Welcome to our dedicated page for Finnovate Acquis news (Ticker: FNVTW), a resource for investors and traders seeking the latest updates and insights on Finnovate Acquis stock.
Finnovate Acquisition Corp. Warrants (FNVTW) are tied to the history of Finnovate Acquisition Corp., a blank check company incorporated in the Cayman Islands and listed on Nasdaq under the symbol FNVT. News related to FNVT and its associated warrants has focused on the company’s progress as a special purpose acquisition company, its regulatory status, and its efforts to complete an initial business combination.
Earlier announcements described Finnovate Acquisition Corp. as a SPAC formed to acquire one or more businesses and assets through a merger, capital stock exchange, asset acquisition, stock purchase, or reorganization. In August 2023, the company announced that it had entered into a definitive Business Combination Agreement with Scage International Limited, a zero-emission solution provider focused on new energy heavy-duty commercial vehicles and e-fuel solutions. Subsequent news detailed the steps required to complete that transaction, including shareholder approvals, regulatory reviews, and Nasdaq listing requirements for the combined entity.
Other notable news items include a September 2023 disclosure that Finnovate Acquisition Corp. received a Nasdaq deficiency notice related to a delayed Form 10-Q filing, and a November 2024 announcement about an extraordinary general meeting to consider extending the deadline to complete an initial business combination. That extension proposal included sponsor contributions to the company’s trust account as loans, contingent on shareholder approval.
More recent filings and announcements, summarized in a Form 8-K, report that the business combination with Scage International Limited was ultimately consummated through a two-step merger structure. Following the closing, Finnovate Acquisition Corp. became a wholly owned subsidiary of a new holding company referred to as Pubco, and Pubco’s American depositary shares began trading on The Nasdaq Global Market under the ticker symbol "SCAG". News and filings around FNVT and FNVTW therefore provide a detailed record of the SPAC’s lifecycle from formation through business combination.
Finnovate Acquisition Corp (Nasdaq: FNVT, FNVTU, FNVTW) announced changes to its upcoming extraordinary general meeting and sponsor contributions. The Sponsor will contribute $0.05 per unredeemed Class A ordinary share monthly from November 8, 2024, to May 8, 2025, to support the extension period for completing an initial business combination. If extended to May 2025, this would increase the redemption amount to approximately $11.91 per unredeemed share, up from the current $11.61. The Special Meeting has been postponed to November 6, 2024, at 10:00 AM ET, with a new redemption deadline of November 4, 2024, at 5:00 PM ET.
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