Zoomcar, The World's Largest Emerging Market Focused Car Sharing Platform, Announces $10M Financial Investment In Connection With The Merger With Innovative International Acquisition Corp.
As previously announced last week, Zoomcar, Inc. ("Zoomcar"), the world's largest emerging market focused car sharing platform, and Innovative International Acquisition Corp. ("Innovative") (NASDAQ:IOAC), a publicly traded special purpose acquisition company, entered into a definitive merger agreement (the "Merger Agreement") that will result in Zoomcar becoming a publicly listed company. The transaction values the combined company (the "Combined Company") at an implied pro forma enterprise value of approximately $456 million. Upon closing, the Combined Company will be renamed Zoomcar Holdings, Inc. and expects to list its common stock on Nasdaq.