Le Lézard
Classified in: Science and technology
Subject: IPO

Innovative International Acquisition Corp. Announces Closing of $230,000,000 Initial Public Offering, Including Exercise of Over-Allotment Option


Innovative International Acquisition Corp. (the "Company"), a newly incorporated blank check company, today announced the closing of its initial public offering, as well as the exercise of the over-allotment option in full by the underwriters resulting in the sale of an aggregate of 23,000,000 units (which includes 3,000,000 units issued in connection with the exercise of the over-allotment option). The offering was priced at $10.00 per unit, resulting in gross proceeds of $230,000,000.

The Company's units commenced trading on the Nasdaq Global Market under the ticker symbol "IOACU" on October 27, 2021.

The Company is led by Dr. Mohan Ananda, Chairman and Chief Executive Officer, Madan Menon, Chief Operating Officer, and Elaine Price, Chief Financial Officer, and board members Fernando Garibay, Anuradha George, Nisheet Gupta, and Valarie Sheppard.

The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. While the Company may pursue a business combination in any industry, sector or geographic region, the Company intends to identify promising opportunities in consumer technology, healthcare, information technology services or enterprise software as a service (SaaS) sector. The Company has not selected any specific business combination target.

Each unit sold in the offering consists of one Class A ordinary share and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Only whole warrants are exercisable and will trade. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the Nasdaq Global Market under the symbols "IOAC" and "IOACW," respectively.

Cantor Fitzgerald & Co. acted as the sole book-running manager for the offering.

Of the proceeds received from the consummation of the offering and a simultaneous private placement of Class A ordinary shares, $234,600,000 was placed in the Company's trust account. An audited balance sheet of the Company as of October 29, 2021 reflecting receipt of the proceeds upon consummation of the offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (the "SEC").

The offering was made only by means of a prospectus, copies of which may be obtained by contacting Cantor Fitzgerald & Co., 499 Park Avenue, New York, New York 10022, or by email at [email protected].

A registration statement relating to these securities was filed with, and declared effective by, the SEC on October 26, 2021. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute "forward-looking statements," including with respect to the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the "Risk Factors" section of the Company's registration statement for the Company's initial public offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.


These press releases may also interest you

at 02:26
Yaber, a prominent name in the entertainment projector industry, has teamed up with 9to5Google and Google to mark the start of 2025 with an exclusive giveaway. This collaboration features the Google Pixel 9 and Yaber T2 projector, offering customers...

at 02:20
LUND, SE / ACCESS Newswire / January 22, 2025 / Alligator Bioscience (STO:ATORX)Sharpened focus on mitazalimab and cost-reduction program to maximize long-term value creationAnnouncement of rights issue of units of approximately SEK 280 million, and...

at 02:06
Samsung Biologics (KRX: 207940.KS), a global contract development and manufacturing organization (CDMO), today announced financial results for the fourth quarter and fiscal year 2024....

at 02:03
Report on how AI is driving market transformation - The global virtual reality (VR) market  size is estimated to grow by USD 133.17 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of  38%  during the forecast...

at 02:00
The Japan Prize Foundation announced the winners of the 2025 Japan prize on January 22, 2025. Prof. Russell Dean Dupuis of the USA has been awarded the Japan Prize in the fields of Materials Sciences and Production, and Prof. Carlos M. Duarte of...

at 02:00
In-cabin monitoring system designed to monitor the driver's seat and rear seats, and even check child safety seat in the back seatThe in-vehicle camera collects data and uses software logic to analyze potential risks, provide alerts and thereby help...



News published on and distributed by: