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 Nicholas Alan Clayton on 2025-07-18 at 8:16am

At the SPAC of Dawn During a week in which rare earth mining and space de-SPACs have seen major gains, another blast from the past is making serious waves in the market. EV battery developer QuantumScape (NYSE:QS) rose to a 52-week high of $13.79 yesterday and is cruising even higher in the pre-market. The company...

by Nicholas Alan Clayton on 2025-07-17 at 12:54pm

Cantor Equity Partners I (NASDAQ:CEPO) has entered into a definitive agreement to combine with Bitcoin Standard Treasury in a transaction that is worth about $4.8 billion. Bitcoin Standard Treasury aims to bring in capital from a number of equity instruments to build up one of the largest US-listed Bitcoin treasuries. The combined company is expected...

by Nicholas Alan Clayton on 2025-07-17 at 8:29am

At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...

by Kristi Marvin on 2025-07-16 at 5:33pm

Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...

by Nicholas Alan Clayton on 2025-07-16 at 8:18am

At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved