secwatch.observer — SEC 8-K summary
======================================

Issuer:     Finnovate Acquisition Corp. (—)
CIK:        0001857855
Form:       8-K/A
Filed at:   2023-05-24T23:59:59+00:00
Accession:  0001493152-23-018952
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.01, 3.02, 5.02, 5.03, 5.07, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Finnovate closes investment, extends deadline, sees $132.6M in redemptions
--------------------------------------------------------------------------

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1857855/000149315223018952/0001493152-23-018952-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1857855/000149315223018952/form8-ka.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-018952

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer