Finnovate Acquisition and Scage International Limited today announced a merger agreement 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.
Finnovate raised $172.5 million in a November 2021 IPO, but is down to about $48.5 million following hefty redemptions in a May extension vote. The SPAC’s current termination date is May 8, 2024.
There were no further details on financing for the deal. The companies have yet to file merger details with the SEC.
Ellenoff Grossman & Schole is serving as legal advisor to Finnovate. Wilson Sonsini Goodrich & Rosati, Jingtian & Gongcheng and Ogier are legal advisors to Scage. Read more.
