--- schema_version: "secwatch.filing_event.v1" accession: "0001104659-23-084387" form_type: "8-K" ticker: "ZCAR" cik: "0001854275" company_name: "Zoomcar Holdings, Inc." filed_at: "2023-07-26T23:59:59+00:00" generated_at: "2026-06-13T02:28:52.771209+00:00" event_type: "other_material" sentiment: "neutral" materiality_score: 0.6 calibrated_materiality_score: 0.6 confidence: "high" source: SEC EDGAR --- # IOAC shareholders approve extension to Oct 29, 2023; ~$3.8M redeemed; director resigns ## Summary - Shareholders approved extending business combination deadline up to October 29, 2023, with up to three one-month extensions. - Trust agreement amended to require monthly deposit of lesser of $90,000 or $0.03 per public share for each extension. - Sponsor committed up to $270,000; issued non-interest promissory note of up to $180,000 for extension expenses. - Director Valarie Sheppard resigned July 21, 2023; resignation not due to disagreement with company. - Shareholders redeemed 339,914 public shares at ~$11.13/share; $30.17M remains in trust; 2.71M public shares outstanding. ## SEC filing metadata - accession: 0001104659-23-084387 - form_type: 8-K - ticker: ZCAR - cik: 0001854275 - company_name: Zoomcar Holdings, Inc. - filed_at: 2023-07-26T23:59:59+00:00 - event_type: other_material - sentiment: neutral - materiality_score: 0.6 - calibrated_materiality_score: 0.6 - confidence: high - sec_items: 1.01, 2.03, 5.02, 5.03, 5.07, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1854275/000110465923084387/0001104659-23-084387-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1854275/000110465923084387/tm2322023d3_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001104659-23-084387 - JSON: https://secwatch.observer/filing/0001104659-23-084387.json - Plain text: https://secwatch.observer/filing/0001104659-23-084387.txt ## Key facts - Debt Financings Zoomcar Holdings, Inc. incurred loan of up to $180,000 with Innovative International Sponsor I LLC at bears no interest maturing the date on which the Company consummates an initial business combination. - Instrument: loan - Principal: up to $180,000 - Counterparty: Innovative International Sponsor I LLC - Rate: bears no interest - Maturity: the date on which the Company consummates an initial business combination - Event: incurrence source text: The Company has issued a promissory note in favor of the Sponsor (the “Note”) in the principal amount of up to $180,000 for expenses to be accrued in connection with up to two of the three contemplated monthly extensions. evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000110465923084387/0001104659-23-084387-index.htm - Executive change Valarie Sheppard resigned as director at Zoomcar Holdings, Inc.. - Action: resigned - Role: director source text: Effective July 21, 2023, Ms. Valarie Sheppard resigned from her position as a director of the Company, including her membership on the Audit Committee, the Compensation Committee and the Special Committee formed to consider and negotiate the terms and conditions of the Company’s proposed business combination. evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000110465923084387/0001104659-23-084387-index.htm - Governance Changes Zoomcar Holdings, Inc.: Shareholders approved an amendment to the Amended and Restated Memorandum and Articles of Association to extend the date by which the Company must consummate an initial business combination up to three times for one month each, from July 29, 2023 to October 29, 2023 (effective 2023-07-20). - Change: charter amendment - Effective: 2023-07-20 source text: At the EGM, the shareholders of the Company also approved an amendment (the "Extension Amendment") to the Company’s Amended and Restated Memorandum and Articles of Association, as amended on January 19, 2023, to extend the date by which the Company must consummate an initial business combination up to three (3) times for an additional one (1) month each time, from July 29, 2023 to October 29, 2023 (which is 24 months from the closing of our IPO). evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000110465923084387/0001104659-23-084387-index.htm - Material Agreements Zoomcar Holdings, Inc. amended Trust Agreement Amendment with American Stock Transfer & Trust Company, LLC (effective 2023-07-20). - Action: amendment - Counterparty: American Stock Transfer & Trust Company, LLC - Effective: 2023-07-20 source text: the shareholders of the Company approved the amendment to the Company’s investment management trust agreement, dated as of October 26, 2021, as amended by Amendment No. 1, dated as of January 19, 2023, by and between the Company and American Stock Transfer & Trust Company, LLC (the “Trust Agreement Amendment”). evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000110465923084387/0001104659-23-084387-index.htm - Shareholder Votes Zoomcar Holdings, Inc. shareholders approved Extension Amendment at the 2023-07-20 meeting. - Proposal: charter amendment - Outcome: passed - Meeting: 2023-07-20 source text: Extension Amendment was a pproved by a special resolution of the Company’s shareholders, and received the following votes: For Against Abstain 9,755,145 8,976 0 evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000110465923084387/0001104659-23-084387-index.htm - Shareholder Votes Zoomcar Holdings, Inc. shareholders approved Trust Agreement Amendment at the 2023-07-20 meeting. - Outcome: passed - Meeting: 2023-07-20 source text: Trust Agreement Amendment was approved by the affirmative vote of at least 65% of the Company’s outstanding Class A ordinary shares and Class B ordinary shares, and received the following votes: For Against Abstain 9,755,145 8,976 0 evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000110465923084387/0001104659-23-084387-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.