--- 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" generated_at: "2026-06-14T07:35:45.765197+00:00" event_type: "other_material" sentiment: "neutral" materiality_score: 0.55 calibrated_materiality_score: 0.55 confidence: "high" source: SEC EDGAR --- # Finnovate secures $1.2M promissory note from sponsor to extend termination date to May 2024; replaces majority of board ## Summary - 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. ## SEC filing metadata - accession: 0001493152-23-020138 - form_type: 8-K - cik: 0001857855 - company_name: Finnovate Acquisition Corp. - filed_at: 2023-06-05T23:59:59+00:00 - event_type: other_material - sentiment: neutral - materiality_score: 0.55 - calibrated_materiality_score: 0.55 - confidence: high - sec_items: 1.01, 2.03, 3.02, 5.02, 9.01 - 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 ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001493152-23-020138 - JSON: https://secwatch.observer/filing/0001493152-23-020138.json - Plain text: https://secwatch.observer/filing/0001493152-23-020138.txt ## Key facts - Debt Financings 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. - Instrument: loan - Principal: up to $1,200,000 - Counterparty: Sunorange Limited - Rate: no interest - Maturity: earlier of (i) date of business combination or (ii) date winding up is effective - Event: incurrence source text: 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_url: https://www.sec.gov/Archives/edgar/data/1857855/000149315223020138/0001493152-23-020138-index.htm - Executive change Gustavo Schwed resigned as Director at Finnovate Acquisition Corp.. - Action: resigned - Role: Director source text: 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_url: https://www.sec.gov/Archives/edgar/data/1857855/000149315223020138/0001493152-23-020138-index.htm - Executive change Sanjay Prasad was appointed as Director at Finnovate Acquisition Corp.. - Action: appointed - Role: Director source text: 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_url: https://www.sec.gov/Archives/edgar/data/1857855/000149315223020138/0001493152-23-020138-index.htm - Executive change Tiemei (Sarah) Li was appointed as Director at Finnovate Acquisition Corp.. - Action: appointed - Role: Director source text: 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_url: https://www.sec.gov/Archives/edgar/data/1857855/000149315223020138/0001493152-23-020138-index.htm - Executive change Mitch Garber resigned as Director at Finnovate Acquisition Corp.. - Action: resigned - Role: Director source text: 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_url: https://www.sec.gov/Archives/edgar/data/1857855/000149315223020138/0001493152-23-020138-index.htm - Executive change Chunyi (Charlie) Hao was appointed as Director at Finnovate Acquisition Corp.. - Action: appointed - Role: Director source text: 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_url: https://www.sec.gov/Archives/edgar/data/1857855/000149315223020138/0001493152-23-020138-index.htm - Executive change Nadav Zohar resigned as Director at Finnovate Acquisition Corp.. - Action: resigned - Role: Director source text: 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_url: https://www.sec.gov/Archives/edgar/data/1857855/000149315223020138/0001493152-23-020138-index.htm - Material Agreements Finnovate Acquisition Corp. entered into Promissory Note with Sunorange Limited valued at $1,200,000 (effective 2023-06-02). - Action: entry - Agreement: notes offering - Counterparty: Sunorange Limited - Value: $1,200,000 - Effective: 2023-06-02 source text: 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_url: https://www.sec.gov/Archives/edgar/data/1857855/000149315223020138/0001493152-23-020138-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.