8-K
filed May 12, 2023, 7:59 PM ET
CIK 0001857855
M&A
confidence high
sentiment neutral
materiality 0.70
Finnovate closes investment by Sunorange, extends deadline to May 2024, appoints new CEO and CFO
Finnovate Acquisition Corp.
- Investment closed: Sunorange acquires interests in 3.56M Class B shares and 6.16M private warrants; new management effective.
- Shareholders approved charter amendment extending business combination deadline from May 8, 2023 to May 8, 2024.
- 12,626,668 Class A shares redeemed; remaining trust account funded with $300K deposit plus $100K/month extension commitment.
- Calvin Kung appointed CEO and Chairman; Wang (Tommy) Chiu Wong appointed CFO and director, effective May 8, 2023.
- Conversion of 4.24M Class B shares to Class A shares; resulting in ~47.4% holder concentration.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Calvin Kung was appointed as Chief Executive Officer and Chairman of the Board at Finnovate Acquisition Corp..
- Action
- appointed
- Role
- Chief Executive Officer and Chairman of the Board
Exact text from the filing
Effective upon the Closing, Calvin Kung was appointed Chief Executive Officer of the Company and Chairman of the Board.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Wang (Tommy) Chiu Wong was appointed as Chief Financial Officer and director at Finnovate Acquisition Corp..
- Action
- appointed
- Role
- Chief Financial Officer and director
Exact text from the filing
Effective upon the Closing, Wang (Tommy) Chiu Wong was appointed Chief Financial Officer of the Company and as a director of the Board.
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Finnovate Acquisition Corp.: Extended the deadline for business combination from May 8, 2023 to May 8, 2024 (effective 2023-05-08).
- Change
- charter amendment
- Effective
- 2023-05-08
Exact text from the filing
amend the Company’s amended and restated memorandum and articles of association (the “ Charter Amendment ”) to: (i) extend the date by which the Company has to consummate a Business Combination from May 8, 2023 to May 8, 2024
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Finnovate Acquisition Corp.: Amended articles to allow Class B shareholders to convert to Class A shares prior to business combination at holder's election (effective 2023-05-08).
- Change
- charter amendment
- Effective
- 2023-05-08
Exact text from the filing
amend the Company’s amended and restated memorandum and articles of association entitle holders of Class B Ordinary Shares to convert such shares into Class A Ordinary Shares prior to the closing of a business combination at the election of the holder
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Finnovate Acquisition Corp. shareholders approved Articles Extension Proposal at the 2023-05-08 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2023-05-08
Exact text from the filing
The final voting results for the Articles Extension Proposal were as follows: For Against Abstain 14,780,469 301,669 63,205
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Finnovate Acquisition Corp. shareholders approved Conversion Amendment Proposal at the 2023-05-08 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2023-05-08
Exact text from the filing
The final voting results for the Conversion Amendment Proposal were as follows: For Against Abstentions 15,065,518 16,620 63,205
View on SEC.gov
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