Finnovate Acquis Stock Price, News & Analysis

Finnovate Acquisition Corp. Warrants (FNVTW) represent derivative securities originally issued by Finnovate Acquisition Corp., a special purpose acquisition company (SPAC) that traded on Nasdaq under the symbol FNVT. Finnovate Acquisition Corp. was incorporated in the Cayman Islands as a blank check company with the stated purpose of acquiring one or more businesses and assets through a merger, capital stock exchange, asset acquisition, stock purchase, or reorganization, as described in multiple company announcements.

The warrants were structured to be exercisable for Class A ordinary shares of Finnovate Acquisition Corp. at a defined exercise price, as reflected in the company’s Form 15 filing, which references redeemable warrants, each exercisable for one Class A ordinary share at a specified exercise price. These warrants were part of the units that included Class A ordinary shares and a fractional interest in a redeemable warrant.

Corporate background and SPAC purpose

Finnovate Acquisition Corp. described itself in public communications as a blank check company focused on effecting an initial business combination. As a SPAC, it raised capital with the intention of identifying and combining with an operating business. Its public disclosures note that it was incorporated in the Cayman Islands and listed on Nasdaq, with securities including Class A ordinary shares, redeemable warrants, and units consisting of both.

In an August 2023 announcement, Finnovate Acquisition Corp. disclosed that it had entered into a definitive Business Combination Agreement with Scage International Limited, a company described as a zero-emission solution provider focused on new energy heavy-duty commercial vehicles and e-fuel solutions. Under that agreement, a newly formed holding company referred to as Scage Future (Pubco) would seek to list on the Nasdaq Stock Market, and the outstanding securities of Finnovate Acquisition Corp. and Scage International Limited would be converted into the right to receive securities of Pubco, subject to shareholder approvals and other customary conditions.

Business combination and transition to Pubco

A Form 8-K filed in connection with the closing of the transaction reports that the business combination between Finnovate Acquisition Corp. and Scage International Limited was consummated in two merger steps in June 2025. In the first step, a merger subsidiary of Pubco merged with Scage International Limited, with Scage International surviving as a wholly owned subsidiary of Pubco. In the second step, another merger subsidiary of Pubco merged with Finnovate Acquisition Corp., with Finnovate surviving as a wholly owned subsidiary of Pubco.

The same filing notes that, in connection with the closing, American depositary shares of Pubco, each representing one Pubco ordinary share, began trading on The Nasdaq Global Market under the ticker symbol "SCAG". Following the mergers, Finnovate Acquisition Corp. became a wholly owned subsidiary of Pubco, and the outstanding securities of Finnovate Acquisition Corp. were converted into the right to receive substantially equivalent securities of Pubco, as described in the Form 8-K.

Termination of registration and reporting obligations

A subsequent Form 15 filing for Finnovate Acquisition Corp. indicates that the company certified the termination of registration of certain classes of its securities under Section 12(g) of the Securities Exchange Act of 1934 or the suspension of its duty to file reports under Sections 13 and 15(d). The Form 15 identifies the classes of securities covered, including Class A ordinary shares, redeemable warrants, and units consisting of one Class A ordinary share and three-quarters of a redeemable warrant. The filing notes an approximate number of holders of record as of the certification date and indicates reliance on a specific rule provision to terminate or suspend the duty to file reports.

This termination of registration and reporting obligations means that Finnovate Acquisition Corp.’s securities, including the warrants historically associated with the FNVTW symbol, are documented in SEC filings as part of a completed business combination and subsequent corporate structure in which Finnovate Acquisition Corp. is a subsidiary of Pubco. The historical record for FNVTW is therefore closely tied to the lifecycle of Finnovate Acquisition Corp. as a SPAC and its combination with Scage International Limited.

SPAC lifecycle context for FNVTW

Throughout its existence as a SPAC, Finnovate Acquisition Corp. made various disclosures related to its operations and regulatory status. For example, a September 2023 announcement described a Nasdaq deficiency notice related to a delayed Form 10-Q filing, while noting that the deficiency had no immediate effect on the listing or trading of its common stock at that time. Another announcement in November 2024 discussed an extraordinary general meeting to consider an extension of the deadline to complete an initial business combination and described contributions by the sponsor or its designees to the company’s trust account in the form of loans, contingent on shareholder approval of the extension.

These disclosures illustrate the typical SPAC process in which a blank check company seeks additional time to complete a business combination and negotiates sponsor contributions to support that extension. For holders and researchers of FNVTW, these historical documents provide context on how the warrants related to the broader capital structure and transaction timeline of Finnovate Acquisition Corp.

How FNVTW fits into the combined structure

Following the completion of the business combination, Finnovate Acquisition Corp. became a wholly owned subsidiary of Pubco, and Pubco’s securities, including American depositary shares, began trading under a new ticker. The Form 8-K describing the closing explains that the outstanding securities of Finnovate Acquisition Corp. were converted into the right to receive securities of Pubco. This means that the historical FNVTW warrants are part of a corporate and capital structure that has transitioned into the combined entity described in the SEC filings.

Investors and analysts reviewing FNVTW today are primarily looking at a historical symbol associated with Finnovate Acquisition Corp.’s warrants. The key reference points for understanding these warrants are the SPAC’s original purpose as a blank check company, the definitive Business Combination Agreement with Scage International Limited, the closing of the two-step merger structure, and the subsequent Form 15 filing terminating registration and reporting obligations for Finnovate Acquisition Corp.’s securities.

Frequently referenced documents

To understand the full history of FNVTW and the underlying warrants, readers often refer to:

• The Business Combination Agreement and related disclosures describing the merger with Scage International Limited and the creation of Pubco.
• The Form 8-K reporting the consummation of the business combination and the start of trading of Pubco’s American depositary shares under the ticker symbol "SCAG".
• The Form 15 filing in which Finnovate Acquisition Corp. certified the termination of registration or suspension of reporting obligations for its Class A ordinary shares, redeemable warrants, and units.
• Press releases and announcements describing Finnovate Acquisition Corp. as a blank check company incorporated in the Cayman Islands and outlining its purpose of acquiring businesses and assets through a business combination.

Together, these documents provide a regulatory and transactional history for Finnovate Acquisition Corp. and its warrants, including the securities historically associated with the FNVTW symbol.