Zoomcar Inc, an Indian car rental company, has gone public after being acquired by Innovative International Acquisition Corp. Zoomcar Holdings has commenced trading on the Nasdaq stock exchange following the acquisition, under the ticker symbol ZCAR.
Innovative International Acquisition Corporation (NASDAQ: IOAC, or “IOAC”), formerly a Cayman Island registered blank-check special purpose acquisition company, and Zoomcar, Inc. (“Zoomcar”), an emerging market focused peer2peer car sharing company, had announced the closing (“Closing”) of their previously announced merger (the “Business Combination”). Before Closing, IOAC transferred by way of continuation out of the Cayman Islands and into the State of Delaware, to become a Delaware corporation.
The Combined Company resulting from the merger was renamed Zoomcar Holdings, Inc. (“Zoomcar Holdings”) and began trading on NASDAQ on December 29, 2023 under the ticker symbol “ZCAR” for its common stock and “ZCARW” for its publicly traded warrants.
IOAC’s shareholders approved the Business Combination, among other related matters, at an extraordinary general meeting held on December 19, 2023. The Business Combination, among other related matters, was also approved by Zoomcar stockholders, including certain holders of shares of Zoomcar India Private Limited, a wholly owned Zoomcar subsidiary.
Zoomcar is a top car-sharing marketplace in emerging markets, with over 20,000 cars available on its technology-driven platform in India, Indonesia, and Egypt. Guests in the Zoomcar community enjoy a diverse, affordable selection of cars to unlock memorable driving experiences with friends and family. Founded in 2013 and headquartered in Bengaluru, India, Zoomcar employs over 250 people and operates in over 45 cities across India, Indonesia, and Egypt.
Greg Moran, CEO and Co-Founder of Zoomcar commented, “We’re thrilled to announce this exciting milestone in Zoomcar’s nearly decade-long company journey. This marks the beginning of an important new phase in our company’s growth as we reach new heights for our emerging market-focused peer2peer car sharing platform. We thank the IOAC team for partnering with us in these efforts.
Mohan Ananda, Chairman and CEO of IOAC, who has also been approved by IOAC shareholders as nominee to the board of directors of Zoomcar Holdings and is expected to serve as the initial Chairman of the Zoomcar Holdings board, expressed his joy regarding the successful conclusion of Innovative’s business combination with Zoomcar, “As an innovative peer-to-peer car-sharing company, Zoomcar holds immense potential to establish a global community of car owners and renters. With Zoomcar’s exceptional management team, we are poised to make a transformative impact on traditional industries. Our collaborative efforts aim to challenge norms, create opportunities for active participation in the sharing economy, and redefine the future of mobility on a global scale.
Source: Financial Express