secwatch.observer — SEC 8-K summary
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Issuer:     Zoomcar Holdings, Inc. (ZCAR)
CIK:        0001854275
Form:       8-K
Filed at:   2024-01-04T23:59:59+00:00
Accession:  0001213900-24-001242
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 2.01, 3.02, 9.01, 3.03, 4.01, 5.01, 5.02, 5.03, 5.06, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

Zoomcar Holdings closes de-SPAC merger, issues $8.4M convertible note, amends earnout escrow
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- Consummated merger with IOAC on Dec 28, 2023; name changed to Zoomcar Holdings, Inc.
- Each Zoomcar share converted into 0.0284 shares of new Common Stock; aggregate Merger Consideration ~$350M.
- Issued $8.43M unsecured convertible note (8% interest, $10 conversion price, $0.25 floor) for transaction expenses.
- Post-closing amendment eliminated price-based earnout conditions; 20M Earnout Shares released; Assumed Warrants adjusted ~1.73x.
- Entered deferred payment agreements totaling ~$3M and issued ~$9.5M in promissory notes payable over 18 months.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1854275/000121390024001242/0001213900-24-001242-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1854275/000121390024001242/ea191008-8k_zoomcar.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-001242

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer