Zoomcar Holdings, Inc. (ZCAR): debt financing — Innovative International Acquisition Corp. enters into $500K promissory note with sponsor

Zoomcar Holdings, Inc.

Up to $500,000 unsecured promissory note issued to sponsor Innovative International Sponsor I LLC on May 10, 2023.
Note bears no interest; principal due upon consummation of initial business combination (Maturity Date).
Drawdowns may be used only for working capital expenses; Payee waives claims against trust account from IPO proceeds.
Standard events of default; upon certain bankruptcy events, principal automatically becomes immediately due and payable.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Zoomcar Holdings, Inc. incurred loan of up to $500,000 with Innovative International Sponsor I LLC 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: Innovative International Sponsor I LLC
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 May 10, 2023, Innovative International Acquisition Corp. (the “Company”) issued an unsecured promissory note (the “Note”), in the amount of up to $500,000 to Innovative International Sponsor I LLC, the sponsor of the Company.

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Source: SEC EDGAR

accession 0001104659-23-058423

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