India-based Zoomcar and Innovative International Acquisition today announced a definitive merger agreement that values the combined company at an implied pro forma enterprise value of approximately $456 million.
If approved, upon closing Zoomcar Holdings would list on the Nasdaq.
Innovative’s trust currently holds approximately $235 million. Proceeds from the trust, less any redemptions, are expected to provide proceeds to Zoomcar to pursue its business strategy and for general working capital purposes. After closing, Zoomcar stockholders are expected to retain a majority of the outstanding shares of the merged company and Zoomcar will designate a majority of proposed directors.
Additional earnout shares may be distributed to Zoomcar stockholders after closing, upon achievement of certain trading price-based targets or a change of control of the Combined Company.
Zoomcar presently has over 3 million active users and over 25,000 vehicles registered for use on its global car sharing marketplace, a milestone achieved within just 12 months of launching its car sharing platform, according to a press release. Zoomcar has raised over $300 million in venture funding from firms like Sequoia Capital India. Read more.
