--- schema_version: "secwatch.filing_event.v1" accession: "0001493152-23-018952" form_type: "8-K/A" ticker: null cik: "0001857855" company_name: "Finnovate Acquisition Corp." filed_at: "2023-05-24T23:59:59+00:00" generated_at: "2026-06-14T16:11:06.205746+00:00" event_type: "other_material" sentiment: "neutral" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "high" source: SEC EDGAR --- # Finnovate closes investment, extends deadline, sees $132.6M in redemptions ## Summary - Shareholders approved extension to May 8, 2024; 12,626,668 Class A shares redeemed for ~$132.6M ($10.50/sh). - Calvin Kung appointed CEO and Chairman; Wang (Tommy) Chiu Wong appointed CFO and director, effective May 8, 2023. - Investor Sunorange deposited $300K into trust with $100K/month commitment through May 2024. - Conversion of Class B to Class A shares resulted in 9,085,831 Class A shares outstanding; Sponsor and designees hold ~47.4%. - Outstanding $550,000 loan from Sponsor canceled; advisory fees reduced upon closing of initial business combination. ## SEC filing metadata - accession: 0001493152-23-018952 - form_type: 8-K/A - cik: 0001857855 - company_name: Finnovate Acquisition Corp. - filed_at: 2023-05-24T23:59:59+00:00 - event_type: other_material - sentiment: neutral - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - 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/1857855/000149315223018952/0001493152-23-018952-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1857855/000149315223018952/form8-ka.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001493152-23-018952 - JSON: https://secwatch.observer/filing/0001493152-23-018952.json - Plain text: https://secwatch.observer/filing/0001493152-23-018952.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/1857855/000149315223018952/0001493152-23-018952-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/1857855/000149315223018952/0001493152-23-018952-index.htm - Governance Changes Finnovate Acquisition Corp.: Extended the deadline to consummate a Business Combination from May 8, 2023 to May 8, 2024, and amended conversion rights for Class B Ordinary Shares (effective 2023-05-08). - Change: charter amendment - Effective: 2023-05-08 source text: The disclosure contained in Item 5.07 of this Current Report on Form 8-K is incorporated by reference in this Item 5.03. evidence_url: https://www.sec.gov/Archives/edgar/data/1857855/000149315223018952/0001493152-23-018952-index.htm - M&A Transactions Finnovate Acquisition Corp. underwent a change of control involving Sunorange Limited (closed 2023-05-08). - Action: change of control - Counterparty: Sunorange Limited - Closing: 2023-05-08 source text: On May 8, 2023, the Company completed the closing of the Investment (the "Closing") after the Company's shareholders approved of certain proposals discussed below, and after certain closing conditions were met, including but not limited to: evidence_url: https://www.sec.gov/Archives/edgar/data/1857855/000149315223018952/0001493152-23-018952-index.htm - Shareholder Votes Finnovate Acquisition Corp. shareholders approved Amendment to 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 at the 2023-05-08 meeting. - Proposal: charter amendment - Outcome: passed - Meeting: 2023-05-08 source text: 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/1857855/000149315223018952/0001493152-23-018952-index.htm - Shareholder Votes Finnovate Acquisition Corp. shareholders approved Extension of the date by which the Company has to consummate a Business Combination from May 8, 2023 to May 8, 2024 at the 2023-05-08 meeting. - Proposal: merger approval - Outcome: passed - Meeting: 2023-05-08 source text: 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/1857855/000149315223018952/0001493152-23-018952-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.