---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-121294"
form_type: "8-K"
ticker: "ZCAR"
cik: "0001854275"
company_name: "Zoomcar Holdings, Inc."
filed_at: "2023-11-27T23:59:59+00:00"
generated_at: "2026-06-07T21:40:30.703584+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# IOAC faces Nasdaq delisting for MVLS non-compliance; Zoomcar merger consent solicitation extended again

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-121294
- form_type: 8-K
- ticker: ZCAR
- cik: 0001854275
- company_name: Zoomcar Holdings, Inc.
- filed_at: 2023-11-27T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 3.01, 7.01, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1854275/000110465923121294/0001104659-23-121294-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1854275/000110465923121294/tm2331570d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-121294
- JSON: https://secwatch.observer/filing/0001104659-23-121294.json
- Plain text: https://secwatch.observer/filing/0001104659-23-121294.txt

## Key facts
- Listing & Compliance Notices
  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)
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000110465923121294/0001104659-23-121294-index.htm

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