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Innovative International Acquisition Corp. (NASDAQ: IOAC) ("IOAC"), a Cayman Island registered blank-check special purpose acquisition company, and Zoomcar, Inc., a Delaware corporation ("Zoomcar"), an emerging market focused peer2peer car sharing company, are pleased to announce that IOAC's registration statement on Form S-4, initially filed with the U.S. Securities and Exchange Commission ("SEC") on February 7, 2023 (as amended, the "Registration Statement"), has been declared effective by the SEC. The Registration Statement was filed in connection with the proposed business combination between IOAC and Zoomcar, previously announced on October 13, 2022. 

IOAC has scheduled an extraordinary general meeting of IOAC shareholders (the "IOAC Meeting") to seek approval and adoption of the Merger Agreement among IOAC, Zoomcar and the other parties thereto and the transactions contemplated thereby (the "Transaction"), and other related matters, a key milestone in the business combination process.

The IOAC Meeting will be held on October 25, 2023, at 11:00 am Eastern Time at the offices of McDermott Will & Emery, LLP at One Vanderbilt Avenue, New York, NY 10017 and in virtual format at https://web.lumiagm.com/#/228230513 (password: innovative2023).

IOAC's shareholders of record as of the close of business on September 20, 2023, are entitled to receive notice of, to vote, and have their votes counted at the IOAC Meeting and any adjournment thereof.  The joint proxy statement, prospectus and other relevant documents in connection with the proposed Transaction will be mailed to IOAC's shareholders as of the record date. The Registration Statement containing the joint proxy statement and prospectus contains important information about the proposed Transaction, the Merger Agreement, and the proposals to be considered at the IOAC Meeting. The Registration Statement containing the joint proxy statement, prospectus, and proposals to be considered is available through the SEC's website at www.sec.gov.

The joint proxy statement also notifies Zoomcar stockholders of Zoomcar's solicitation of written consents to the Merger Agreement and Transactions associated therewith.  Zoomcar stockholders of record as of September 30, 2023 will be entitled to execute and deliver written consents and are encouraged to review the important information about the proposed Transaction contained in the proxy statement and written consent solicitation materials, in addition to the Registration Statement and IOAC's other public filings available free of charge through the SEC's website at www.sec.gov.

Mohan Ananda, the Chairman and CEO of IOAC stated "I am delighted to announce the SEC's approval of the effectiveness of the S-4 registration statement. This significant milestone brings us one step closer to finalizing the merger transaction with Zoomcar, a leader in emerging markets as the largest car-sharing platform. With the explosion of emerging markets and the wave of global entrepreneurship, I am confident about Zoomcar's bright future as a leading global mobility platform." 

Greg Moran, CEO and Co-Founder of Zoomcar commented, "We're thrilled to announce this important milestone in our ongoing partnership with the IOAC team and we look forward to continuing the buildout of our peer2peer car sharing platform across our core emerging market geographies."

The closing of the Transaction, which is expected to occur in the fourth quarter of 2023, is subject to approval by IOAC shareholders, Zoomcar stockholders and the other closing conditions set forth in the Merger Agreement. Upon closing of the Transaction, IOAC is expected to transfer by way of continuation out of the Cayman Islands and into the State of Delaware and be renamed Zoomcar Holdings, Inc., and will continue to operate under the Zoomcar management team, led by Greg Moran, Co-Founder and Chief Executive Officer of Zoomcar. The combined company's common stock is anticipated to be listed on NASDAQ under ticker symbol "ZCAR."

Advisors

Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, is acting as exclusive financial advisor and exclusive capital markets advisor to Zoomcar; Ellenoff Grossman & Schole LLP is acting as US legal advisor to Zoomcar. Lincoln International is acting as financial advisor to the special committee of the board of directors of IOAC (the "Special Committee"). Jett Capital Advisors, LLC is acting as financial advisor to IOAC; McDermott Will & Emery LLP is acting as US legal advisor to IOAC. Morris, Nichols, Arsht & Tunnell LLP is acting as legal advisor to the Special Committee. DLA Piper LLP (US) is acting as legal advisor to Cohen & Company Capital Markets.