Scage International Limited and Finnovate Acquisition Corp. Announce Closing of Business Combination and Listing on Nasdaq

•  The ADSs of Scage Future (“Scage”), the combined company following the Business Combination, will begin trading on the Nasdaq on June 30, 2025, under the ticker symbol “SCAG.”

BEIJING, June 27, 2025 (GLOBE NEWSWIRE) -- Scage International Limited (“Scage International” or the “Company”), a zero-emission solution provider of new energy heavy-duty commercial vehicles and e-fuel solutions, and Finnovate Acquisition Corp (“Finnovate”) (OTC: FNVTF), a special purpose acquisition company, today announced the completion of their previously announced business combination (the “Business Combination”). The American depositary shares (“ADSs”) of the combined company, Scage Future, will commence trading on the Nasdaq Stock Market (“Nasdaq”) under the ticker symbol “SCAG” on June 30, 2025. The Business Combination was approved by Finnovate’s shareholders at an extraordinary general meeting of shareholders, and all remaining closing conditions of the Business Combination were satisfied or waived among the parties.

Chao Gao, Founder, CEO and Chairman of Scage International, said, “Today marks a pivotal milestone in our journey to decarbonize global commercial transportation. Becoming a Nasdaq-listed company provides us with enhanced visibility and access to capital, which will allow Scage Future to accelerate the commercialization of our next-generation hybrid, battery-electric and hydrogen-fuel-cell trucks as well as our proprietary e-fuel technologies. We are grateful to the Finnovate team for their partnership and to our employees, customers and investors for their steadfast support. This transaction positions us to execute our ambitious growth strategy. We plan to expand our production capacity, invest in hydrogen infrastructure and broaden our global footprint across China, Southeast Asia and the Middle East, while laying the groundwork for entry into North America. With a robust order pipeline and an expanding portfolio of zero-emission solutions, we look forward to delivering long-term value to shareholders.”

Calvin Kung, CEO and Chairman of Finnovate, said, “I thank our advisors and consultants, whose tireless efforts and professionalism helped guide this transaction to completion. Their dedication was instrumental in getting us across the finish line.”

Advisors 

Ellenoff Grossman & Schole LLP, Grandway Law Offices and Ogier served as legal advisors to Finnovate. 

Baker & McKenzie LLP, Jingtian & Gongcheng and Ogier served as legal advisors to Scage International.

About Scage International

Scage International is a leading zero-emission technology provider in China, dedicated to decarbonizing global commercial transportation through its portfolio of advanced heavy-duty NEV trucks and innovative e-fuel systems. Through strategic partnerships with top-tier vehicle manufacturers and a strong quality control framework, the Company delivers intelligent, high-performance NEVs addressing the transport needs across logistics, mining and port operations.

The Company has a proven track record in the design, production, and testing of next-generation heavy-duty NEVs, including the Dragon II plug-in hybrid dump truck, Galaxy II plug-in hybrid truck, and Q-Truck autonomous tractor trailer. With its forward-looking approach to clean energy and mobility, Scage is driving the shift toward a more sustainable future in heavy commercial transport.

About Finnovate Acquisition Corp.
Finnovate Acquisition Corp. (OTC: FNVTF) is a blank check company incorporated in the Cayman Islands with the purpose of acquiring one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, Scage’s ability to scale and grow its business, Scage’s advantages and expected growth, Scage’s ability to source and retain talent, and Scage’s cash position following closing of the Business Combination, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Scage’s management and are not predictions of actual performance. These statements involve risks, uncertainties and other factors that may cause Scage’s actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. The forward-looking statements in this press release represent the views of the Company as of the date of this press release. Subsequent events and developments may cause those views to change. Except as may be required by law, the Company does not undertake any duty to update these forward-looking statements.

Scage

Investor Relations

Email: scageIR@scagefd.com

Finnovate Acquisition Corp

Calvin Kung

265 Franklin Street, Suite 1702

Boston, MA 02110

+1 (424) 253-0908

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