Innovative International (NASDAQ:IOAC) announced in an 8-K that it has removed its earnout shares in connection to its combination with car sharing program Zoomcar.
On November 30, IOAC and Zoomcar agreed to a letter agreement regarding the release of 20 million earnout shares, which were originally intended to be placed in an escrow account upon the consummation of the combination. This agreement was integral to Zoomcar’s efforts to secure consent from its shareholders for the transaction and related matters, such as proposed amendments to Zoomcar’s certificate of incorporation and investor rights agreement.
If Zoomcar secures the required approval from its stockholders, the parties of the agreement will then promptly amend the merger agreement following the closing. This amendment specifically aims to remove the conditions of the earnout shares, allowing for their immediate release from escrow and distribution to Zoomcar Stockholders.
Innovative International was facing a completion deadline of November 29, but received shareholder approval at a meeting yesterday to extend this timeline by an additional month until December 29.
The SPACinked its $456 million deal with Zoomcar in October 2022. The transaction did not initially include a PIPE, but the parties were able to secure a $10 million convertible promissory note just a week after deal announcement. 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.
At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...