Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 354

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 354
---
28, 2023 (the “Closing Date”), pursuant to a Merger Agreement dated October 13, 2022 by and among Innovative International Acquisition Corp (“IOAC” or “SPAC”), Innovative International Merger Sub, Inc. and Zoomcar, Inc., the parties consummated the merger of Innovative International Merger Sub, Inc. with and into Zoomcar, Inc., with Zoomcar, Inc., continuing as the surviving corporation (the “Merger”), as well as the other transactions contemplated by the Merger Agreement (the Merger and such other transactions, the “Reverse Recapitalization”). In connection with the closing (the “Closing”) of the Reverse Recapitalization, Zoomcar, Inc. became a wholly owned subsidiary of IOAC and IOAC changed its name to Zoomcar Holdings, Inc., and all of Zoomcar, Inc. common stock, convertible preferred stock and convertible notes automatically converted into shares of the Company’s common stock having a par value of $ 0.0001 per share. The Company’s Common Stock and Warrants commenced trading on the Nasdaq Global Market (“Nasdaq”) under the symbols “ZCAR” and “ZCARW,” respectively, on December 28, 2023. Refer to Note 3 to these consolidated financial statements for more information on the Reverse Recapitalization.

Zoomcar, Inc., determined that it was the accounting acquirer in the Reverse Recapitalization based on an analysis of the criteria outlined in ASC 805, Business Combinations. The determination was primarily based on the following facts:

| ■ | Zoomcar, Inc’s shareholders,                                                                             
 prior to the Reverse Recapitalization, have the largest voting interest in the post-combination Company; |

| ■ | Zoomcar, Inc., prior to                                                                                                             
 the Closing, appointed the majority of the Company’s Board of Directors (effective upon the Reverse Recapitalization, the Company’s 
 Board consists of seven directors, including two directors designated by IOAC prior to the Closing and five directors designated    
 by Zoomcar, Inc., prior to the Closing; four of the Company’s directors immediately after the Closing have been determined          
 to be independent within the meaning of the independent director standards of the Securities and Exchange Commission and The Nasdaq 
 Stock Market LLC);                                                                                                                  |

| ■ | The executive officers                                                                                    
 of Zoomcar, Inc. became the initial executive officers of the Company after the Reverse Recapitalization; |

| ■ | Zoomcar, Inc., is the larger                                  
 entity