Finnovate Acquisition Corp. Announces New Date for Shareholder Vote on Business Combination with Scage International
Boston, MA, March 5, 2025 – Finnovate Acquisition Corp. (Finnovate) (OTC: “FNVUF”, “FNVTF”, “FNVWF”), a special purpose acquisition company (SPAC), announced today that its extraordinary general meeting of shareholders (the “Special Meeting”) to approve its proposed initial business combination with Scage International Limited (Scage International), a Cayman Islands exempted company, has been postponed once again. The Special Meeting, which was originally scheduled for January 30, 2025, and was previously rescheduled to February 27, 2025, will now take place on March 17, 2025, at 10:00 a.m., Eastern Time.
At the Special Meeting, Finnovate shareholders will be asked to vote on several proposals, including the approval of the Business Combination with Scage International, Scage Future, Hero 1, and Hero 2. Scage International is a Cayman Islands exempted company that will become the public entity following the Business Combination. Scage Future is a Cayman Islands exempted company that will act as the public shell company for the transaction. Hero 1 and Hero 2 are direct wholly owned subsidiaries of Scage Future.
Proposed Business Combination
The Business Combination Agreement outlines the terms and conditions of the transaction. According to the agreement, Scage International will merge with Merger Sub I, a newly formed Cayman Islands exempted company that is a wholly owned subsidiary of Scage Future. Following the merger, Scage International will become a publicly traded company, with its ordinary shares and warrants trading on the Nasdaq Capital Market under the symbols “SCGI” and “SCGIW,” respectively.
Impact on Finnovate Shareholders
If the Business Combination is approved by Finnovate shareholders, each share of Finnovate common stock will be converted into the right to receive one ordinary share of Scage International and one warrant to purchase one-half of one Scage International ordinary share at an exercise price of $11.50 per share. The warrants will be exercisable immediately and will expire five and a half years from the date of the Business Combination.
Impact on the World
The Business Combination between Finnovate and Scage International is not expected to have a significant impact on the world at large. Scage International is a technology company focused on developing and commercializing advanced materials for various industries, including automotive, construction, and energy. The company’s proprietary technology is designed to improve the performance and sustainability of materials, which could lead to cost savings and environmental benefits for businesses and consumers.
Conclusion
Finnovate Acquisition Corp.’s Special Meeting to approve its proposed Business Combination with Scage International has been postponed once again, this time to March 17, 2025. Shareholders will be asked to vote on several proposals, including the approval of the Business Combination itself. If approved, Finnovate shareholders will receive one ordinary share of Scage International and one warrant for every share of Finnovate common stock owned. Scage International is a technology company focused on developing advanced materials for various industries, which could lead to cost savings and environmental benefits. The impact on the world at large is expected to be minimal.
- Finnovate Acquisition Corp. postpones Special Meeting to March 17, 2025
- Shareholders to vote on proposals related to Business Combination with Scage International
- Scage International to become publicly traded company following Business Combination
- Finnovate shareholders to receive one Scage International share and warrant for each Finnovate share
- Scage International focuses on developing advanced materials for various industries
- Impact on world expected to be minimal
