Innovative International Acquisition (NASDAQ:IOAC) stock is rising on Wednesday after announcing a date for an upcoming shareholder meeting.
Innovative International is going to hold an extraordinary general meeting on Dec. 19 at 11:00 a.m. Eastern Time. Investors in the company will be able to attend via a live webcast and vote on matters at the meeting.
The purpose of this meeting is to vote on several matters connected to Innovative International’s planned merger with Zoomcar. The special purpose acquisition company (SPAC) is seeking to act as a vehicle to take Zoomcar public.
It’s worth pointing out that this latest shareholder meeting follows one in October that was adjourned. The company held off on completing the meeting to give shareholders more time to consider the proposed SPAC merger with Zoomcar.
What This Means for IOAC Stock
A SPAC merger with Zoomcar would see IOAC stock cease to exist. Instead, the company’s shares would switch over to a new ticker to represent Zoomcar’s public shares. That means we might see additional gains for IOAC shares depending on how shareholders vote at next week’s meeting.
IOAC stock is up 31.2% as of Wednesday morning, with some 19,000 shares traded. Its daily average trading volume is about 11,000 shares.
Investors will want to stick around for more of the latest stock market stories.
We have all of the hottest stock market news that traders need to know about on Wednesday! Among that is what’s sending RiskOn International (NASDAQ:ROI) stock higher, the biggest pre-market stock movers this morning and more. You can find out more on these matters at the following links!
More Stock Market News for Wednesday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
