Zoomcar Holdings, Inc. (ZCAR): debt financing — IOAC shareholders approve one-month extension; ~$187.5M redeemed from trust

Zoomcar Holdings, Inc.

Shareholders approved extension of business combination deadline from Nov 29 to Dec 29, 2023.
16,346 public shares redeemed; ~$187.5M removed from trust, leaving ~$28.0M.
Sponsor provided up to $200,000 promissory note for working capital, no interest.
After redemptions, public shares outstanding reduced to 2,444,075.

item 1.01 item 2.03 item 5.03 item 5.07 item 9.01

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 $200,000 with Innovative International Sponsor I LLC at no interest maturing the date of the consummation of the Company’s initial business combination.

Instrument: loan
Principal: up to $200,000
Counterparty: Innovative International Sponsor I LLC
Rate: no interest
Maturity: the date of the consummation of the Company’s initial business combination
Event: incurrence

Exact text from the filing

On December 1, 2023, the Company issued an unsecured promissory note (the “Note”), in the amount of up to $200,000 to Innovative International Sponsor I LLC.

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.95

Zoomcar Holdings, Inc.: The Company's shareholders approved an amendment (Extension 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 from November 29, 2023 to December 29, 2023 (effective 2023-11-29).

Change: charter amendment
Effective: 2023-11-29

Exact text from the filing

At the Extension Meeting, 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, to extend the date by which the Company must consummate an initial business combination for one (1) month, from November 29, 2023 to December 29, 2023.

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.98

Zoomcar Holdings, Inc. shareholders approved Trust Agreement Amendment at the 2023-11-29 meeting.

Proposal: charter amendment
Outcome: passed
Meeting: 2023-11-29

Exact text from the filing

The 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 9,110,000 0 0

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.98

Zoomcar Holdings, Inc. shareholders approved Extension Amendment to extend the date by which the Company must consummate a business combination at the 2023-11-29 meeting.

Proposal: charter amendment
Outcome: passed
Meeting: 2023-11-29

Exact text from the filing

The Extension Amendment was a pproved by a special resolution of the Company’s shareholders, and received the following votes: For Against Abstain 9,110,000 0 0

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102 debt financings filed in the last 30 days. Browse all debt financings →

Zoomcar Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-122897

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