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Innovative International (IOAC) Secures $10M for Zoomcar Deal
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.

 

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