Zoomcar Holdings, Inc. (ZCAR): debt financing — Innovative International (IOAC) issues $500K promissory note to sponsor for working capital before business combination

Zoomcar Holdings, Inc.

Up to $500,000 unsecured note issued to sponsor Innovative International Sponsor I LLC on August 18, 2023.
Note bears no interest; principal due on consummation of initial business combination.
Sponsor waives all claims against the trust account from IPO proceeds.
Drawdowns available before Maturity Date; Payee must fund within two business days.
Unpaid principal automatically due upon certain bankruptcy or default events.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Zoomcar Holdings, Inc. incurred loan of up to $500,000 with Innovative International Sponsor I LLC at bears no interest maturing 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: the date of the consummation of the Company's initial business combination
Event: incurrence

Exact text from the filing

On August 18, 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.

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Zoomcar Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-093943

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