Company Summary - Finnovate Acquisition Corp.

Overview

Finnovate Acquisition Corp. is a blank check company incorporated in the Cayman Islands on March 15, 2021. Its primary purpose is to identify and complete a Business Combination with one or more operating businesses or entities. The company itself has not engaged in any operational business activities nor generated operating revenue to date.

Business Focus

• Type of Company: Special Purpose Acquisition Company (SPAC)
• Primary Activity: Search for a target business to acquire, merge, or otherwise effect a Business Combination
• Business Model: The company utilizes funds from its initial public offering (IPO) and private placements to finance a future merger or acquisition.

Financial Details (as of December 31, 2024)

• No Revenue: The company has not generated any revenues or operating income.
• Net Loss:
  • For the year ended December 31, 2024: $215,486
  • Primarily related to formation, administrative expenses offset by interest income.
• Interest Income:
  • For 2024: $1,406,607
  • From investments and cash held in trust, offsetting expenses.
• Assets:
  • Approximately $10.21 million held in the Trust Account as of December 31, 2024 (including interest and before expenses).

Operations

• Number of Employees: As of the date of the report, the company has two officers and does not specify total employee count beyond this.
• Customer Base: The company has no direct customers, as it is in the search or preparatory phase for acquisition.
• Revenue Generation: The company does not expect to generate operating revenues until a Business Combination is completed.

Key Activities

• Initial Public Offering:
  • November 8, 2021: Raised approximately $172.5 million through 15 million units at $10.00 each.
  • Over-allotment exercised on November 12, 2021: Additional 2.25 million units sold.
• Private Placement:
  • 7.9 million warrants sold to sponsor at $1.00 per warrant, generating $7.9 million.
  • An additional 900,000 warrants purchased by sponsor, raising $900,000.
• Trust Account:
  • Funded with $175.95 million initially, invested in U.S. government securities or held in a demand deposit account (as of November 1, 2023).
• Business Focus: Investigating and identifying suitable acquisition targets, with an emphasis on the fairness and valuation of potential targets like Scage.

Acquisition and Merger Activities

• Target Business: Scage International Limited, a Cayman Islands company involved in new energy vehicles and hydrogen automotive technology.
• Business Combination:
  • Agreement signed August 21, 2023, and amended multiple times (latest April 2, 2025).
  • Target consideration: $800 million (subject to adjustments for net debt).
  • Planned to be paid in Pubco shares, with details on conversions, mergers, and stock swaps.
• Notable Target:
  • Focused on energy, automotive, and hydrogen technology industries.
  • Potential operations in China, Hong Kong, and other jurisdictions.

Additional Information

• No Customer Data: No information on customer count or specific revenue-generating activities.
• Employees: Limited to two officers, no other details provided.
• Income: No operational income; interest income offsets administrative costs.
• Unit Listing: Traded OTC under symbols “FNVUF,” “FNVTF,” and “FNVWF.”

Summary

Finnovate Acquisition Corp. functions as a SPAC seeking to acquire a business operating primarily in the energy or automotive sectors, particularly hydrogen or new energy vehicles. As of December 2024, it remains in the pre-acquisition stage with no revenues or business operations, focusing instead on identifying suitable targets for a future merger or acquisition.