Finnovate Acquisition in a regulatory filing said shareholders who elect to redeem stock ahead of an upcoming extension vote can expect $11.32 per share, up from the previously announced $10.92, which did not include additional contributions made by the sponsor to the trust account nor interest earned.
Shareholders are expected to vote May 2 on the SPAC’s proposal to push its completion deadline to Nov. 8, which would mark the three-year anniversary of Finnovate’s IPO.
The SPAC in August announced a deal with Scage International Limited at a post-combination valuation of $1 billion. Headquartered in Nanjing, China, Scage is a zero-emission solution provider focused on new energy heavy-duty commercial vehicles and e-fuel solutions. Scage has completed the design, production and testing of several new energy commercial vehicles, covering application scenarios for logistics, mining and port transportation.
The deal has a post-combination valuation of $1 billion.
Finnovate raised $172.5 million in a November 2021 IPO, but is down to about $48.5 million following hefty redemptions in an extension vote nearlyt a year ago. Read more.
