Finnovate Acquisition CORP
Market Movers (8-K)
Finnovate Acquisition Corp. has successfully completed its business combination with Scage International Limited, resulting in Scage Future (PubCo) becoming the parent entity, with its American Depositary Shares commencing trading on Nasdaq under the ticker symbol SCAG.
Worse than expected
Finnovate Acquisition Corp. has announced that its financial statements for the fiscal year ended December 31, 2023, included in its recently filed 2024 Annual Report on Form 10-K, should not be relied upon as the former auditor, Marcum LLP, did not authorize or sign the audit report.
Worse than expected
Delay expected
Finnovate Acquisition Corp. successfully extends the deadline to complete a business combination by six months to November 8, 2025, after shareholder approval at an extraordinary general meeting.
Finnovate Acquisition Corp. is set to be delisted from the Nasdaq Stock Market, while it continues to pursue its business combination with Scage Future.
Delay expected
Worse than expected
Finnovate Acquisition Corp. and Scage International Limited agree to extend the deadline for their business combination agreement to July 31, 2025.
Delay expected
Finnovate Acquisition Corp. shareholders voted to approve the business combination with Scage International, paving the way for the merger to close before the end of April 2025.
Quarterly Earnings (10-Q)
Finnovate Acquisition Corp. successfully completed its business combination with Scage, a zero-emission solution provider, on June 27, 2025, despite prior delisting from Nasdaq and ongoing liquidity concerns.
Worse than expected
Capital raise
Delay expected
Finnovate Acquisition Corp. reported a net loss for the third quarter of 2024 and a net income for the nine months ended September 30, 2024, while navigating a business combination and subsequent delisting from Nasdaq.
Worse than expected
Delay expected
Capital raise
10-Q: Finnovate Acquisition Corp. Reports Mixed Results for Q2 2024 Amidst Business Combination Efforts
Finnovate Acquisition Corp. reports a net loss for the three months ended June 30, 2024, but a net income for the six months ended June 30, 2024, while continuing efforts to complete a business combination.
Worse than expected
Delay expected
Capital raise
Finnovate Acquisition Corp. reports a net income of $242,095 for the first quarter of 2024, alongside updates on their business combination and extension of their operational timeline.
Worse than expected
Delay expected
Capital raise
Annual Reports (10-K)
Finnovate Acquisition Corp. (FNVT) has filed an amended annual report for fiscal year 2024, revealing a net loss, significant shareholder redemptions, a Nasdaq delisting, and ongoing substantial doubt about its ability to continue as a going concern, despite shareholder approval for its proposed business combination with Scage International Limited.
Worse than expected
Capital raise
Delay expected
Finnovate Acquisition Corp., a SPAC, reported a net loss for 2024 and continues to face significant challenges, including delisting from Nasdaq and substantial shareholder redemptions, as it repeatedly extends its deadline to complete a business combination with Scage International Limited.
Worse than expected
Capital raise
Delay expected
Finnovate Acquisition Corp. released its 2023 annual report, outlining financial results and providing updates on the proposed business combination with Scage International Limited.
Worse than expected
Capital raise
Insider Trading (Form 4)
Finnovate Acquisition Corp. is set to be delisted from the Nasdaq Stock Market due to its failure to meet the deadline for completing its initial business combination, though the company believes this won't significantly impact its ongoing merger with Scage Future.
Worse than expected
Delay expected
Finnovate Acquisition Corp. and Scage International Limited have agreed to extend the deadline for their Business Combination Agreement to July 31, 2025.
Delay expected
Finnovate Acquisition Corp. shareholders voted to approve the business combination with Scage International, paving the way for the merger to close by the end of April 2025.
Finnovate Acquisition Corp. and Scage International Limited agree to extend the deadline for their business combination to July 31, 2025.
Delay expected
Finnovate Acquisition Corp. shareholders voted to approve the business combination with Scage International, paving the way for the merger to close by the end of April 2025.
Finnovate Acquisition Corp. and Scage International Limited agree to extend the deadline for their Business Combination Agreement to July 31, 2025.
Worse than expected
Delay expected
Proxy Statements (Def-14A)
Finnovate Acquisition Corp. is seeking shareholder approval to extend the deadline for completing its business combination with Scage Future by six months, until November 8, 2025, to avoid liquidation.
Finnovate Acquisition Corp. announces a second postponement of its special shareholder meeting to March 28, 2025, to allow more time to satisfy closing conditions for its business combination with Scage International, following CSRC approval.
Worse than expected
Delay expected
Finnovate Acquisition Corp. announces a second postponement of its special shareholder meeting to March 27, 2025, due to delays in securing necessary regulatory approvals from the China Securities Regulatory Commission (CSRC) for its proposed business combination with Scage International Limited.
Worse than expected
Delay expected
Finnovate Acquisition Corp. announces a second postponement of its special shareholder meeting to March 17, 2025, due to delays in securing necessary listing approvals from the China Securities Regulatory Commission (CSRC) for its proposed business combination with Scage International Limited.
Worse than expected
Delay expected
Finnovate Acquisition Corp. has postponed its special shareholder meeting to February 27, 2025, to allow Scage International more time to obtain listing approvals from the China Securities Regulatory Commission (CSRC) for their proposed business combination.
Worse than expected
Delay expected
DEFM14A: Finnovate Acquisition Corp. Shareholders to Vote on $800 Million Merger with Scage International
Finnovate Acquisition Corp. is seeking shareholder approval for its business combination with Scage International, a zero-emission solution provider, in a deal valued at $800 million.
Capital raise
Schedule 13G - Passive Investments
First Trust Merger Arbitrage Fund and its affiliates have filed an amended Schedule 13G, disclosing that they no longer hold any beneficial ownership in Finnovate Acquisition Corp.'s Class A Ordinary Shares as of December 31, 2024.
Worse than expected