Finnovate Acquisition (NASDAQ: FNVTU) Deposits Funds into Trust Account Following Recent Report

On November 29, 2024, Finnovate Acquisition Corporation (the “Company”) reported the deposit of $43,320, including an applicable interest of $55.40, into its trust account. This deposit aligns with the Company’s previous announcement that it would be depositing $43,264.60 per month into the trust account. The monthly deposits of $43,264.60 are equivalent to roughly $0.05 per outstanding public share that was not redeemed in connection with its extension. These deposits are set to continue each calendar month from November 8, 2024, until May 8, 2025, or as needed to finalize an initial business combination, amounting to a total aggregate of up to $259,588, alongside any relevant interest.

The Company’s emerging growth status was confirmed, with the assurance that it has opted not to avail the prolonged transition period for adhering to new or revised financial accounting standards as per Section 13(a) of the Exchange Act.

The Company’s recent financial move is in line with its strategic financial planning and commitment to fulfilling its operational goals within the specified time frame.

This report was signed by Calvin Kung, the Chief Executive Officer of Finnovate Acquisition Corp., on December 2, 2024.

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.

Finnovate Acquisition Company Profile

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.