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 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 closing (“Closing”) of their previously announced merger (the “Business Combination”). 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. (“Zoomcar Holdings”) 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

IOAC’s shareholders approved the Business Combination, among other related matters, at an extraordinary general meeting held on December 19, 2023.  The Business Combination, among other related matters, was also approved by Zoomcar stockholders, including certain holders of shares of Zoomcar India Private Limited, a wholly owned Zoomcar subsidiary.

Greg Moran, CEO and Co-Founder of Zoomcar commented, “We’re thrilled to announce this exciting milestone in Zoomcar’s nearly decade long company journey. 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 peer2peer car sharing platform.  We thank the IOAC team for partnering with us in these efforts.”

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."

With the closing of the merger, IOAC has been renamed Zoomcar Holdings, Inc., and will continue to operate under the Zoomcar management team, led by Greg Moran, Zoomcar, Inc.’s Co-Founder and Chief Executive Officer. Shares of Zoomcar common stock are expected to begin trading under the symbol ZCAR on the Nasdaq Global Market platform on or about December 29, 2023; publicly trading warrants are expected to be listed on the Nasdaq Capital Market platform on or about the same date.

Advisors
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.

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