Car-sharing platform Zoomcar Holdings is listed on the NASDAQ and has begun trading under the ticker symbol "ZCAR" for its common stock.
The company is listed via a SPAC (Special Purpose Acquisition Deal) and completed its merger with blank check company Innovative International Acquisition Corp (IOAC).
Greg Moran, CEO and Co-Founder of Zoomcar commented, “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 peer-to-peer car sharing platform.”
Mohan Ananda, Chairman and CEO of IOAC said, “As an innovative peer-to-peer car-sharing company, Zoomcar holds immense potential to establish a global community of car owners and renters. 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."
Adarsh Menon a seasoned industry leader with over 22 years of experience has also recently joined Zoomcar as President. From leading M&A to scaling multi-billion-dollar businesses, Adarsh has a strong track record in leading businesses of various life stages by building strong revenue moats, profit pools and alliances. He has built and led large high-performing, engaged and agile cross-functional teams and has mentored and groomed several industry leaders.
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.