Finnovate Acquisition Corp. completes merger with Scage International, new entity trades on Nasdaq

Published 03/07/2025, 22:18
Finnovate Acquisition Corp. completes merger with Scage International, new entity trades on Nasdaq

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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.