Zoomcar Holdings, Inc. (ZCAR): debt financing — IOAC replaces ~$3.26M in existing notes with new promissory notes; Ananda Trust gets convertible note at $3.00/share

Zoomcar Holdings, Inc.

Issued $2,027,840 unsecured convertible note to Ananda Small Business Trust, no interest, payable 90 days post-business-combination, convertible at $3.00/share (down from $10.00/share).
Issued unsecured promissory notes to passive investors totaling ~$1,231,368 under substantially the same terms as the existing notes.
Replacement notes fully satisfy and discharge all existing notes; old notes are terminated immediately.
Ananda Trust conversion price is lower than the redemption price per public share in the business combination.
Total outstanding principal replaced: ~$3.26M, consisting of $2,027,840 to Ananda Trust and $1,231,368 to passive investors.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Zoomcar Holdings, Inc. incurred convertible notes of $2,027,840 with Innovative International Sponsor I LLC at no interest maturing 90 days after the consummation of the Business Combination.

Instrument: convertible notes
Principal: $2,027,840
Counterparty: Innovative International Sponsor I LLC
Rate: no interest
Maturity: 90 days after the consummation of the Business Combination
Event: incurrence

Exact text from the filing

with extensions of the date by which IOAC must consummate an initial business combination (such promissory notes, the “Existing Notes”). As of the date hereof, (i) approximately $2,027,840 is outstanding under the Existing Notes payable to Ananda Small Business Trust (“Ananda Trust”), payable on the date of the consummation of the Business Combination, and of such

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Zoomcar Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-127171

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