Finnovate Acquisition Corp.
FNVT · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from Aperture AC (Kung Calvin), listed on Nasdaq in November 2021.
- What it's doing now
- It agreed in January 2025 to buy Scage International Limited, a commercial vehicle manufacturing company. The deal valued that business at about $800M. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- Scage International Limited
- Industry
- Consumer Discretionary — commercial vehicle manufacturing
- Deal value
- $800M
- announced 6 January 2025
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 4 November 2021
- size not on file · 102.0% of each $10 unit into trust
- Headquarters
- 1007 N ORANGE ST. 10TH FLOOR, WILMINGTON, DE, 19801
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Kung Calvin (Chief Executive Officer) · Wong Wang Chiu (Chief Financial Officer) · Li Tiemei Sarah (Director)
- Listed securities
- FNVT common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
At the 6 May 2025 event.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
11 dated milestonesEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
redemption rate not stated in the filing
redemption rate not stated in the filing
Show the earlier 8 milestones
- 4 November 2021IPOpassed
IPO size not on file
redemption rate not stated in the filing
redemption rate not stated in the filing
redemption rate not stated in the filing
- 6 January 2025Deal announcedpassed
Combination with Scage International Limited
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- Scage International Limited$800M · announced 6 January 2025closedConsumer Discretionarypost-close SCAGSEC primary
Who has already taken their money back
5 filed eventsEach time shareholders were offered their cash back, some took it. Heavy cash-outs drain the account and shrink the number of shares left — whatever remains has to carry the deal.
Worst single event
—
no filing states a pre-event share count
Shares redeemed, all events
17.98M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- May 6, 2025Extensionno rate stated
Show the other 4 cash-out events
- Mar 28, 2025Deal voteno rate statedredeemed 0.857M sh0001641172-25-013717
- Nov 6, 2024Extensionno rate stated
- May 2, 2024Extensionno rate stated
- May 8, 2023Extensionno rate statedredeemed 12.63M sh0001493152-23-039578
The score
deterministic, from filed fieldsFNVT is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Finnovate Acquisition Corp. (FNVT) was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker FNVT. The company priced its initial public offering on November 4, 2021, according to a 424B prospectus filed with the SEC under accession number 0001493152-21-027230. The SEC assigned the company CIK number 0001857855 and SIC industry code 6770 (Blank Checks). Finnovate Acquisition Corp. completed a business combination in which the First Merger was consummated on June 24, 2025 and the Second Merger was consummated on June 27, 2025, pursuant to a Business Combination Agreement. The vehicle is closed and no longer files, as established by an 8-K filed on July 3, 2025 under accession number 0001641172-25-017846.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
Shareholders approved the Scage combination on March 28, 2025 and five weeks later the company needed an extension just to close it - the vote resolved nothing, and the agreement has now been amended three times. Holders who did not redeem at the deal vote retain that right here, and with only 5,327,791 Class A shares left the trust is the dominant claim. Liquidation on May 8, 2025 is the stated alternative.
A $15 million minimum PIPE condition is the pressure point - if subscribers walk, the deal fails regardless of the shareholder vote, and the proceeds are earmarked for working capital rather than growth, so the target needs the money to operate. Public shareholders can redeem at the trust value instead of taking ADSs in a Cayman holding company. The May 8, 2025 outside date would in fact require a further extension vote weeks later.
The Board's retained right to abandon the extension after shareholders approve it is the asymmetry here: holders can redeem now against a certain trust claim, or stay and hold a position the board may still wind up. A single Class B share held by the sponsor is an unusual structure that leaves control mechanics dependent on that one share. With liquidation the stated alternative, redemption at trust value is the outcome a holder can actually count on.
The per-share deposit is explicitly undetermined — it depends on how many public shares remain after redemptions and how long the extension actually runs — so holders voting on this cannot price what staying is worth. Combined with the Board's retained right to abandon the extension after approval, the arrangement gives the sponsor flexibility and gives holders none. Tendering to Continental by April 30, 2024 is the only certain outcome available.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
- What changed vs 2024-12-10trust $26.1M → $10.4M -60%deadline 2025-05-08 → 2025-11-08sponsor loan $1.1M → $1.2Mshares 2.25M → 865K -62%
trust account, combination deadline, sponsor loans outstanding +24 moved · 1 with no prior record of ours
- Trust account
- $26.1M$10.4M
- Combination deadline
- 2025-05-082025-11-08
- Sponsor loans outstanding
- $1.1M$1.2M
- Redeemable shares
- 2.25M865K
- Going-concern doubt
- stated · unchanged
SpacBrain reads this as $15,706,469 left the trust between the two filings.
The clause “Prepaid expenses 24,030 24,030 Total Current Assets 123,802 24,799 Investments held in Trust Account 10,420,304 10,208,877 Total Assets $ 10,544,106 $ 10,233,676 Liabilities, Redeemable Ordinary Shares and Shareholders’ Deficit Current”…
SpacBrain reads this as 184 days later than the previous record.
The clause …“of all of the Public Shares if the Company is unable to complete the Business Combination by November 8, 2025, subject to applicable law. If the Company does not invest the proceeds as discussed above, the Company may be deemed”…
SpacBrain reads this as the sponsor has advanced $104,630 more.
The clause …“As of March 31, 2025 and December 31, 2024, the Company had $ 1,204,630 and $ 1,204,630 outstanding under the November 2023 Promissory Note included in the Working Capital Loan – related party line of the accompanying unaudited”…
SpacBrain reads this as 1,383,214 shares are no longer redeemable.
The clause “0,000,000 shares authorized, 4,462,499 shares issued and outstanding (excluding 865,292 shares subject to possible redemption) at March 31, 2025 and December 31, 2024, respectively 446 446 Class B Ordinary Shares, $ 0.0001 par value,”…
The clause “These conditions, involving liquidity concerns and mandatory liquidation, raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that the unaudited condensed”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Show the other 10 filings
- What changed vs 2024-04-01deadline 2024-05-08 → 2025-11-08sponsor loan $1.0M → $1.2Mshares 4.62M → 865K -81%
combination deadline, sponsor loans outstanding, redeemable shares +23 moved · 2 with no prior record of ours
- Combination deadline
- 2024-05-082025-11-08
- Sponsor loans outstanding
- $1.0M$1.2M
- Redeemable shares
- 4.62M865K
- Trust account
- $51.2M · unchanged
- Going-concern doubt
- stated · unchanged
SpacBrain reads this as 549 days later than the previous record.
The clause …“of all of the Public Shares if the Company is unable to complete the Business Combination by November 8, 2025, subject to applicable law. If the Company does not invest the proceeds as discussed above, the Company may be deemed”…
SpacBrain reads this as the sponsor has advanced $204,630 more.
The clause …“or (ii) the date of our liquidation. As of December 31, 2024, we had $1,204,630 outstanding under the November 2023 Promissory Note. On January 26, 2024, we issued a promissory note in the aggregate principal amount of up to”…
SpacBrain reads this as 3,758,040 shares are no longer redeemable.
The clause “0,000,000 shares authorized, 4,462,499 shares issued and outstanding (excluding 865,292 and 4,623,332 shares subject to possible redemption) at December 31, 2024 and 2023, respectively 446 446 Class B Ordinary Shares, $ 0.0001 par value,”…
The clause “0,208,877 As of December 31, 2023 $ 51,200,344 $ - $ - $ 51,200,344 Investments held in trust account $ 51,200,344 $ - $ - $ 51,200,344 Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A Ordinary”…
The clause …“Shareholders would receive upon any redemption or our liquidation; ● there is substantial doubt about our ability to continue as a “going concern”; and ● we have identified a material weakness in our internal control over financial”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Finnovate Acquisition Corp. called an extraordinary general meeting for 10:00 a.m. Eastern Time on May 6, 2025 to approve an Articles Extension. The business combination agreement with Scage Future, signed August 21, 2023 and amended June 18, 2024, October 31, 2024 and April 2, 2025, was approved by shareholders at a Business Combination Meeting held March 28, 2025, at which holders of 856,543 Class A ordinary shares exercised redemption rights, with the final price calculated two business days before consummation. The Scage registration statement went effective December 27, 2024. Why it matters: Shareholders approved the Scage combination on March 28, 2025 and five weeks later the company needed an extension just to close it - the vote resolved nothing, and the agreement has now been amended three times. Holders who did not redeem at the deal vote retain that right here, and with only 5,327,791 Class A shares left the trust is the dominant claim. Liquidation on May 8, 2025 is the stated alternative.
What changed vs 2024-10-15deadline 2025-05-08 → 2025-11-08combination deadline, sponsor loans outstanding1 moved · 1 with no prior record of ours
- Combination deadline
- 2025-05-082025-11-08
- Sponsor loans outstanding
- $200K · unchanged
SpacBrain reads this as 184 days later than the previous record.
The clause …“the Company the right to extend the termination date from May 8, 2025 to November 8, 2025. The Company will then continue to attempt to consummate the Scage Business Combination until the Articles Extension Date. The Company will”…
The clause …“combination with Scage and our liquidation. As of September 30, 2024, we had $200,000 outstanding under the January 2024 Promissory Note. Sponsor Distribution On January 3, 2025, the Sponsor consummated a distribution of its assets in”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
outside datenothing moved · 1 with no prior record of ours
- Outside date
- 2025-07-31 · unchanged
The clause …“(the “ Third Amendment ”), pursuant to which the parties agreed to extend the Outside Date (as defined in the Business Combination Agreement) from March 31, 2025 to July 31, 2025. The foregoing description of the Third Amendment is”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Deal completion: 2/2 resolved vehicles closed a deal (100%); 0 liquidated, 0 terminated. No measured post-close outcome yet, so completion credit is NOT gated — missing data is never a penalty. Small sample — the shrink below keeps this near neutral.
Mixed record · low confidence
- Finnovate Acquisition Corp · 2021Completed
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
from 424B4 0001493152-21-027230
Trading & liquidity
Company profile
Directors & officers
- Kung CalvinChief Executive Officer
- Wong Wang ChiuChief Financial Officer
- Li Tiemei SarahDirector
- Prasad SanjayDirector
- Hao Chun YiDirector
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
9 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- Finnovate Sponsor L.P.19.5% · SC 13GApr 18, 2022 stale
- MIZUHO FINANCIAL GROUP INC7.0% · SC 13GFeb 13, 2024 stale
- First Trust Capital Management L.P.with 1 other reporting person on the same schedule6.1% · SC 13GNov 14, 2024 stale
- GLAZER CAPITAL, LLCwith 1 other reporting person on the same schedule3.6% · SC 13G/ANov 14, 2024 stale
- CANTOR FITZGERALD SECURITIESwith 2 other reporting persons on the same schedule0.0% · SC 13G/AFeb 12, 2024 stale
- BANK OF MONTREAL /CAN/with 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 9, 2024 stale
- Saba Capital Management, L.P.with 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 8, 2024 stale
- MEITAV INVESTMENT HOUSE LTDwith 1 other reporting person on the same schedule0.0% · SC 13G/AMay 24, 2023 stale
- Space Summit Capital LLCnot stated · SC 13G/AFeb 3, 2022 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
38 full SEC filing texts archived — searchable, never lost.
- Vault note — FNVT (Finnovate Acquisition Corp.)
vault-note · /vault/tickers/FNVT
- Vault deal note — Scage International Limited (FNVT)
vault-note · /vault/deals/scage-international-limited
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail7 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001493152-21-027230 priced 2021-11-04; common ticker FNVT off 8-K 0001641172-25-009706 (2025-05-12); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per 8-K 0001641172-25-017846 (2025-07-03) — n of Assets. The information set forth in the Introductory Note of this Current Report is incorporated by reference herein. Pursuant to the Business Combination Agreement, the First Merger was consummated on June 24, 2025 and the Second Merger (collectively with the First Merger, the "Mergers") was consummated on June 27, 2025. On June 24, 2025, pursuant to the Business Combination Agreement, at t. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "Finnovate Sponsor L.P." (SEC CIK 0001879972) sourced from Form 3 reportingOwner (10% owner) acc 0001493152-21-027137.
AI-extracted target (z-ai/glm-5.2, conf 0.95)
target sector as filed: "Commercial vehicle/new energy vehicle technology company operating in China through PRC subsidiaries including Nanjing Scage Auto Technology Co., Ltd." — sentence punctuation — this is prose; stored NULL.
target recovered for a completed de-SPAC
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read
OTHER confirmed, on DEFM14A 0001213900-25-001247: "Scage International carries out its business in China through its PRC subsidiaries, including Nanjing Scage Auto Technology Co., Ltd., a company incorporated un"