---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-24-044555"
form_type: "8-K"
ticker: null
cik: "0001857855"
company_name: "Finnovate Acquisition Corp."
filed_at: "2024-11-12T23:59:59+00:00"
generated_at: "2026-05-30T02:15:14.678657+00:00"
event_type: "regulatory"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-24-044555
- form_type: 8-K
- cik: 0001857855
- company_name: Finnovate Acquisition Corp.
- filed_at: 2024-11-12T23:59:59+00:00
- event_type: regulatory
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 3.01, 5.03, 5.07, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1857855/000149315224044555/0001493152-24-044555-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1857855/000149315224044555/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-24-044555
- JSON: https://secwatch.observer/filing/0001493152-24-044555.json
- Plain text: https://secwatch.observer/filing/0001493152-24-044555.txt

## Key facts
- Governance Changes
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1857855/000149315224044555/0001493152-24-044555-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.