Zoomcar Holdings, Inc. (ZCAR): Nasdaq/NYSE listing notice — IOAC faces Nasdaq delisting for MVLS non-compliance; Zoomcar merger consent solicitation extended again

Zoomcar Holdings, Inc.

Nasdaq notified IOAC that securities will be suspended on Nov 29, 2023, for failing to meet $50M MVLS minimum; IOAC requested hearing to stay suspension.
IOAC also previously failed total shareholder requirement; additional delisting basis.
Zoomcar extended consent return deadline to Nov 28, 2023, but has not yet received requisite stockholder approvals for business combination and pre-closing amendments.
Zoomcar distributed revised consent solicitation materials including potential additional investments by Ananda Trust with dilutive effects.
IOAC moved trust funds to segregated bank account to avoid being deemed an unregistered investment company.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

Zoomcar Holdings, Inc. received a nasdaq delisting notice notice regarding market value (rules 5450(b)(2)(A), 5450(a)(2)).

Exchange: nasdaq
Notice: delisting notice
Deficiency: market value
Rules: 5450(b)(2)(A), 5450(a)(2)

Exact text from the filing

ts a hearing to appeal this determination by 4:00 p.m. Eastern Time on November 27, 2023, and Innovative has requested such hearing. The market value of Innovative’s listed securities was below the $50,000,000 minimum MVLS requirement for continued listing on Nasdaq Global under Nasdaq Listing Rule 5450(b)(2)(A) (the “MLVS Rule”) and had not been at least $50,000,000 for the proceeding 30 consecutive trading days. As previously reported by Innovative on its Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on April 6, 2023, the Nasdaq initially notified I

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Zoomcar Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-121294

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