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

Issuer:     Finnovate Acquisition Corp. (—)
CIK:        0001857855
Form:       8-K
Filed at:   2023-06-05T23:59:59+00:00
Accession:  0001493152-23-020138
Event type: other_material
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 3.02, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Finnovate secures $1.2M promissory note from sponsor to extend termination date to May 2024; replaces majority of board
--------------------------------------------------------------------------------

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1857855/000149315223020138/0001493152-23-020138-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1857855/000149315223020138/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-020138

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