Innovative International (IOAC) Secures $10M for Zoomcar Deal
by Marlena Haddad on 2022-10-19 at 8:59am

Innovative International (NASDAQ:IOAC) disclosed this morning that it has already secured a $10 million convertible promissory note just a week after announcing its combination with car sharing program Zoomcar.

The new capital comes from Ananda Small Business Trust, a Nevada Trust and an affiliate of Innovative’s Sponsor, and will be in exchange for a convertible promissory note issued by Zoomcar.

Under the terms of the note, once Innovative completes its proposed merger with Zoomcar, Zoomcar’s repayment obligation will be offset against the obligations of Ananda Trust. This will be under a concurrently executed subscription agreement entered into by Ananda Trust and Innovative to subscribe for 1,000,000 newly issued shares of IOAC at $10.00 per share.

The subscription agreement includes registration rights obligations on the part of Innovative and is conditioned upon the closing of the business combination. In the event that the deal is not completed, then the note issued by Zoomcar in consideration of the investment will be exchanged for a Zoomcar convertible promissory note and the subscription agreement will terminate automatically.

Innovative, which just agreed to combine with Zoomcar last week, is financing the proposed merger with $235 million from its current trust. The transaction values the combined company at an implied pro forma enterprise value of approximately $456 million.

 

Innovative International (IOAC) Secures $10M for Zoomcar Deal
Recent Posts
by Kristi Marvin on 2025-07-10 at 8:31am

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...

by Nicholas Alan Clayton on 2025-07-10 at 8:27am

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...

by Nicholas Alan Clayton on 2025-07-09 at 12:57pm

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....

by Nicholas Alan Clayton on 2025-07-09 at 8:22am

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...

by Nicholas Alan Clayton on 2025-07-08 at 8:11pm

Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved