Finnovate Acquisition Corp. (NasdaqGM:FNVT) entered into a definitive agreement to acquire Scage International Limited for $1 billion on August 21, 2023. Post the merger, the newly formed entity Scage Future will seek to be listed on the Nasdaq Stock Market. The outstanding securities of Scage and Finnovate will be converted into the right to receive securities of Scage Future. The boards of directors or similar governing bodies of Scage and Finnovate have approved the proposed transaction. The transaction is further conditional upon the approval by Scage?s and Finnovate?s shareholders of the proposed transaction, satisfaction of the conditions stated in the agreement and other customary closing conditions, including that the U.S. Securities and Exchange Commission completes its review of the proxy statement/prospectus relating to the proposed transaction, the receipt of certain regulatory approvals, and approval by The Nasdaq Stock Market to list the securities of Scage Future. Scage?s Founder and Chairman, Chao Gao, is expected to continue to lead Scage Future after the closing of the transaction. The extraordinary general meeting of shareholders in lieu of an annual general meeting will be held on on May 2, 2024.

Ellenoff Grossman & Schole LLP is serving as legal advisor to Finnovate. Wilson Sonsini Goodrich & Rosati, Jingtian & Gongcheng and Ogier are serving as legal advisors to Scage.