Mon, May 20, 8:45 PM (154 days ago)
Finnovate Acquisition Corp. filed its quarterly report for the period ending March 31, 2024. The company, a blank check entity, reported total assets of $52.1 million, primarily held in a trust account. Current liabilities stood at $3.5 million, leading to a shareholders' deficit of $3.4 million. Operating expenses for the quarter were $321,203, while interest income from investments in the trust account amounted to $563,298, resulting in a net income of $242,095. Cash flow from operations was negative at $261,957, offset by $567,356 in proceeds from promissory notes. Significant events include the approval of an extension to complete a business combination to November 8, 2024, and the entry into a business combination agreement with Scage International Limited. The company also received a notice from Nasdaq regarding non-compliance with the minimum total holders requirement, which it is addressing. The company is focused on completing its business combination within the extended timeframe, with substantial doubt about its ability to continue as a going concern if it fails to do so.