Innovative International Acquisition in an 8-K said it entered into a subscription agreement with Ananda Trust, an affiliate of the SPAC’s sponsor, to sell 1,666,666 shares at $3 each, for almost $5 million. The funds support the SPAC’s proposed acquisition of India-based Zoomcar, a global car sharing marketplace.
A shareholder vote on the deal is scheduled for today.
The vote was originally slated in October but delayed to “allow more time for the parties to consider and finalize financing and transaction terms,” the SPAC said at the time.
The deal had an implied pro forma enterprise value of approximately $456 million at announcement in October 2022. Read more.
