--- schema_version: "secwatch.filing_event.v1" accession: "0001104659-23-005364" form_type: "8-K" ticker: "ZCAR" cik: "0001854275" company_name: "Zoomcar Holdings, Inc." filed_at: "2023-01-20T23:59:59+00:00" generated_at: "2026-06-20T12:39:09.807723+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 0.85 calibrated_materiality_score: 0.85 confidence: "high" source: SEC EDGAR --- # SPAC reports 94% public share redemption; trust drops to $31.5M after extension vote ## Summary - Shareholders approved extending business combination deadline from Jan 29 to July 29, 2023 via charter and trust agreement amendments. - 19,949,665 public shares redeemed (~$206.5M at $10.35/share), reducing public float to 3,050,335 shares. - Trust Account drops from ~$238M to ~$31.5M post-redemption. - Sponsor provides up to $990,000 promissory note (non-interest bearing) for extension expenses. - Extension requires monthly deposit of lesser of $165,000 or $0.055 per outstanding public share. ## SEC filing metadata - accession: 0001104659-23-005364 - form_type: 8-K - ticker: ZCAR - cik: 0001854275 - company_name: Zoomcar Holdings, Inc. - filed_at: 2023-01-20T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 0.85 - calibrated_materiality_score: 0.85 - confidence: high - sec_items: 1.01, 2.03, 5.03, 5.07, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1854275/000110465923005364/0001104659-23-005364-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1854275/000110465923005364/tm234054d1_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001104659-23-005364 - JSON: https://secwatch.observer/filing/0001104659-23-005364.json - Plain text: https://secwatch.observer/filing/0001104659-23-005364.txt ## Key facts - Debt Financings Zoomcar Holdings, Inc. incurred loan of up to US$990,000 with Innovative International Sponsor I LLC at bears no interest maturing on the Maturity Date as defined in the Note. - Instrument: loan - Principal: up to US$990,000 - Counterparty: Innovative International Sponsor I LLC - Rate: bears no interest - Maturity: on the Maturity Date as defined in the Note - Event: incurrence source text: In connection with the Trust Agreement Amendment, Innovative International Sponsor I LLC (the "Sponsor") has agreed to make available to the Company an aggregate amount of up to US$990,000 to be used only for expenses accrued in connection with the extension of the date by which the Company must consummate an initial business combination, pursuant to a promissory note in favor of the Sponsor (the "Note"). The Note is non-convertible and bears no interest, and the principal balance is payable by the Company on the Maturity Date, as defined in the Note. evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000110465923005364/0001104659-23-005364-index.htm - Governance Changes Zoomcar Holdings, Inc.: Amendment to extend the date to consummate an initial business combination up to six times from January 29, 2023 to July 29, 2023 (effective 2023-01-19). - Change: charter amendment - Effective: 2023-01-19 source text: At the EGM, the shareholders of the Company approved an amendment (the “Charter Amendment”) to the Company’s Amended and Restated Memorandum and Articles of Association to extend the date by which the Company must consummate an initial business combination up to six (6) times for an additional one (1) month each time from January 29, 2023 to July 29, 2023 (which is 21 months from the closing of the Company’s initial public offering). Under Cayman Islands law, the Charter Amendment took effect upon approval by the shareholders. evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000110465923005364/0001104659-23-005364-index.htm - Material Agreements Zoomcar Holdings, Inc. amended Trust Agreement Amendment with American Stock Transfer & Trust Company, LLC (effective 2023-01-19). - Action: amendment - Counterparty: American Stock Transfer & Trust Company, LLC - Effective: 2023-01-19 source text: On January 19, 2023, Innovative International Acquisition Corp. (the “Company”) held an extraordinary general meeting of shareholders (the “EGM”) for the purpose of considering and voting on the Charter Amendment and the Trust Agreement Amendment (each as defined below) and, if presented, the proposal to adjourn the EGM to a later date. evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000110465923005364/0001104659-23-005364-index.htm - Shareholder Votes Zoomcar Holdings, Inc. shareholders approved Charter Amendment at the 2023-01-19 meeting. - Proposal: charter amendment - Outcome: passed - Meeting: 2023-01-19 source text: The Charter Amendment was a pproved by a special resolution of the Company’s shareholders, and received the following votes: For Against Abstain 28,005,693 426,128 397,591 evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000110465923005364/0001104659-23-005364-index.htm - Shareholder Votes Zoomcar Holdings, Inc. shareholders approved Trust Agreement Amendment at the 2023-01-19 meeting. - Outcome: passed - Meeting: 2023-01-19 source text: The Trust Agreement Amendment was approved by ordinary resolution of the Company’s shareholders, and received the following votes: For Against Abstain 28,005,693 426,128 0 evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000110465923005364/0001104659-23-005364-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.