Zoomcar Holdings, Inc. (ZCAR): debt financing — Innovative International Acquisition issues up to $500K unsecured note to sponsor affiliate

Zoomcar Holdings, Inc.

Promissory note of up to $500,000 issued January 3, 2023 to Ananda Small Business Trust, an affiliate of the sponsor.
Note bears no interest; principal due upon consummation of initial business combination (maturity date).
Proceeds may be drawn down from time to time prior to maturity; maximum aggregate drawdown is $500,000.
Payee waives any claim against the trust account established from IPO proceeds (trust waiver clause).
Note is unsecured and subject to customary events of default; prepayment permitted at any time.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Zoomcar Holdings, Inc. incurred loan of up to $500,000 with Ananda Small Business Trust at bears no interest maturing on the date of the consummation of the Company’s initial business combination.

Instrument: loan
Principal: up to $500,000
Counterparty: Ananda Small Business Trust
Rate: bears no interest
Maturity: on the date of the consummation of the Company’s initial business combination
Event: incurrence

Exact text from the filing

On January 3, 2023, Innovative International Acquisition Corp. (the “Company”) issued an unsecured promissory note (the “Note”), in the amount of up to $500,000 to Ananda Small Business Trust (“ASBT”), an affiliate of Innovative International Sponsor I LLC, the sponsor of the Company.

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Zoomcar Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-000911

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