Zoomcar Holdings, the car-sharing platform, is now publicly traded on NASDAQ and is trading under the ticker symbol “ZCAR” for its common stock. The company entered the stock market through a Special Purpose Acquisition Deal (SPAC) and successfully merged with Innovative International Acquisition Corp (IOAC), a blank check company.
Greg Moran, CEO and Co-Founder of Zoomcar, expressed, “This signifies the commencement of a significant new phase in our company’s expansion as we set out to achieve new milestones for our peer-to-peer car-sharing platform focused on emerging markets.”
Mohan Ananda, Chairman and CEO of IOAC, stated, “As an innovative peer-to-peer car-sharing company, Zoomcar has substantial potential to establish a global community of car owners and renters. Our collaborative efforts aim to challenge conventions, create opportunities for active participation in the sharing economy, and reshape the future of global mobility.”
Adding to the leadership team, Adarsh Menon, a seasoned industry leader with over 22 years of experience, has recently joined Zoomcar as President. With a strong track record in leading businesses of various life stages and expertise in M&A and scaling multi-billion-dollar enterprises, Adarsh has built and led high-performing cross-functional teams while mentoring industry leaders.
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, served as the exclusive financial advisor and capital markets advisor to Zoomcar. DLA Piper LLP (US) acted as the legal advisor to Cohen & Company Capital Markets. Ellenoff Grossman & Schole LLP provided US legal advisory services to Zoomcar. Lincoln International acted as the financial advisor to the special committee of the board of directors of Innovative, with Morris, Nichols, Arsht & Tunnell LLP serving as the legal advisor to the Special Committee. McDermott Will & Emery LLP acted as the US legal advisor to Innovative, and Weinberg Zareh Malkin Price LLP served as the US legal advisor to Ananda Small Business Trust.