Innovative International Acquisition today in an 8-K said its shareholders voted to merge with India-based Zoomcar, a global car sharing marketplace.
Stockholders of 9,716,366 shares voted in favor of the deal, with 9,298 against, according to the filing.
The SPAC said 2,413,764 shares, representing 98.7% of all remaining outstanding public shares, were redeemed. Total redemptions since the SPAC’s $200 million IPO in October 2021 amount to 99.9% of the shares outstanding, leaving Innovative International with about $350,000 in trust.
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.
Innovative International earlier this week said 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 to support the Zoomcar deal.
The deal had an implied pro forma enterprise value of approximately $456 million at announcement in October 2022.
The SPAC’s original goal was to pursue a business combination within the consumer technology, healthcare, information technology services or enterprise SaaS sector. Read more.
