Finnovate Acquisition Corp.: M&A transaction — Finnovate closes SPAC merger with Scage; PubCo SCAG lists on Nasdaq

Finnovate Acquisition Corp.

Business combination closed June 27, 2025; PubCo Scage Future issued 72.2M shares post-closing.
PubCo ADSs began trading on Nasdaq Global Market on June 30, 2025 under ticker SCAG.
Pre-closing, public shareholders redeemed 766,207 shares at ~$12.18 per share.
Lock-up on 28.1M PubCo shares for 6 months; new directors appointed to PubCo.
Amendment to registration rights agreement adds PubCo and revises demand/piggyback rights.

item 1.01 item 2.01 item 3.03 item 5.01 item 5.02 item 5.03 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 and restated memorandum and articles of association adopted in connection with the Business Combination, effective as of the Effective Time of the Business Combination, making Finnovate a wholly-owned subsidiary of Pubco (effective 2025-06-27).

Change: charter amendment
Effective: 2025-06-27

Exact text from the filing

at the Effective Time of the Business Combination, Finnovate adopted an amended and restated memorandum and articles of association which is substantially in the form as described in the definitive proxy statement/prospectus filed by Finnovate with the SEC on January 6, 2025, and in accordance with which, Finnovate became a wholly-owned subsidiary of Pubco

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Finnovate Acquisition Corp. underwent a change of control involving Scage International Limited (closed 2025-06-27).

Action: change of control
Counterparty: Scage International Limited
Closing: 2025-06-27

Exact text from the filing

On June 27, 2025, Finnovate Acquisition Corp., a Cayman Islands exempted company (“Finnovate”) and Scage International Limited, a Cayman Islands exempted company (“Scage International”) consummated (the “Closing”) the transactions (collectively, the “Business Combination”)

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Source: SEC EDGAR

accession 0001641172-25-017846

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