Innovative International Acquisition in an 8-K filing said shareholders approved extending the SPAC's merger deadline with Zoomcar until July 29. The SPAC issued a non-convertible note to its sponsor for a $990,000 deposit into trust to cover the extension. That works out to 5.5 cents a share per month.
The $456 million deal with Zoomcar was announced in October. The SPAC raised $200 million in an October 2021 ipo.