Finnovate Acquisition faces Nasdaq delisting; shareholders extend deadline to May 2025; sponsor loans $259,588

Finnovate Acquisition Corp.

Nasdaq notified delisting effective Nov 12, 2024 due to failure to close business combo by Nov 4 deadline; securities to trade on OTC Markets.
Shareholders approved extension of termination date from Nov 8, 2024 to May 8, 2025; filed Charter Amendment.
Sponsor issued promissory note up to $259,588 for monthly deposits into trust account to fund extension; bears no interest.
Holders of 1,383,214 shares redeemed for ~$16.16M ($11.68 per share) from trust account.

item 1.01 item 2.03 item 3.01 item 5.03 item 5.07 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Finnovate Acquisition Corp.: Amended charter to extend business combination deadline from November 8, 2024 to May 8, 2025 (effective 2024-11-08).

Change: charter amendment
Effective: 2024-11-08

Exact text from the filing

a proposal to amend the Company’s amended and restated memorandum and articles of association, as amended (the “ Charter Amendment ”) to extend the date by which the Company has to consummate an initial business combination from November 8, 2024 to May 8, 2025

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Source: SEC EDGAR

accession 0001493152-24-044555

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