---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-130014"
form_type: "8-K"
ticker: "ZCAR"
cik: "0001854275"
company_name: "Zoomcar Holdings, Inc."
filed_at: "2023-12-28T23:59:59+00:00"
generated_at: "2026-06-07T06:31:27.759258+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# IOAC enters into non-redemption and fee modification agreements to close Zoomcar merger

## Summary
- IOAC entered non-redemption agreement with Meteora funds to reverse redemption of 150,000 Class A shares.
- Cantor and JVB accepted 1,200,000 shares in lieu of $12.1M deferred underwriting fees.
- IOAC entered securities purchase agreement for up to $20M unsecured convertible note for merger expenses.
- Zoomcar engaged Roth Capital as capital markets advisor for a $750,000 fee contingent on closing.
- Shareholders approved the business combination on Dec 19, 2023; closing expected imminently.

## SEC filing metadata
- accession: 0001104659-23-130014
- form_type: 8-K
- ticker: ZCAR
- cik: 0001854275
- company_name: Zoomcar Holdings, Inc.
- filed_at: 2023-12-28T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1854275/000110465923130014/0001104659-23-130014-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1854275/000110465923130014/tm2333847d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-130014
- JSON: https://secwatch.observer/filing/0001104659-23-130014.json
- Plain text: https://secwatch.observer/filing/0001104659-23-130014.txt

## Key facts
- Material Agreements
  Zoomcar Holdings, Inc. entered into Non-Redemption Agreement with Meteora Special Opportunity Fund I, LP, Meteora Capital Partners, LP, Meteora Select Trading Opportunities Master, LP (collectively, Investor) (effective 2023-12-27).
  - Action: entry
  - Counterparty: Meteora Special Opportunity Fund I, LP, Meteora Capital Partners, LP, Meteora Select Trading Opportunities Master, LP (collectively, Investor)
  - Effective: 2023-12-27
  source text: On December 27, 2023, IOAC entered into a non-redemption agreement (the “Non-Redemption Agreement”) with each of (i) Meteora Special Opportunity Fund I, LP (“MSOF”), Meteora Capital Partners, LP (“MCP”) and Meteora Select Trading Opportunities Master, LP (“MSTO”) (with MSOF, MCP, and MSTO, collectively, “Investor”), pursuant to which Investor agreed to reverse the redemption of 150,000 Class A ordinary shares of IOAC.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000110465923130014/0001104659-23-130014-index.htm
- Material Agreements
  Zoomcar Holdings, Inc. entered into Fee Modification Agreement with Cantor Fitzgerald & Co. and J.V.B. Financial Group, LLC (effective 2023-12-28).
  - Action: entry
  - Agreement: underwriting
  - Counterparty: Cantor Fitzgerald & Co. and J.V.B. Financial Group, LLC
  - Effective: 2023-12-28
  source text: On December 28, 2023, IOAC, Cantor and J.V.B., in consideration of redemption levels by IOAC public shareholders, among other factors, the foregoing parties entered into a fee modification agreement (the “Fee Modification Agreement”), pursuant to which, among other things, Cantor agreed to accept, in lieu of payment of the deferred underwriting commission in cash at the Closing, an aggregate of 1,200,000 shares (the “Modified Fee Shares”), of which 1,000,000 Modified Fee Shares shall be issued to Cantor and 200,000 Modified Fee Shares shall be issued to J.V.B., in lieu of the cash payments otherwise deliverable to each of Cantor and J.V.B. (“Holders”) pursuant to the Underwriting Agreement and the JVB Engagement Letter, respectively.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1854275/000110465923130014/0001104659-23-130014-index.htm

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