Zoomcar, the World’s Largest Emerging Market Focused Car

BANGALORE, India, Oct. 19, 2022 (GLOBE NEWSWIRE) — As beforehand introduced final week, Zoomcar, Inc. (“Zoomcar”), the world’s largest rising market targeted automotive sharing platform, and Innovative International Acquisition Corp. (“Innovative”) (NASDAQ: IOAC), a publicly traded particular goal acquisition firm, entered right into a definitive merger settlement (the “Merger Agreement”) that can end in Zoomcar turning into a publicly listed firm. The transaction values the mixed firm (the “Combined Company”) at an implied professional forma enterprise worth of roughly $456 million. Upon closing, the Combined Company will probably be renamed Zoomcar Holdings, Inc. and expects to checklist its frequent inventory on Nasdaq.

$10 Million Investment By Ananda Trust Investment

In addition and concurrently with the execution of the Merger Agreement on October 13, 2022, Ananda Small Business Trust, a Nevada Trust (“Ananda Trust”), an affiliate of Innovative’s Sponsor, Innovative International Sponsor I LLC, invested an combination of $10 million in Zoomcar (the “Investment”) in alternate for a convertible promissory word issued by Zoomcar to Ananda Trust (the “Note”).

Under the phrases of the Note, upon consummation of the proposed business mixture between Innovative and Zoomcar (the “Business Combination”), Zoomcar’s compensation obligation underneath the Note will probably be offset towards the obligations of Ananda Trust underneath a concurrently executed Subscription Agreement (the “Subscription Agreement”) entered into by Ananda Trust and Innovative to subscribe for 1,000,000 newly issued shares of Innovative at a purchase order worth of $10.00 per share. The Subscription Agreement consists of registration rights obligations on the a part of Innovative and is conditioned, amongst different customary closing situations, upon the consummation of the Business Combination. In the occasion that the Business Combination just isn’t consummated, the Note issued by Zoomcar in consideration of the Investment will probably be exchanged for a Zoomcar convertible promissory word and the Subscription Agreement will terminate robotically.

Business Combination Advisors
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, is performing as unique monetary advisor and unique capital markets advisor to Zoomcar; Ellenoff Grossman & Schole LLP is performing as US authorized advisor to Zoomcar. Lincoln International is performing as monetary advisor to the particular committee of the board of administrators of Innovative (the “Special Committee”). McDermott Will & Emery LLP is performing as US authorized advisor to Innovative. Morris, Nichols, Arsht & Tunnell LLP is performing as authorized advisor to the Special Committee. DLA Piper LLP (US) is performing as authorized advisor to Cohen & Company Capital Markets.

About Zoomcar

Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is the main market for automotive sharing throughout India, Southeast Asia and the MENA area, with over 25,000 automobiles presently obtainable to visitors utilizing its platform. The Zoomcar group connects car house owners with visitors, who select from a number of automobiles to be used at inexpensive costs, selling sustainable, good transportation options in rising markets. Uri Levine, the co-founder of mobility unicorns Waze and Moovit, presently serves as Chairman of Zoomcar’s Board of Directors. 

About Innovative International Acquisition Corp.

Innovative is a clean test firm included as a Cayman Islands exempted firm for the goal of effecting a merger, share alternate, asset acquisition, share buy, reorganization or comparable business mixture with a number of companies. Innovative’s administration, includes of Dr. Mohan Ananda, Madan Menon and Elaine Price, together with a board of administrators that builds on its capacity, expertise and community with cross border transactions and strategic progress, sought to associate with a expertise firm that had a worldwide footprint with a targeted international progress technique. Innovative performed a profitable IPO in October of 2021, wherein it raised $235 million. Innovative’ s funding thesis was to discover a firm which had a historical past of optimistic progress, a transparent path to profitability, a powerful defensible market place coupled with a tradition of inclusion, range, and environmental accountability. Innovative sought recommendation from a number of main corporations to help with a radical diligence course of previous to coming into into the Merger Agreement.

Additional Information and Where to Find It
In reference to the proposed business mixture (the “Business Combination”) involving Innovative and Zoomcar, Innovative intends to file with the SEC a Registration Statement on Form S-4 (as amended, the Registration Statement”), which can embody a proxy assertion/prospectus. After the Registration Statement is asserted efficient, Innovative will ship the proxy assertion/prospectus and different related paperwork to its shareholders. This press launch just isn’t an alternative choice to the proxy assertion/prospectus. INVESTORS AND SECURITY HOLDERS AND OTHER INTERESTED PARTIES ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT HAVE BEEN FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ZOOMCAR, INNOVATIVE, THE PROPOSED BUSINESS COMBINATION AND RELATED MATTERS. The paperwork filed or that will probably be filed with the SEC referring to the Business Combination (when they’re obtainable) will be obtained freed from cost from the SEC’s web site at www.sec.gov. These paperwork (when they’re obtainable) can be obtained freed from cost from Innovative upon written request at Innovative International Acquisition Corp., 24681 La Plaza, Ste 300, Dana Point, CA 92629.

No Offer or Solicitation
This communication is for informational functions solely and isn’t supposed to and shall not represent a proxy assertion or the solicitation of a proxy, consent or authorization with respect to any securities in respect of the Business Combination and shall not represent a suggestion to promote or the solicitation of a suggestion to purchase or subscribe for any securities or a solicitation of any vote of approval, nor shall there be any sale, issuance or switch of securities in any jurisdiction wherein such provide, solicitation or sale could be illegal previous to registration or qualification underneath the securities legal guidelines of any such jurisdiction.

Participants in Solicitation
This communication just isn’t a solicitation of a proxy from any investor or safety holder. However, Innovative, Innovative International Sponsor I LLC (Innovative’s Sponsor), Zoomcar, and their respective administrators, officers and different members of their administration and workers could also be deemed to be individuals in the solicitation of proxies in reference to the Business Combination underneath the guidelines of the SEC. Information about Innovative’s administrators and government officers and their possession of Innovative’s securities is about forth in filings with the SEC, together with Innovative’s annual report on Form 10-Ok filed with the SEC on March 29, 2022 and subsequent quarterly studies filed with the SEC on type 10-Q. To the extent that holdings of Innovative’s securities have modified since the quantities included in Innovative’s most up-to-date annual report, such adjustments have been or will probably be mirrored on Statements of Change in Ownership on Form 4 filed with the SEC. Additional data concerning the individuals can even be included in the proxy assertion/prospectus, when it turns into obtainable. When obtainable, these paperwork will be obtained freed from cost from the sources indicated above.

Forward-Looking Statements
This communication incorporates “forward-looking statements” inside the that means of the Private Securities Litigation Reform Act of 1995. Such statements embody, however usually are not restricted to, statements about future monetary and working outcomes, our plans, goals, expectations and intentions with respect to future operations, services and products; and different statements recognized by phrases corresponding to “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or phrases of comparable that means.

These forward-looking statements and elements which will trigger precise outcomes and the timing of occasions to vary materially from the anticipated outcomes embody, however usually are not restricted to: (1) the prevalence of any occasion, change or different circumstances that would give rise to the termination of the merger settlement or may in any other case trigger the transactions contemplated therein to fail to shut; (2) the final result of any authorized proceedings which may be instituted towards Innovative, Zoomcar, the Combined Company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (3) the lack of ability to finish the Business Combination as a consequence of the failure to acquire approval of the shareholders of Innovative or stockholders of Zoomcar; (4) the lack of ability of Zoomcar to fulfill different situations to closing; (5) adjustments to the proposed construction of the Business Combination which may be required or applicable on account of relevant legal guidelines or rules or as a situation to acquiring regulatory approval of the Business Combination; (6) the capacity to satisfy inventory alternate itemizing requirements in reference to and following the consummation of the Business Combination; (7) the threat that the Business Combination disrupts present plans and operations of Zoomcar on account of the announcement and consummation of the Business Combination; (8) the capacity to acknowledge the anticipated advantages of the Business Combination, which can be affected by, amongst different issues, competitors, the capacity of the Combined Company to develop and handle progress profitably, keep its fame, develop its buyer base, keep relationships with clients and suppliers and retain its administration and key workers; (9) the influence of the COVID-19 pandemic on the business of Zoomcar and the Combined Company (together with the results of the ongoing international provide chain scarcity); (10) Zoomcar’s restricted working historical past and historical past of web losses; (11) Zoomcar’s buyer focus and reliance on a restricted variety of key expertise suppliers and cost processors facilitating funds to and by Zoomcar’s clients; (12) prices associated to the Business Combination; (13) unfavorable interpretations of legal guidelines or rules or adjustments in relevant legal guidelines or rules; (14) the chance that Zoomcar or the Combined Company could also be adversely affected by different financial, business, regulatory, and/or aggressive elements; (15) Zoomcar’s estimates of bills and profitability; (16) the evolution of the markets wherein Zoomcar competes; (17) political instability related to working in present and future rising markets Zoomcar has entered or could later enter; (18) dangers related to Zoomcar sustaining insufficient insurance to cowl dangers related to business operations now or in the future; (19) the capacity of Zoomcar to implement its strategic initiatives and proceed to innovate its current merchandise; (20) the capacity of Zoomcar to stick to authorized necessities with respect to the safety of non-public knowledge and privateness legal guidelines; (21) cybersecurity dangers, knowledge loss and different breaches of Zoomcar’s community safety and the disclosure of non-public data or the infringement upon Zoomcar’s mental property by unauthorized third events; (22) dangers related to the efficiency or reliability of infrastructure upon which Zoomcar depends, together with, however not restricted to, web and cellphone providers; (23) the threat of regulatory lawsuits or proceedings referring to Zoomcar’s services or products; (24) elevated compliance dangers related to working in a number of overseas jurisdictions without delay, together with regulatory and accounting compliance points; (25) Zoomcar’s publicity to operations in rising markets the place improper business practices could also be prevalent; and (26) Zoomcar’s capacity to acquire further capital when vital.

The foregoing checklist of things just isn’t exhaustive. You ought to rigorously think about the foregoing elements and the different dangers and uncertainties described in the “Risk Factors” part of the Registration Statement referenced above and different paperwork filed by Innovative now and again with the SEC. These filings establish and deal with different vital dangers and uncertainties that would trigger precise occasions and outcomes to vary materially from these contained in the forward-looking statements. There will be no assurance that the knowledge contained herein is reflective of future efficiency to any diploma. You are cautioned to not place undue reliance on forward-looking statements as a predictor of future efficiency as projected monetary data and different data are primarily based on estimates and assumptions which are inherently topic to varied important dangers, uncertainties and different elements, lots of that are past our management. Forward-looking statements converse solely as of the date they’re made, and Innovative and Zoomcar disclaim any intention or obligation to replace or revise any forward-looking statements, whether or not on account of developments occurring after the date of this communication. Forecasts and estimates concerning Zoomcar’s business and finish markets are primarily based on sources we imagine to be dependable, nonetheless there will be no assurance these forecasts and estimates will show correct in entire or partially. Annualized, professional forma, projected and estimated numbers are used for illustrative goal solely, usually are not forecasts and should not mirror precise outcomes.

Contacts

Zoomcar

Investors:
Michael Bowen
[email protected]

Media:
Surabi Shetty
[email protected]

Brad Burgess
[email protected]

Innovative International Acquisition Corp.
Dr. Mohan Ananda, Chairman &CEO
[email protected]