---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-127171"
form_type: "8-K"
ticker: "ZCAR"
cik: "0001854275"
company_name: "Zoomcar Holdings, Inc."
filed_at: "2023-12-19T23:59:59+00:00"
generated_at: "2026-06-07T10:47:26.275166+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# IOAC replaces ~$3.26M in existing notes with new promissory notes; Ananda Trust gets convertible note at $3.00/share

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-127171
- form_type: 8-K
- ticker: ZCAR
- cik: 0001854275
- company_name: Zoomcar Holdings, Inc.
- filed_at: 2023-12-19T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1854275/000110465923127171/0001104659-23-127171-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1854275/000110465923127171/tm2333227d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-127171
- JSON: https://secwatch.observer/filing/0001104659-23-127171.json
- Plain text: https://secwatch.observer/filing/0001104659-23-127171.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000110465923127171/0001104659-23-127171-index.htm

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