secwatch.observer — SEC 8-K summary
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Issuer:     Finnovate Acquisition Corp. (—)
CIK:        0001857855
Form:       8-K
Filed at:   2023-05-12T23:59:59+00:00
Accession:  0001493152-23-016701
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.01, 3.02, 5.02, 5.03, 5.07, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1857855/000149315223016701/0001493152-23-016701-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1857855/000149315223016701/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-016701

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