Finnovate Acquisition Corp. Units - FNVTU STOCK NEWS

Finnovate received notice of delay in filing Quarterly Report on Form 10-Q, no immediate effect on stock listing or trading

Finnovate Acquisition Corp. and Scage International Limited enter into a definitive Business Combination Agreement. Scage Future, a newly formed holding company, will seek to be listed on the Nasdaq Stock Market. The transaction represents a post-combination valuation of $1.0 billion for Scage. Scage is a zero-emission solution provider focused on new energy heavy-duty commercial vehicles. Scage's Galaxy II truck has a driving range of 2,000 km, aiming to solve the range anxiety problem of new energy heavy trucks. Scage plans to build lean plants in various locations to expand its reach.

Finnovate Acquisition Corp. (Nasdaq: FNVTU) has successfully completed the sale of an additional 2,250,000 units, raising $22,500,000 in gross proceeds as part of its initial public offering (IPO). The total raised from the offering now stands at $172,500,000, following the sale of 17,250,000 units at $10.00 each. Each unit includes one Class A ordinary share and three-quarters of a redeemable warrant, with warrants exercisable at $11.50 per share. The units are listed on Nasdaq, with shares and warrants expected to trade under the symbols FNVT and FNVTW, respectively.

Finnovate Acquisition Corp. has priced its IPO at $10.00 per unit, aiming to raise $150 million through the issuance of 15,000,000 units. The units will trade on Nasdaq under the symbol 'FNVTU', with trading expected to commence on November 4, 2021. Each unit consists of one Class A common stock share and three-quarters of one redeemable warrant, exercisable at $11.50 per share. The offering may include an additional 2,250,000 units if underwriters exercise their over-allotment option. The offering's closing is set for around November 8, 2021.