DANA POINT, Calif.–(BUSINESS WIRE)–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@example.com.
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.