SPAC IOAC shareholders approve NTA amendment to facilitate Zoomcar merger

Zoomcar Holdings, Inc.

Shareholders approved removal of $5,000,001 net tangible asset redemption limitation.
NTA Amendment effective upon shareholder vote on Dec 21, 2023; filed with Cayman registry.
Amendment clears path for Domestication and Business Combination with Zoomcar, Inc.
Post-merger entity to be renamed Zoomcar Holdings, Inc.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Zoomcar Holdings, Inc.: Removed requirement limiting ability to redeem ordinary shares and consummate initial business combination if redemptions would cause net tangible assets below $5,000,001 (effective 2023-12-19).

Change: charter amendment
Effective: 2023-12-19

Exact text from the filing

At the Business Combination Meeting, the shareholders of IOAC approved by special resolution under Cayman Islands law, amendments (collectively, the “NTA Amendment”) to IOAC’s Amended and Restated Memorandum and Articles of Association (the “Existing Organizational Documents”) to remove the requirements contained in the Existing Organizational Documents limiting IOAC’s ability to redeem ordinary shares and consummate an initial business combination if such redemptions would cause IOAC to have less than $5,000,001 in net tangible assets.

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Zoomcar Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-129805

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