markets and the wave of global entrepreneurship, I am confident
about Zoomcar's bright future as a leading global mobility
platform."
Greg Moran, CEO and Co-Founder
of Zoomcar commented, "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 peer2peer car sharing
platform across our core emerging market geographies."
The closing of the Transaction, which is expected to occur in
the fourth quarter of 2023, is subject to approval by IOAC
shareholders, Zoomcar stockholders and the other closing conditions
set forth in the Merger Agreement. Upon closing of the Transaction,
IOAC is expected to transfer by way of continuation out of the
Cayman Islands and into the
State of Delaware and be renamed
Zoomcar Holdings, Inc., and will continue to operate under the
Zoomcar management team, led by Greg
Moran, Co-Founder and Chief Executive Officer of Zoomcar.
The combined company's common stock is anticipated to be listed on
NASDAQ under ticker symbol "ZCAR."
Advisors
Cohen & Company Capital Markets, a division of J.V.B.
Financial Group, LLC, is acting as exclusive financial advisor and
exclusive capital markets advisor to Zoomcar; Ellenoff Grossman
& Schole LLP is acting as US legal advisor to Zoomcar. Lincoln
International is acting as financial advisor to the special
committee of the board of directors of IOAC (the "Special
Committee"). Jett Capital Advisors, LLC is acting as financial
advisor to IOAC; McDermott Will
& Emery LLP is acting as US legal advisor to IOAC. Morris, Nichols, Arsht & Tunnell LLP is acting as
legal advisor to the Special Committee. DLA Piper LLP (US) is
acting as legal advisor to Cohen & Company Capital Markets.
About Innovative International Acquisition
Corp.
IOAC is a blank check company incorporated as a Cayman Islands exempted company for the
purpose of effecting a merger, share exchange, asset acquisition,
share purchase, reorganization or similar business combination with
one or more businesses. IOAC's management comprises of Dr.
Mohan Ananda, Madan Menon and Elaine
Price, along with a board of directors that builds on its
ability, experience and network with cross border transactions and
strategic growth.
About Zoomcar[1]
Founded in 2012 and headquartered in Bengaluru, India, Zoomcar is the leading marketplace for
peer2peer car sharing across India, Indonesia and Egypt, with over 21,000 cars registered
through its platform. The Zoomcar community connects vehicle owners
with guests, who choose from a selection of cars for use at
affordable prices, promoting sustainable, smart transportation
solutions in growing markets.
Important Information and Where to Find It
This press release refers to a proposed transaction between IOAC
and Zoomcar. This press release does not constitute an offer to
sell or exchange, or the solicitation of an offer to buy or
exchange, any securities, nor shall there be any sale of securities
in any jurisdiction in which such offer, sale or exchange would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. In connection with the
transaction described herein, IOAC has filed relevant materials
with the SEC, including a registration statement on Form S-4, which
was declared effective by the SEC on September 29, 2023, and a final prospectus
containing the definitive proxy statement, filed with the SEC on
October 2, 2023. Security holders of
IOAC, on the one hand, and Zoomcar, on the other, are encouraged to
carefully review such information, including the risk factors and
other disclosures therein. The definitive proxy
statement/prospectus will be sent to all IOAC shareholders; Zoomcar
stockholders will also receive a copy of the definitive proxy
statement. IOAC also will file other documents regarding the
proposed transaction with the SEC. Before making any voting or
investment decision, investors and security holders of IOAC and
Zoomcar are urged to read the registration statement, the proxy
statement/prospectus and all other relevant documents filed or that
will be filed by IOAC with the SEC in connection with the proposed
transaction as they become available because they will contain
important information about the proposed transaction.
Investors and security holders may obtain free copies of the
proxy statement/prospectus and all other relevant documents filed
or that will be filed with the SEC by IOAC through the website
maintained by the SEC at www.sec.gov.
Participants in the Solicitation
IOAC and Zoomcar and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from IOAC's shareholders in connection with the proposed
transaction. Information about IOAC's directors and executive
officers and their ownership of IOAC securities is set forth in
IOAC's filings with the SEC. Additional information regarding the
interests of those persons and other persons who may be deemed
participants in the proposed transaction may be obtained by reading
the proxy statement/prospectus regarding the proposed transaction.
You may obtain free copies of these documents as described in the
preceding paragraph.
Forward-Looking Statements
This press release contains forward-looking statements, which
are based on estimates, assumptions, and expectations. Actual
results and performance could differ materially and adversely from
those expressed or implied in forward-looking statements. IOAC and
Zoomcar do not undertake any obligation to update any
forward-looking statements, except as required by law.
Contacts
Zoomcar
Investors:
Crocker Coulson
crocker.coulson@aummedia.org
(646) 652-7185
Innovative International Acquisition Corp.
Dr. Mohan Ananda, Chairman &
CEO
mohan@innovativeacquisitioncorp.com
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SOURCE Innovative International Acquisition Corp.