Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to INNOVATIVE INTERNATIONAL ACQUISITION CORP. (Exact name of registrant as specified in its charter) Cayman Islands 001-40964 98-1630742 (State ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to INNOVATIVE INTERNATIONAL ACQUISITION CORP. (Exact name of registrant as specified in its charter) Cayman Islands 001-40964 98-1630742 (Commi ...

IPO and Fundraising - The company completed its initial public offering on October 29, 2021, raising gross proceeds of $230 million from the sale of 23 million units at $10.00 per unit[20]. - An additional private placement generated gross proceeds of $10.6 million from the sale of 1,060,000 Class A ordinary shares at $10.00 per share[21]. - A total of $234.6 million from the net proceeds of the IPO and private placement was placed in a trust account[22]. - The company has $222,500,000 available for a business combination, assuming no redemptions and after paying $12,100,000 in deferred underwriting fees[56]. - The company has incurred total offering costs of $16.66 million, including $3.17 million in underwriting fees and $12.1 million in deferred underwriting fees contingent upon a business combination by January 29, 2023[147]. - The company completed its IPO on October 29, 2021, raising a total of $236,050,000 from the sale of 23,000,000 units at $10.00 per unit and 1,060,000 private placement shares[154][166]. - The company may seek to raise additional funds through private offerings of debt or equity securities in connection with the initial business combination[59]. Business Combination Strategy - The company aims to complete its initial business combination within 15 months from the IPO closing, with a deadline of January 29, 2023[23]. - The company is targeting businesses with valuations between $1 billion to $2.5 billion, focusing on sectors such as consumer technology, healthcare, IT services, and enterprise SaaS[34]. - The initial business combination must involve target businesses with an aggregate fair market value of at least 80% of the assets held in the trust account[46]. - The company intends to acquire 100% of the issued and outstanding equity interests or assets of the target business, but may acquire less than 100% under certain conditions[49]. - The company does not currently intend to purchase multiple businesses in unrelated industries for the initial business combination[62]. - The company will conduct thorough due diligence on prospective target businesses, including meetings with management and document reviews[65]. - The company will conduct extensive due diligence, including meetings with management and financial reviews, before selecting a target business[72]. Financial Performance and Projections - The company has not generated any operating revenues as of December 31, 2021, and will only generate non-operating income from interest on cash and cash equivalents from the IPO proceeds[152]. - The company reported a net loss of $229,230 for the period from inception through December 31, 2021, primarily due to formation and operating costs[164]. - The company has placed $234.6 million from the IPO net proceeds into a trust account, which will be invested in U.S. government securities until a business combination is completed or the trust account is distributed[148]. - The expected per-share redemption amount upon dissolution is approximately $10.20, but actual amounts may be lower due to creditor claims[107]. - The company has cash of $979,634 and working capital of $1,036,615, with $2,800,472 available after the IPO[166]. Management and Experience - The company intends to leverage its management team's extensive experience in sourcing, M&A, and growth to identify strong business combination opportunities[32]. - The management team has over 220 years of cumulative experience across various sectors, including STEM, medical technologies, and Fintech[34]. - Dr. Mohan Ananda, the Chairman and CEO, has raised over $400 million for Stamps.com, including a $55 million IPO and a $309.1 million follow-on offering[210]. - Elaine Price, the CFO, has over 40 years of experience in financial services and has owned her own practice for over 25 years[218]. - Madan Menon, the COO, has over 17 years of startup and technology experience, previously leading Xcinex Corporation's product development and fundraising efforts[216]. Risks and Challenges - The company may face risks associated with a lack of business diversification, as success may depend on the performance of a single business post-combination[67]. - The company has not secured third-party financing for the initial business combination, and there is no assurance that such financing will be available[56]. - The company is subject to intense competition from other entities with similar business objectives, which may limit its ability to acquire larger target businesses[115]. - The company’s management team may have conflicts of interest due to fiduciary duties to other entities, potentially affecting acquisition opportunities[116]. - The time and costs required to evaluate a target business and complete the initial business combination cannot be determined with certainty[73]. Shareholder Rights and Redemption - Shareholder approval will typically be required if the company issues ordinary shares equal to or exceeding 20% of the outstanding shares[81]. - Public shareholders are restricted from seeking redemption rights for more than 15% of the shares sold in the IPO, referred to as "Excess Shares"[90]. - The company will redeem public shares at a per-share price equal to the aggregate amount in the trust account, divided by the number of outstanding public shares if the initial business combination is not completed by January 29, 2023[103]. - Shareholders seeking to exercise redemption rights must tender their certificates or deliver shares electronically prior to the specified date[97]. - If the initial business combination is not approved, shareholders who elected to redeem will not receive their pro rata share of the trust account[101]. Regulatory and Compliance - The company is classified as an "emerging growth company" and will remain so until it meets specific revenue or market value thresholds[54]. - The company is also a "smaller reporting company," allowing it to provide reduced disclosure obligations until it exceeds certain market value or revenue limits[55]. - The company is subject to the Sarbanes-Oxley Act requirements for internal control evaluations for the fiscal year ending December 31, 2022[123]. - The company has no current intention of suspending its reporting obligations under the Exchange Act prior to or after the business combination[124]. - The company must maintain net tangible assets of at least $5,000,001 to avoid being subject to SEC's "penny stock" rules[105].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to INNOVATIVE INTERNATIONAL ACQUISITION CORP. (Exact name of registrant as specified in its charter) Cayman Islands 001-40964 98-1630742 (S ...