Finnovate Acquisition is a special purpose acquisition company (SPAC) with no operations, revenue, or products. Finnovate raised $172.5M in its November 2021 IPO, placing proceeds in a trust account, with the sole purpose of merging with a private company and taking it public. Finnovate has signed a Business Combination Agreement to merge with Scage International, a Chinese new energy vehicle company focused on hydrogen-powered road and off-road vehicles, originally incorporated in the Cayman Islands. The deal values Scage at $800M, with Finnovate shareholders receiving shares in a new combined public company. The deal has been amended three times — the original $1B valuation was cut to $800M, and the closing deadline has been extended multiple times, now set at July 31, 2025. Shareholders approved the merger in March 2025, but closing still requires Nasdaq listing approval and at least $15M in PIPE proceeds. The trust account, originally $175.9M, has been heavily depleted by redemptions — roughly 94% of public shareholders have redeemed — leaving approximately $10.2M in trust as of December 31, 2024, at a redemption value of roughly $11.80 per share. If no deal closes by the deadline, Finnovate liquidates and returns trust proceeds to public shareholders, with sponsor founder shares and warrants becoming worthless.