---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-042772"
form_type: "8-K"
ticker: "ZCAR"
cik: "0001854275"
company_name: "Zoomcar Holdings, Inc."
filed_at: "2023-04-06T23:59:59+00:00"
generated_at: "2026-06-17T05:23:20.084881+00:00"
event_type: "regulatory"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Innovative International Acquisition Corp. receives Nasdaq MVLS deficiency notice; two directors resign

## Summary
- Nasdaq notified IOAC on March 31, 2023 that its Market Value of Listed Securities fell below $50M minimum.
- Company has 180 days (until Sept 27, 2023) to regain compliance; may transfer to Nasdaq Capital Market if needed.
- Directors Anuradha George and Elaine Price resigned effective March 31, 2023; no disagreement cited.
- George to receive 30,000 founder shares upon close of initial business combination; forfeits 5,000 shares.
- Fernando Garibay appointed to Audit Committee to fill vacancy from George's resignation.

## SEC filing metadata
- accession: 0001104659-23-042772
- form_type: 8-K
- ticker: ZCAR
- cik: 0001854275
- company_name: Zoomcar Holdings, Inc.
- filed_at: 2023-04-06T23:59:59+00:00
- event_type: regulatory
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 3.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1854275/000110465923042772/0001104659-23-042772-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1854275/000110465923042772/tm2311960d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-042772
- JSON: https://secwatch.observer/filing/0001104659-23-042772.json
- Plain text: https://secwatch.observer/filing/0001104659-23-042772.txt

## Key facts
- Listing & Compliance Notices
  Zoomcar Holdings, Inc. received a nasdaq deficiency notice notice regarding market value (rules 5450(b)(2)(A)).
  - Exchange: nasdaq
  - Notice: deficiency notice
  - Deficiency: market value
  - Rules: 5450(b)(2)(A)
  source text: March 31, 2023, Innovative International Acquisition Corp. (the “Company”) received a written notice (the “Letter”) from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that the Company was not in compliance with Listing Rule 5450(b)(2)(A), requiring the Company to maintain a Market Value of Listed Securities (“MVLS”) of $50,000,000 for the continued listing of its securities on The Nasdaq Global Market. The Letter is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company’s s
  evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000110465923042772/0001104659-23-042772-index.htm
- Executive change
  Elaine Price resigned as Director at Zoomcar Holdings, Inc..
  - Action: resigned
  - Role: Director
  source text: Also on March 31, 2023, Ms. Elaine Price resigned from her position as a director of the Company
  evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000110465923042772/0001104659-23-042772-index.htm
- Executive change
  Anuradha George resigned as Director at Zoomcar Holdings, Inc..
  - Action: resigned
  - Role: Director
  source text: Effective March 31, 2023, Ms. Anuradha George resigned from her position as a director of the Company
  evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000110465923042772/0001104659-23-042772-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.