Innovative International Acquisition in a proxy filing called a Jan. 19 meeting for shareholders to vote on a timeline extension proposal. The SPAC wants to push the deadline back from Jan. 29 to July 29, giving it more time to finalize its planned acquisition of Zoomcar, a car-sharing platform based in India.
In return, the SPAC agrees to deposit the lesser of $165,000 or 5.5 cents a share into trust for each month necessary under the extension, if approved.
The $456 million deal with Zoomcar was announced in October. The SPAC raised $200 million in an October 2021 IPO. Read more.
