secwatch.observer — SEC 8-K summary
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Issuer:     Zoomcar Holdings, Inc. (ZCAR)
CIK:        0001854275
Form:       8-K
Filed at:   2023-01-20T23:59:59+00:00
Accession:  0001104659-23-005364
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.03, 5.03, 5.07, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

SPAC reports 94% public share redemption; trust drops to $31.5M after extension vote
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1854275/000110465923005364/0001104659-23-005364-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1854275/000110465923005364/tm234054d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-005364

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