IOAC sponsor affiliate invests $5M at $3/share; ~2.4M shares redeemed ahead of business combination vote

Zoomcar Holdings, Inc.

Ananda Trust (sponsor affiliate) agrees to buy 1,666,666 IOAC shares at $3.00/share ($5M total), contingent on business combination closing.
Lock-up amendment extends trading restrictions on Ananda Trust's IOAC securities for 12 months post-close.
Approximately 2,413,764 IOAC public shares (significant portion of trust) have been submitted for redemption as of Dec 18.
Business combination meeting adjourned to Dec 19, 2023; redemption requests may be withdrawn with IOAC consent.

item 1.01 item 3.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Zoomcar Holdings, Inc. amended Lock-Up Amendment with Ananda Small Business Trust (effective 2023-12-19).

Action: amendment
Counterparty: Ananda Small Business Trust
Effective: 2023-12-19

Exact text from the filing

IOAC and Ananda Trust entered into an amended lock-up agreement (the “Lock-Up Amendment”) containing restrictive trading provisions with respect to all securities held by Ananda Trust

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Zoomcar Holdings, Inc. entered into Closing Subscription Agreement with Ananda Small Business Trust valued at 1,666,666 IOAC Class A ordinary shares at a price of $3.00 per share (effective 2023-12-19).

Action: entry
Agreement: equity purchase
Counterparty: Ananda Small Business Trust
Value: 1,666,666 IOAC Class A ordinary shares at a price of $3.00 per share
Effective: 2023-12-19

Exact text from the filing

IOAC and Ananda Small Business Trust (“Ananda Trust”), an affiliate of Innovative International Sponsor I LLC, IOAC’s sponsor (the “Sponsor”), entered into a subscription agreement (the “Closing Subscription Agreement”), pursuant to which Ananda Trust agreed to purchase 1,666,666 IOAC Class A ordinary shares at a price of $3.00 per share

View on SEC.gov

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Zoomcar Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-127159

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