Innovative International Acquisition in an 8-K said it adjourned yesterday’s shareholder meeting without voting on the proposal to combine with Zoomcar, a global car sharing marketplace.
The delay will “allow more time for the parties to consider and finalize financing and transaction terms,” the SPAC said in the filing. Innovative International also noted that Zoomcar shareholders have yet to approve the deal.
A new meeting date for the SPAC’s shareholders has not yet been announced.
The deal carried an implied pro forma enterprise value of approximately $456 million at announcement a year ago.
India-based Zoomcar has over 3 million active users and over 25,000 vehicles registered for use. Read more.
