Finnovate Acquisition Corp. Announces Waiver of Dissolution Expenses in 8-K Filing

Finnovate Acquisition Corp. (NASDAQ: FNVTU) recently disclosed key information in a Form 8-K filing with the U.S. Securities and Exchange Commission. The filing, dated November 5, 2024, outlined several significant developments for the company, including details regarding a special meeting and a specific waiver related to dissolution expenses.

The scheduled Special Meeting of shareholders is set to take place on November 6, 2024, where shareholders will vote on various proposals, including extending the date by which the company must finalize an initial business combination. The proposed extension would push the Termination Date to May 8, 2025, or an earlier date determined by the board of directors.

In addition to the meeting details, the company also addressed a vital aspect concerning the use of funds. Finnovate Acquisition Corp. announced a waiver of its right to withdraw $50,000 out of up to $100,000 of interest accrued in the trust account for dissolution expenses. This waiver, termed the “Dissolution Expense Waiver,” implies that the company will not utilize a portion of the interest for potential liquidation costs if an initial business combination is not completed.

If the shareholders approve the Extension, only up to $50,000 of the accrued interest will be used for dissolution expenses. The remaining interest, if any, will be held in the trust account and eventually released to public shareholders under specific circumstances, such as a vote to amend provisions, completion of an initial business combination, or redemption of public shares.

The filing mentioned that the report contains forward-looking statements, noting that these statements are subject to risks and uncertainties. The company cautioned against placing undue reliance on these forward-looking statements and highlighted the potential variations that might occur.

Moreover, the filing outlined that the company, its directors, and officers could be deemed participants in soliciting proxies from securityholders in favor of the Extension Proposal. Investors were encouraged to review the Proxy Statement filed with the SEC for more detailed information on the individuals involved in the process.

Lastly, the filing made it clear that it does not constitute a direct solicitation of proxies, consents, or authorization related to securities or regarding the Extension. It also emphasized that no offer or sale of securities would occur in jurisdictions where it is unlawful without appropriate registration or qualification.

Investors and interested parties were advised to consult the Proxy Statement and other SEC-filed documents for additional important information on the company and the proposed Extension.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Finnovate Acquisition’s 8K filing here.

About Finnovate Acquisition

Finnovate Acquisition Corp. does not have significant operations. The company focuses on effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. It intends to focus on the acquisition of Israel-related companies, including companies focused on payments, insuretech, wealthtech, regtech, digital banking, fintech as a service, banking as a service, cyber area for financial institutions, blockchain and crypto, algo-trading and exchanges, and lending and credit line platforms.