Finnovate Acquisition Corp.(FNVTU) - 2021 Q3 - Quarterly Report

Financial Performance - The Company reported a net loss of $10,832 for the period from March 15, 2021, through September 30, 2021, primarily due to formation and administrative expenses[103]. - As of September 30, 2021, the Company had a working capital deficit of $404,985 and $0 in cash in its operating bank account[104]. IPO and Fundraising - The Company completed its IPO on November 8, 2021, raising gross proceeds of $150,000,000 from the sale of 15,000,000 units at $10.00 per unit[106]. - An additional 2,250,000 units were sold on November 12, 2021, generating gross proceeds of $22,500,000[107]. - Following the IPO and over-allotment, a total of $175,950,000 was held in a trust account, invested in U.S. government securities[108]. - The Company has drawn down $83,681 under a promissory note from the Sponsor to cover offering expenses, which was fully repaid by November 8, 2021[105]. Business Combination and Expenses - The Company expects to incur approximately $280,000 for legal, accounting, and consulting costs related to any Business Combinations[112]. - The Company intends to use funds in the Trust Account primarily to complete its Business Combination and for working capital purposes[109]. - The Company does not anticipate needing to raise additional funds following the IPO to meet operating expenditures prior to the Business Combination[114]. Debt and Financial Obligations - The Company has no long-term debt or capital lease obligations as of September 30, 2021[116]. Regulatory and Reporting Considerations - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[120]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years post-IPO[121]. - As of September 30, 2021, the company was not subject to any market or interest rate risk, with investments in U.S. government treasury obligations or money market funds[122].