Finnovate Acquisition in an 8-K said sharehodlers yesterday approved extending the SPAC’s deal deadline to Nov.8, which wikll mark the thre-year anniversary of the company’s IPO.
Finnovate had raised $172.5 million in a November 2021 IPO, but was down to about $48.5 million going into yesterday’s extension vote.
The SPAC said 2,374,826 shares were redeemed, removing $26.9 million from the trust.
Finnovate 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. Read more.
