- The American depositary shares (ADSs) of Scage Future (“Scage”), the company created after the Business Combination, will be listed on the Nasdaq on June 30, 2025, under the ticker symbol “SCAG.”
BEIJING, June 27, 2025 — Scage International Limited (“Scage International” or the “Company”), which provides zero-emission solutions for heavy-duty commercial vehicles and e-fuel, and Finnovate Acquisition Corp (“Finnovate”) (OTC: FNVTF), a special purpose acquisition company, announced today that they have completed their previously announced business combination (the “Business Combination”). Trading of the American depositary shares (“ADSs”) of Scage Future, the resulting company, will begin on the Nasdaq Stock Market (“Nasdaq”) under the ticker symbol “SCAG” on June 30, 2025. Finnovate’s shareholders approved the Business Combination at a special general meeting, and all other requirements for completing the Business Combination were either met or waived by the parties.
Chao Gao, Founder, CEO, and Chairman of Scage International, stated, “Today is a crucial turning point in our effort to reduce carbon emissions in global commercial transportation. Listing on Nasdaq gives us more visibility and access to funding, which will allow Scage Future to speed up the commercialization of our next-generation hybrid, battery-electric, and hydrogen-fuel-cell trucks, as well as our unique e-fuel technologies. We appreciate the Finnovate team’s partnership and the unwavering support of our staff, clients, and investors. This transaction enables us to carry out our aggressive growth plan. We intend to increase our production capacity, invest in hydrogen infrastructure, and expand our global presence throughout China, Southeast Asia, and the Middle East, while also preparing to enter North America. We anticipate providing long-term value to shareholders thanks to a strong order pipeline and a growing range of zero-emission solutions.”
Calvin Kung, CEO and Chairman of Finnovate, stated, “I appreciate the tireless work and professionalism of our advisors and consultants, who were crucial in guiding this transaction to a successful conclusion.”
Advisors
Ellenoff Grossman & Schole LLP, Grandway Law Offices, and Ogier provided legal counsel to Finnovate.
Baker & McKenzie LLP, Jingtian & Gongcheng, and Ogier served as legal advisors to Scage International.
About Scage International
Scage International is a top zero-emission technology provider in China, focused on reducing carbon emissions in global commercial transportation through its range of advanced heavy-duty NEV trucks and innovative e-fuel systems. Through strategic alliances with leading vehicle manufacturers and a robust quality control system, the Company provides intelligent, high-performance NEVs that meet transportation needs in logistics, mining, and port operations.
The Company has a history of designing, producing, and testing 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. Scage is leading the transition to a more sustainable future in heavy commercial transport with its innovative approach to clean energy and mobility.
About Finnovate Acquisition Corp.
Finnovate Acquisition Corp. (OTC: FNVTF) is a blank check company established in the Cayman Islands to acquire businesses and assets through mergers, capital stock exchanges, asset acquisitions, stock purchases, and reorganizations.
Forward-Looking Statements
This press release contains “forward-looking statements” as defined in the United States Private Securities Litigation Reform Act of 1995’s “safe harbor” provisions. Forward-looking statements can be identified by terms such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” and similar expressions that predict or indicate future events or trends, or that are not statements of historical fact. These forward-looking statements also include, but are not limited to, statements concerning 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 find and keep talent, and Scage’s cash position following the Business Combination’s completion, as applicable. These statements are based on various assumptions, whether or not specified 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 could cause Scage’s actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. While the Company believes it has a reasonable basis for each forward-looking statement in this press release, the Company advises you that these statements are based on a combination of currently known facts and factors, as well as projections of the future, which are inherently uncertain. The forward-looking statements in this press release reflect the Company’s views as of the date of this release. Subsequent events and developments may cause these views to change. The Company disclaims any obligation to update these forward-looking statements, except as required by law.
Scage
Investor Relations
Email:
Finnovate Acquisition Corp
Calvin Kung
265 Franklin Street, Suite 1702
Boston, MA 02110
+1 (424) 253-0908
