Finnovate Postpones Shareholder Meeting for Business Combination Vote

Deal News | Jan 28, 2025 | EIN

Finnovate Acquisition Corp. announced the postponement of its extraordinary shareholder meeting originally set to approve its proposed initial business combination with Scage International Limited and related entities. The Special Meeting has been pushed to February 27, 2025, allowing more time for Scage International to obtain necessary approvals from the China Securities Regulatory Commission. Despite the delay, the meeting's purpose and proposals remain unchanged, and Finnovate will continue soliciting proxies from shareholders until the new meeting date. Shareholders as of January 6, 2025, are entitled to vote. Finnovate, a Cayman Islands-incorporated blank check company, is pursuing the merger under a Business Combination Agreement with Scage and its subsidiaries. The announcement includes forward-looking statements, reflecting potential risks and assumptions about future events. Key risks involve the consummation conditions of the Business Combination, potential benefits, market conditions, and regulatory approvals, among others.

Sectors

Finance
Regulation

Geography

Cayman Islands – Finnovate Acquisition Corp. and Scage International Limited are both incorporated in the Cayman Islands.
China – Scage International needs approval from China Securities Regulatory Commission for the business combination.
United States – The shareholder meeting and some procedural aspects are set to take place in Eastern Time, pointing to U.S. involvement.

Industry

Finance – The article focuses on a business combination involving Finnovate Acquisition Corp., a finance-oriented special purpose acquisition company (SPAC).
Regulation – The transaction requires regulatory approval from the China Securities Regulatory Commission, highlighting regulatory issues in mergers and acquisitions.

Financials

Participants

Name	Role	Type	Description
Finnovate Acquisition Corp.	Target Company/Blank Check Company	Company	A blank check company focused on acquiring one or more businesses through a variety of transactions.
Scage International Limited	Target Company	Company	A Cayman Islands exempted company involved in the proposed business combination with Finnovate.
Pubco	Bidding Company	Company	A Cayman Islands exempted company that will be involved in the business combination as the public entity.
Hero 1	Bidding Company Subsidiary	Company	A wholly owned subsidiary of Pubco, involved in the merger.
Hero 2	Bidding Company Subsidiary	Company	Another wholly owned subsidiary of Pubco, also involved in the merger.
China Securities Regulatory Commission	Regulatory Authority	Government	The regulatory body whose approval is needed for the business combination to proceed.