{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-23-020138","form_type":"8-K","ticker":null,"cik":"0001857855","company_name":"Finnovate Acquisition Corp.","filed_at":"2023-06-05T23:59:59+00:00","discovered_at":"2026-05-14T18:03:41.306717+00:00","generated_at":"2026-06-14T07:35:45.765197+00:00","sec_items":["1.01","2.03","3.02","5.02","9.01"],"event_type":"other_material","sentiment":"neutral","materiality_score":0.55,"calibrated_materiality_score":0.55,"confidence":"high","headline":"Finnovate secures $1.2M promissory note from sponsor to extend termination date to May 2024; replaces majority of board","bullets":["Issued up to $1.2M unsecured promissory note to Sunorange Limited (sponsor) to fund extension of termination date from May 8, 2023 to May 8, 2024.","Note bears no interest; principal due at business combination or liquidation; sponsor may convert up to $1.2M into warrants at $1.00 each.","As of May 8, 2023, first three monthly installments of $100,000 each ($300,000 total) deposited into trust account for unredeemed public shares.","Effective May 29, 2023, directors Mitch Garber, Gustavo Schwed, Nadav Zohar resigned; Chunyi Hao, Tiemei Li, Sanjay Prasad appointed as new directors."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-23-020138","json":"https://secwatch.observer/filing/0001493152-23-020138.json","markdown":"https://secwatch.observer/filing/0001493152-23-020138.md","text":"https://secwatch.observer/filing/0001493152-23-020138.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1857855/000149315223020138/0001493152-23-020138-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1857855/000149315223020138/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-14T07:35:45.765197+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"4b560708122c928ba8babc20935a2b5ea1848316","claim":"Finnovate Acquisition Corp. incurred loan of up to $1,200,000 with Sunorange Limited at no interest maturing earlier of (i) date of business combination or (ii) date winding up is effective.","evidence_excerpt":"On June 2, 2023, Finnovate Acquisition Corp., a special purpose acquisition company incorporated as a Cayman Islands exempted company (the \" Company \"), issued a promissory note (the \" Note \") in the aggregate principal amount of up to $1,200,000 (the \" Extension Funds \") to Sunorange Limited, the general partner of Finnovate Sponsor L.P., the Company's sponsor (the \" Sponsor \"), pursuant to which the Extension Funds would be deposited into the Company's trust account (the \" Trust Account \") for each Class A ordinary share of the Company (\" Public Share \") that was not redeemed in connection with the Company's May 8, 2023 shareholder vote to approve an extension of the Company's termination date from May 8, 2023 to May 8, 2024.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1857855/000149315223020138/0001493152-23-020138-index.htm","confidence":0.99,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"up to $1,200,000"},{"label":"Counterparty","value":"Sunorange Limited"},{"label":"Rate","value":"no interest"},{"label":"Maturity","value":"earlier of (i) date of business combination or (ii) date winding up is effective"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"0cb4e6ebc1","claim":"Gustavo Schwed resigned as Director at Finnovate Acquisition Corp..","evidence_excerpt":"the Company designated each of Chunyi (Charlie) Hao, Tiemei (Sarah) Li and Sanjay Prasad (the “ New Directors ”) to fill the vacancies to be left by departing directors Mitch Garber, Gustavo Schwed and Nadav Zohar (the “ Outgoing Directors ”), to be effective ten (10) days after the mailing of the 14F.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1857855/000149315223020138/0001493152-23-020138-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"resigned"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"1c7677d385","claim":"Sanjay Prasad was appointed as Director at Finnovate Acquisition Corp..","evidence_excerpt":"the Company designated each of Chunyi (Charlie) Hao, Tiemei (Sarah) Li and Sanjay Prasad (the “ New Directors ”) to fill the vacancies to be left by departing directors Mitch Garber, Gustavo Schwed and Nadav Zohar (the “ Outgoing Directors ”), to be effective ten (10) days after the mailing of the 14F.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1857855/000149315223020138/0001493152-23-020138-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"4515b5337c","claim":"Tiemei (Sarah) Li was appointed as Director at Finnovate Acquisition Corp..","evidence_excerpt":"the Company designated each of Chunyi (Charlie) Hao, Tiemei (Sarah) Li and Sanjay Prasad (the “ New Directors ”) to fill the vacancies to be left by departing directors Mitch Garber, Gustavo Schwed and Nadav Zohar (the “ Outgoing Directors ”), to be effective ten (10) days after the mailing of the 14F.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1857855/000149315223020138/0001493152-23-020138-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"a0be0cb6ae","claim":"Mitch Garber resigned as Director at Finnovate Acquisition Corp..","evidence_excerpt":"the Company designated each of Chunyi (Charlie) Hao, Tiemei (Sarah) Li and Sanjay Prasad (the “ New Directors ”) to fill the vacancies to be left by departing directors Mitch Garber, Gustavo Schwed and Nadav Zohar (the “ Outgoing Directors ”), to be effective ten (10) days after the mailing of the 14F.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1857855/000149315223020138/0001493152-23-020138-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"resigned"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"b62a1301a8","claim":"Chunyi (Charlie) Hao was appointed as Director at Finnovate Acquisition Corp..","evidence_excerpt":"the Company designated each of Chunyi (Charlie) Hao, Tiemei (Sarah) Li and Sanjay Prasad (the “ New Directors ”) to fill the vacancies to be left by departing directors Mitch Garber, Gustavo Schwed and Nadav Zohar (the “ Outgoing Directors ”), to be effective ten (10) days after the mailing of the 14F.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1857855/000149315223020138/0001493152-23-020138-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"cce1546455","claim":"Nadav Zohar resigned as Director at Finnovate Acquisition Corp..","evidence_excerpt":"the Company designated each of Chunyi (Charlie) Hao, Tiemei (Sarah) Li and Sanjay Prasad (the “ New Directors ”) to fill the vacancies to be left by departing directors Mitch Garber, Gustavo Schwed and Nadav Zohar (the “ Outgoing Directors ”), to be effective ten (10) days after the mailing of the 14F.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1857855/000149315223020138/0001493152-23-020138-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"resigned"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"0f579ad1696e9bf23a4de6084e86e52dfa048170","claim":"Finnovate Acquisition Corp. entered into Promissory Note with Sunorange Limited valued at $1,200,000 (effective 2023-06-02).","evidence_excerpt":"On June 2, 2023, Finnovate Acquisition Corp., a special purpose acquisition company incorporated as a Cayman Islands exempted company (the “ Company ”), issued a promissory note (the “ Note ”) in the aggregate principal amount of up to $1,200,000 (the “ Extension Funds ”) to Sunorange Limited, the general partner of Finnovate Sponsor L.P., the Company’s sponsor (the “ Sponsor ”), pursuant to which the Extension Funds would be deposited into the Company’s trust account (the “ Trust Account ”) for each Class A ordinary share of the Company (“ Public Share ”) that was not redeemed in connection with the Company’s May 8, 2023 shareholder vote to approve an extension of the Company’s termination date from May 8, 2023 to May 8, 2024.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1857855/000149315223020138/0001493152-23-020138-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"Sunorange Limited"},{"label":"Value","value":"$1,200,000"},{"label":"Effective","value":"2023-06-02"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}