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Finnovate Acquisition Corp. (NASDAQ:FNVTU) announced the completion of its business combination with Scage International Limited, according to a statement filed with the Securities and Exchange Commission. The transaction was finalized on June 27, 2025, following a multi-step merger process that included the formation of Scage Future (“PubCo”) as the new parent company.
As part of the agreement, on June 24, 2025, a wholly owned subsidiary of PubCo merged with Scage International, making Scage International a wholly owned subsidiary of PubCo. On June 27, 2025, a second wholly owned subsidiary of PubCo merged with Finnovate, resulting in Finnovate becoming a wholly owned subsidiary of PubCo.
In connection with the closing, PubCo established an American depositary share (ADS) facility with Citibank N.A. for its ordinary shares. PubCo ADSs, each representing one ordinary share, began trading on The Nasdaq Global Market under the ticker symbol SCAG on June 30, 2025.
Immediately after the business combination, 72,243,992 PubCo ordinary shares were issued and outstanding. Prior to the closing, 766,207 ordinary shares of Finnovate were redeemed by public shareholders at approximately $12.18 per share.
On the closing date, Finnovate, PubCo, Scage International, and certain Scage International shareholders entered into lock-up agreements restricting the transfer of 28,103,818 PubCo ordinary shares for six months, subject to limited exceptions. Some shares held by non-affiliate shareholders were released from these restrictions to meet Nasdaq’s initial listing requirements.
Also on June 27, 2025, Finnovate, PubCo, Finnovate Sponsor L.P., EarlyBirdCapital, Inc., and other holders entered into an amendment to the Registration Rights Agreement, granting customary demand and piggyback registration rights and adding PubCo as a party.
As a result of the business combination, there were changes in the board and management. Calvin Kung, Wang Chiu (Tommy) Wong, Chunyi (Charlie) Hao, Tiemei (Sarah) Li, and Sanjay Prasad resigned as directors and/or officers of Finnovate. Chao Gao was appointed as the sole director of Finnovate, and several individuals, including Chao Gao and Calvin Kung, joined the PubCo board.
This article is based on a statement filed with the Securities and Exchange Commission.
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