FINNOVATE ACQUISITION CORP. ANNOUNCES REVISED MONTHLY SPONSOR CONTRIBUTION OF $0.05 PER SHARE TO TRUST ACCOUNT FOR PROPOSED EXTENSION AND POSTPONEMENT OF SHAREHOLDER MEETING TO 10:00 AM EASTERN TIME NOVEMBER 6, 2024
Finnovate Acquisition Corp (Nasdaq: FNVT, FNVTU, FNVTW) announced changes to its upcoming extraordinary general meeting and sponsor contributions. The Sponsor will contribute $0.05 per unredeemed Class A ordinary share monthly from November 8, 2024, to May 8, 2025, to support the extension period for completing an initial business combination. If extended to May 2025, this would increase the redemption amount to approximately $11.91 per unredeemed share, up from the current $11.61. The Special Meeting has been postponed to November 6, 2024, at 10:00 AM ET, with a new redemption deadline of November 4, 2024, at 5:00 PM ET.
Finnovate Acquisition Corp (Nasdaq: FNVT, FNVTU, FNVTW) ha annunciato cambiamenti riguardo alla sua prossima assemblea generale straordinaria e ai contributi degli sponsor. Lo Sponsor contribuirà con $0.05 per ogni azione ordinaria di Classe A non riscattata mensilmente dall'8 novembre 2024 all'8 maggio 2025, per supportare il periodo di estensione necessario al completamento di una combinazione commerciale iniziale. Se esteso fino a maggio 2025, questo aumenterebbe l'importo di riscatto a circa $11.91 per azione non riscattata, rispetto agli attuali $11.61. L'assemblea straordinaria è stata rinviata al 6 novembre 2024, alle 10:00 AM ET, con una nuova scadenza per il riscatto fissata al 4 novembre 2024, alle 5:00 PM ET.
Finnovate Acquisition Corp (Nasdaq: FNVT, FNVTU, FNVTW) anunció cambios a su próxima reunión general extraordinaria y las contribuciones del patrocinador. El patrocinador contribuirá con $0.05 por acción ordinaria de Clase A no redimida mensualmente desde el 8 de noviembre de 2024 hasta el 8 de mayo de 2025, para apoyar el período de extensión para completar una combinación comercial inicial. Si se extiende hasta mayo de 2025, esto aumentaría el monto de redención a aproximadamente $11.91 por acción no redimida, en comparación con los actuales $11.61. La reunión especial ha sido pospuesta para el 6 de noviembre de 2024, a las 10:00 AM ET, con una nueva fecha límite de redención del 4 de noviembre de 2024, a las 5:00 PM ET.
Finnovate Acquisition Corp (Nasdaq: FNVT, FNVTU, FNVTW)는 다가오는 임시 총회의 변경 사항 및 스폰서 기부에 대해 발표했습니다. 스폰서는 2024년 11월 8일부터 2025년 5월 8일까지 매월 미상환 A 클래스 보통주 1주당 $0.05를 기부하여 초기 비즈니스 조합 완료를 위한 연장 기간을 지원할 것입니다. 2025년 5월로 연장되면, 이는 미상환 주식당 약 $11.91로 환매 금액을 증가시키며 현재의 $11.61에서 상승합니다. 특별 회의는 2024년 11월 6일 오전 10시(ET)로 연기되었으며, 새로운 환매 기한은 2024년 11월 4일 오후 5시(ET)입니다.
Finnovate Acquisition Corp (Nasdaq: FNVT, FNVTU, FNVTW) a annoncé des changements concernant sa prochaine assemblée générale extraordinaire et les contributions des sponsors. Le Sponsor contribuera à hauteur de 0,05 $ par action ordinaire de Classe A non échangée chaque mois du 8 novembre 2024 au 8 mai 2025, pour soutenir la période d'extension nécessaire à l'achèvement d'une combinaison d'affaires initiale. Si elle est prolongée jusqu'en mai 2025, cela augmenterait le montant de remboursement à environ 11,91 $ par action non échangée, contre 11,61 $ actuellement. La réunion spéciale a été reportée au 6 novembre 2024 à 10h00 ET, avec une nouvelle date limite de remboursement fixée au 4 novembre 2024 à 17h00 ET.
Finnovate Acquisition Corp (Nasdaq: FNVT, FNVTU, FNVTW) hat Änderungen zu seiner bevorstehenden außerordentlichen Hauptversammlung und den Sponsorbeiträgen angekündigt. Der Sponsor wird von 8. November 2024 bis 8. Mai 2025 monatlich 0,05 USD pro nicht eingelöster A-Klasse Stammaktie beitragen, um den Verlängerungszeitraum für den Abschluss einer ersten Unternehmenszusammenschluss zu unterstützen. Sollte es bis Mai 2025 verlängert werden, würde sich der Rückzahlungsbetrag auf etwa 11,91 USD pro nicht eingelöster Aktie erhöhen, gegenüber den aktuellen 11,61 USD. Die Sonderversammlung wurde auf den 6. November 2024 um 10:00 Uhr ET verschoben, mit einer neuen Rückzahlungsfrist am 4. November 2024 um 17:00 Uhr ET.
- Increased redemption value from $11.61 to $11.91 per share if extended to May 2025
- Monthly sponsor contribution of $0.05 per unredeemed share
- Extension request suggests delay in finding/completing business combination
- Additional time needed may indicate difficulties in deal execution
- Contributions are conditional on extension approval
Insights
This SPAC extension announcement reveals significant changes to shareholder value preservation. The Sponsor's revised monthly contribution of
The extension mechanism is particularly noteworthy as it offers flexibility through monthly contributions rather than a one-time payment. This structured approach allows for better cash flow management while providing shareholders with regular value accretion. However, investors should note that these contributions are structured as loans repayable upon business combination, not permanent capital additions to the trust.
The postponement of the shareholder meeting and extended redemption deadline gives investors additional time to evaluate their positions. The key decision point for shareholders is whether the potential
Boston, MA, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Finnovate Acquisition Corp. (“Finnovate” or the “Company”) (Nasdaq: “FNVT”, “FNVTU”, “FNVTW”) announced today that, in connection with the Company’s upcoming extraordinary general meeting of shareholders (the “Special Meeting”) to consider and approve an extension of time for the Company to consummate an initial business combination from November 8, 2024 to May 8, 2025 (the “Extension”), Finnovate Sponsor, L.P. (the “Sponsor”) or its designees have agreed to revise their intended contribution to support the Extension, such that they will contribute to the Company as a loan an aggregate of
Each Contribution will be deposited in the trust account within seven calendar days from the beginning of each Extension Period (or portion thereof), and any Contribution is conditioned upon the implementation of the Extension. No Contribution will occur if the Extension is not approved or is not completed. The amount of each Contribution will not bear interest and will be repayable by the Company to the Sponsor or its designees upon consummation of its initial business combination. The Company will have the sole discretion whether to continue extending for additional calendar months until May 8, 2025. If the Company opts not to utilize any remaining portion of the Extension Period, then the Company will liquidate and dissolve promptly in accordance with its Articles, and its Sponsor’s obligation to make additional contributions will terminate.
In connection with the above announcement of the Contribution to be made by the Sponsor or its designees if the Extension is approved, the Company is also postponing the Special Meeting from the originally scheduled 10:00 a.m. Eastern time on Friday, November 1, 2024, to 10:00 a.m. Eastern time on Wednesday, November 6, 2024. At the Special Meeting, shareholders will be asked to vote on the proposal to extend the date by which the Company must consummate an initial business combination from November 8, 2024 to May 8, 2025, or such earlier date as determined by the Company’s board of directors.
As a result of this change, the Special Meeting will now be held at 10:00 a.m., Eastern time, on November 6, 2024, via a live webcast at https://www.cstproxy.com/finnovateacquisition/egm2024. Also as a result of this change, the deadline for holders of the Company’s Class A ordinary shares issued in the Company’s initial public offering to submit their shares for redemption in connection with the Extension, is being extended to 5:00 p.m., Eastern time, on Monday, November 4, 2024.
The Company plans to continue to solicit proxies from shareholders during the period prior to the Special Meeting. Only the holders of the Company’s ordinary shares as of the close of business on October 2, 2024, the record date for the Special Meeting, are entitled to vote at the Special Meeting.
About Finnovate Acquisition Corp.
Finnovate Acquisition Corp. (Nasdaq: FNVT) is a blank check company incorporated in the Cayman Islands with the purpose of acquiring one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization.
Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. These forward-looking statements and factors that may cause such differences include, without limitation, uncertainties relating to the Company’s shareholder approval of the Extension, its inability to complete an initial business combination within the required time period or, and other risks and uncertainties indicated from time to time in filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 under the heading “Risk Factors” and in other reports the Company has filed, or to be filed, with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Participants in the Solicitation
Finnovate and its directors, executive officers, other members of management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies from the securityholders of the Company in favor of the approval of the Extension Proposal. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of the Company’s directors and officers in the Company’s definitive proxy statement filed with the SEC on October 15, 2024 (as may be amended, the “Proxy Statement”), which may be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This press release s shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Extension. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or an exemption therefrom.
Additional Information and Where to Find It
Finnovate urges investors, shareholders and other interested persons to read the Proxy Statement as well as other documents filed by the Company with the SEC, because these documents will contain important information about the Company and the Extension. Shareholders may obtain copies of the Proxy Statement, without charge, at the SEC’s website at www.sec.gov or by directing a request to: Advantage Proxy, Inc., P.O. Box 10904, Yakima, WA 98909, Attn: Karen Smith.
INVESTOR RELATIONS CONTACT
Finnovate Acquisition Corp.
Calvin Kung
265 Franklin Street
Suite 1702
Boston, MA 02110
+1 (424) 253-0908
FAQ
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