Innovative International Acquisition, Zoomcar complete business combination

Innovative International Acquisition, formerly a Cayman Island registered blank-check special purpose acquisition company, and Zoomcar, an emerging market focused peer2peer car sharing company, are pleased to announce the closing of their previously announced merger. Prior to Closing, IOAC transferred by way of continuation out of the Cayman Islands and into the State of Delaware, so as to become a Delaware corporation. The Combined Company resulting from the merger was, effective at Closing, renamed Zoomcar Holdings, Inc. and expects to begin trading on NASDAQ on December 29, 2023 under the ticker symbol “ZCAR” for its common stock and “ZCARW” for its publicly traded warrants.