Zoomcar Holdings, Inc. (Nasdaq: ZCAR), the leading marketplace for car sharing in emerging markets rings the bell at Nasdaq. 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, are pleased to announce the Combined Company renamed Zoomcar Holdings, Inc. (“Zoomcar Holdings”) has begun trading on NASDAQ under the ticker symbol “ZCAR” for its common stock and “ZCARW” for its publicly traded warrants.
In honour of the occasion, Greg Moran, CEO & Co-Founder Zoomcar, CEO Mohan Ananda, Chairman of the Board, and Madan Menon, COO, IOAC, ring the Opening Bell. Shares of Zoomcar common stock have begun trading under the symbol ZCAR on the Nasdaq Global Market platform since December 29, 2023.
Zoomcar is backed by strong leaders such as Mohan Ananda, who is the Chairman and CEO of Innovative International Acquisition Corp. (IOAC), a SPAC entity that completed an IPO on the NASDAQ and raised about $230 million. He comes with over 25 years of experience in launching, leading, and growing innovative companies in various sectors, such as internet-based solutions, financial services, venture capital, and healthcare.
Adarsh Menon a seasoned industry leader with over 22 years of experience has also recently joined Zoomcar as President. From leading M&A to scaling multi-billion-dollar businesses, Adarsh has a strong track record in leading businesses of various life stages by building strong revenue moats, profit pools and alliances. He has built and led large high-performing, engaged and agile cross-functional teams and has mentored and groomed several industry leaders.
Greg Moran, CEO and Co-Founder of Zoomcar commented, “We are exceptionally happy and thrilled to have completed this long-standing effort to become a public company on Nasdaq. Zoomcar is one of the few home-grown companies that have been able to move in that direction and ultimately list on the US exchange. We thank the IOAC team particularly Mohan Ananda who is the primary sponsor of the SPAC, who is also a larger investor shareholder now in Zoomcar for partnering with us in these efforts. This marks the beginning of an important new phase in our company’s growth as we embark on reaching new heights for our emerging market focused peer-to-peer car sharing platform.”
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.”
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, acted as exclusive financial advisor and exclusive capital markets advisor to Zoomcar; DLA Piper LLP (US) acted as legal advisor to Cohen & Company Capital Markets. Ellenoff Grossman & Schole LLP acted as US legal advisor to Zoomcar. Lincoln International acted as financial advisor to the special committee of the board of directors of Innovative (the “Special Committee”). Morris, Nichols, Arsht & Tunnell LLP acted as legal advisor to the Special Committee. McDermott Will & Emery LLP acted as US legal advisor to Innovative. Weinberg Zareh Malkin Price LLP acted as US legal advisor to Ananda Small Business Trust.