A backdoor Nasdaq listing by the maker of green energy trucks took a key step forward last week with its approval by the Chinese securities regulator
Key Takeaways:
- Scage could complete its long-delayed SPAC listing on the Nasdaq within the next month, following a shareholder vote set for the end of March
- The hydrogen-powered truck maker looks well positioned to thrive due to its asset-light business model, strong state ties and China’s broader support for green energy
Despite its youth, Scage International Ltd. has created quite the compelling growth story for investors as it aims to tap into China’s strong promotion of hydrogen energy vehicles. Now, its plan for a Nasdaq listing using a special purpose acquisition company (SPAC) just needs to make it to the finish line.
The company’s listing plan took a major step forward last week when it was officially registered by the China Securities Regulatory Commission (CSRC), equivalent to providing a regulatory green light. Before that, Finnovate Acquisition Corp. (FNVT.US), the SPAC that plans to merge with Scage, had delayed a vote on the plan several times pending CSRC approval. The two companies first announced their intent to merge back in August 2023.
According to Finnovate’s latest announcement published last week, the latest meeting for shareholders to vote on the plan is now scheduled for March 27, following the postponement of previously scheduled votes on Jan. 30 and March 17. There’s a May 8 deadline for the deal to be completed, but that has already been extended once before and most likely could be extended again if necessary.
If and when the deal is finally completed, Scage would inherit a company with about $175 million in its trust account, and could potentially bring in new investors who would provide up to another $15 million, according to a Finnovate document filed with the U.S. securities regulator in December.
That would …
Full story available on Benzinga.com
A backdoor Nasdaq listing by the maker of green energy trucks took a key step forward last week with its approval by the Chinese securities regulator
Key Takeaways:
- Scage could complete its long-delayed SPAC listing on the Nasdaq within the next month, following a shareholder vote set for the end of March
- The hydrogen-powered truck maker looks well positioned to thrive due to its asset-light business model, strong state ties and China’s broader support for green energy
Despite its youth, Scage International Ltd. has created quite the compelling growth story for investors as it aims to tap into China’s strong promotion of hydrogen energy vehicles. Now, its plan for a Nasdaq listing using a special purpose acquisition company (SPAC) just needs to make it to the finish line.
The company’s listing plan took a major step forward last week when it was officially registered by the China Securities Regulatory Commission (CSRC), equivalent to providing a regulatory green light. Before that, Finnovate Acquisition Corp. (FNVT.US), the SPAC that plans to merge with Scage, had delayed a vote on the plan several times pending CSRC approval. The two companies first announced their intent to merge back in August 2023.
According to Finnovate’s latest announcement published last week, the latest meeting for shareholders to vote on the plan is now scheduled for March 27, following the postponement of previously scheduled votes on Jan. 30 and March 17. There’s a May 8 deadline for the deal to be completed, but that has already been extended once before and most likely could be extended again if necessary.
If and when the deal is finally completed, Scage would inherit a company with about $175 million in its trust account, and could potentially bring in new investors who would provide up to another $15 million, according to a Finnovate document filed with the U.S. securities regulator in December.
That would …
Full story available on Benzinga.com
A backdoor Nasdaq listing by the maker of green energy trucks took a key step forward last week with its approval by the Chinese securities regulator
Key Takeaways:
Scage could complete its long-delayed SPAC listing on the Nasdaq within the next month, following a shareholder vote set for the end of March
The hydrogen-powered truck maker looks well positioned to thrive due to its asset-light business model, strong state ties and China’s broader support for green energy
Despite its youth, Scage International Ltd. has created quite the compelling growth story for investors as it aims to tap into China’s strong promotion of hydrogen energy vehicles. Now, its plan for a Nasdaq listing using a special purpose acquisition company (SPAC) just needs to make it to the finish line.
The company’s listing plan took a major step forward last week when it was officially registered by the China Securities Regulatory Commission (CSRC), equivalent to providing a regulatory green light. Before that, Finnovate Acquisition Corp. (FNVT.US), the SPAC that plans to merge with Scage, had delayed a vote on the plan several times pending CSRC approval. The two companies first announced their intent to merge back in August 2023.
According to Finnovate’s latest announcement published last week, the latest meeting for shareholders to vote on the plan is now scheduled for March 27, following the postponement of previously scheduled votes on Jan. 30 and March 17. There’s a May 8 deadline for the deal to be completed, but that has already been extended once before and most likely could be extended again if necessary.
If and when the deal is finally completed, Scage would inherit a company with about $175 million in its trust account, and could potentially bring in new investors who would provide up to another $15 million, according to a Finnovate document filed with the U.S. securities regulator in December.
That would …Full story available on Benzinga.com Read Morecontributors, ESG, IPOs, Markets, ESG, IPOs, Markets, Benzinga IPOs
