Mohan Ananda - Dec 28, 2023 Form 4 Insider Report for Innovative International Acquisition Corp. (ZCAR)

Signature
/s/ Mohan Ananda
Stock symbol
ZCAR
Transactions as of
Dec 28, 2023
Transactions value $
$0
Form type
4
Date filed
1/2/2024, 08:13 PM
Previous filing
Nov 1, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ZCAR Common Stock, par value $0.0001 Other -9.01M -100% 0 Dec 28, 2023 See footnote F1, F2, F3
transaction ZCAR Common Stock, par value $0.0001 Other +4.27M 4.27M Dec 28, 2023 See footnote F4, F5
transaction ZCAR Common Stock, par value $0.0001 Award +1.07M +25.09% 5.34M Dec 28, 2023 See footnote F5, F6
transaction ZCAR Common Stock, par value $0.0001 Award +1.67M +31.2% 7.01M Dec 28, 2023 See footnote F5, F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Mohan Ananda is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 Represents (i) 8,050,000 Class B ordinary shares of the issuer that were acquired by Innovative International Sponsor I LLC (the "Sponsor"), for which Mr. Ananda is the managing member, pursuant to a subscription agreement by and between the Sponsor and the issuer prior to the issuer's initial public offering and (ii) 960,000 Class A ordinary shares of the issuer purchased by the Sponsor in a private placement that closed simultaneously with the issuer's initial public offering. On December 28, 2023, the issuer consummated its initial business combination (the "Business Combination") with Zoomcar, Inc ("Zoomcar"). In connection with the closing of the Business Combination (the "Closing"), each then-outstanding ordinary share of the issuer was cancelled and converted into one share of common stock of the issuer, par value $0.0001 per share ("Common Stock").
F2 On December 28, 2023, the Sponsor effected a distribution to its members (the "Distribution"), so that the Sponsor directly owns no shares of Common Stock.
F3 Mr. Ananda is managing member of the Sponsor and may be deemed to hold beneficial ownership of the shares of Common Stock held directly by the Sponsor.
F4 The Distribution resulted in the issuance of 4,270,000 shares of Common Stock to Ananda Small Business Trust ("ASBT").
F5 Mr. Ananda is chairman of the board of directors of LVN Enterprises, Inc., the trustee of ASBT, and may be deemed to hold beneficial ownership of the shares of Common Stock held directly by ASBT.
F6 In connection with the Business Combination, ASBT was party to a subscription agreement (the "Signing Subscription Agreement"), pursuant to which ASBT agreed to purchase 1,000,000 newly issued shares of Common Stock at a purchase price of $10.00 per share, contingent upon Closing. Furthermore, simultaneously with the signing of the Merger Agreement, ASBT invested an aggregate of $10 million in Zoomcar, in exchange for a convertible promissory note issued by Zoomcar to ASBT (the "ASBT Zoomcar Note"). On December 28, 2023, at the Closing, Zoomcar's repayment obligations under the ASBT Zoomcar Note was offset against ASBT's payment obligations under the Signing Subscription Agreement and ASBT received 1,071,506 newly issued shares of Common Stock in accordance with the terms of the Signing Subscription Agreement.
F7 In connection with the Business Combination, ASBT was party to a subscription agreement (the "Closing Subscription Agreement"), pursuant to which ASBT agreed to purchase 1,666,666 newly issued shares of Common Stock from the issuer for aggregate proceeds of $5 million.

Remarks:

Mr. Ananda disclaims any beneficial ownership of the securities reported herein other than to the extent of any pecuniary interest he may have therein, directly or indirectly. The inclusion of the securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose or that any of the transactions reported herein are subject to Section 16.