Zoomcar and Innovative International Acquisition Corporation (IOAC) successfully completed their merger on Friday. The combined company is now called Zoomcar Holdings Inc. It is set to start trading on NASDAQ this Friday, as stated by Zoomcar.
This merger follows the definitive agreement made by Zoomcar and IOAC on October 13, 2022.
“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,” Zoomcar CEO and Co-Founder Greg Moran said.
IOAC shareholders have approved Mohan Ananda, the Chairman and CEO of IOAC, to join the board of directors of Zoomcar Holdings. According to the statement, he is expected to take on the role of the initial chairman of the Zoomcar Holdings board.
“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,” Ananda said.
