secwatch.observer — SEC 8-K summary
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Issuer:     Finnovate Acquisition Corp. (—)
CIK:        0001857855
Form:       8-K
Filed at:   2024-11-12T23:59:59+00:00
Accession:  0001493152-24-044555
Event type: regulatory
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 2.03, 3.01, 5.03, 5.07, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1857855/000149315224044555/0001493152-24-044555-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1857855/000149315224044555/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-044555

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