Finnovate Further Postpones Shareholder Meeting for Scage Merger

Deal News | Feb 25, 2025 | EIN

Finnovate Acquisition Corp. has announced another delay in its special shareholder meeting, now postponed to March 17, 2025. The meeting will seek approval for a business combination with Scage International Limited and related entities. This delay is to allow Scage International time to secure approval from the China Securities Regulatory Commission, a crucial step for finalizing the merger. Shareholders can still redeem their shares until March 13, 2025. Despite the delay, the proposed resolutions remain unchanged. Finnovate continues to solicit proxies from shareholders, emphasizing the importance of voting on the business combination plan.

Sectors

Financial Services
Capital Markets
Regulatory Compliance

Geography

United States – The article discusses events taking place in New York, and Finnovate is listed on American OTC markets.
China – Scage International needs to obtain regulatory approval from the China Securities Regulatory Commission, highlighting its geographical relevance.
Cayman Islands – Both Finnovate Acquisition Corp. and the merging companies are incorporated in the Cayman Islands.

Industry

Financial Services – The article is focused on Finnovate Acquisition Corp., a blank check company, and its upcoming merger, which are aspects of the financial services industry.
Capital Markets – The coverage of shareholder meetings, redemption rights, and proxy statements relates to transactions within the capital markets sector.
Regulatory Compliance – Scage International's need to secure approval from the China Securities Regulatory Commission ties the article to regulatory compliance issues.

Financials

Participants

Name	Role	Type	Description
Finnovate Acquisition Corp.	Bidding Company	Company	A blank check company pursuing a merger with Scage International.
Scage International Limited	Target Company	Company	The Cayman Islands exempted company, proposed for merger with Finnovate.
Hero 1 and Hero 2	Merger Subsidiaries	Company	Direct wholly-owned subsidiaries of Pubco involved in the business combination.
Pubco	Proposed Holding Company	Company	A Cayman Islands exempted company set to be involved in the business combination.
Ellenoff Grossman & Schole LLP	Legal Advisor	Company	The law firm hosting the postponed special shareholder meeting.
China Securities Regulatory Commission (CSRC)	Regulatory Body	Government	Chinese regulatory authority needed for listing approval for the business combination.