---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-016701"
form_type: "8-K"
ticker: null
cik: "0001857855"
company_name: "Finnovate Acquisition Corp."
filed_at: "2023-05-12T23:59:59+00:00"
generated_at: "2026-06-15T02:49:00.387493+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Finnovate closes investment by Sunorange, extends deadline to May 2024, appoints new CEO and CFO

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-23-016701
- form_type: 8-K
- cik: 0001857855
- company_name: Finnovate Acquisition Corp.
- filed_at: 2023-05-12T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.01, 3.02, 5.02, 5.03, 5.07, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1857855/000149315223016701/0001493152-23-016701-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1857855/000149315223016701/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-016701
- JSON: https://secwatch.observer/filing/0001493152-23-016701.json
- Plain text: https://secwatch.observer/filing/0001493152-23-016701.txt

## Key facts
- Executive change
  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
  source text: Effective upon the Closing, Calvin Kung was appointed Chief Executive Officer of the Company and Chairman of the Board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1857855/000149315223016701/0001493152-23-016701-index.htm
- Executive change
  Wang (Tommy) Chiu Wong was appointed as Chief Financial Officer and director at Finnovate Acquisition Corp..
  - Action: appointed
  - Role: Chief Financial Officer and director
  source text: Effective upon the Closing, Wang (Tommy) Chiu Wong was appointed Chief Financial Officer of the Company and as a director of the Board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1857855/000149315223016701/0001493152-23-016701-index.htm
- Governance Changes
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1857855/000149315223016701/0001493152-23-016701-index.htm
- Governance Changes
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1857855/000149315223016701/0001493152-23-016701-index.htm
- Shareholder Votes
  Finnovate Acquisition Corp. shareholders approved Articles Extension Proposal at the 2023-05-08 meeting.
  - Proposal: charter amendment
  - Outcome: passed
  - Meeting: 2023-05-08
  source text: The final voting results for the Articles Extension Proposal were as follows: For Against Abstain 14,780,469 301,669 63,205
  evidence_url: https://www.sec.gov/Archives/edgar/data/1857855/000149315223016701/0001493152-23-016701-index.htm
- Shareholder Votes
  Finnovate Acquisition Corp. shareholders approved Conversion Amendment Proposal at the 2023-05-08 meeting.
  - Proposal: charter amendment
  - Outcome: passed
  - Meeting: 2023-05-08
  source text: The final voting results for the Conversion Amendment Proposal were as follows: For Against Abstentions 15,065,518 16,620 63,205
  evidence_url: https://www.sec.gov/Archives/edgar/data/1857855/000149315223016701/0001493152-23-016701-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.