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

Company Overview - Scage International Limited is a leading provider of zero-emission technology in China, focusing on decarbonizing global commercial transportation through advanced heavy-duty new energy vehicles (NEVs) and innovative e-fuel systems [4] - The company has a proven track record in designing, producing, and testing next-generation heavy-duty NEVs, including the Dragon II plug-in hybrid dump truck and the Q-Truck autonomous tractor trailer [5] Business Combination - Scage International has completed a business combination with Finnovate Acquisition Corp, resulting in the formation of Scage Future, which will begin trading on Nasdaq under the ticker symbol "SCAG" on June 30, 2025 [1][2] - The business combination was approved by Finnovate's shareholders, and all closing conditions were satisfied or waived [1] Strategic Goals - The company aims to accelerate the commercialization of next-generation hybrid, battery-electric, and hydrogen-fuel-cell trucks, as well as proprietary e-fuel technologies [2] - Scage plans to expand production capacity, invest in hydrogen infrastructure, and broaden its global footprint across China, Southeast Asia, and the Middle East, with future plans for entry into North America [2] Leadership Statements - Chao Gao, Founder, CEO, and Chairman of Scage International, emphasized the importance of becoming a Nasdaq-listed company for enhancing visibility and access to capital, which will support the company's ambitious growth strategy [2] - Calvin Kung, CEO and Chairman of Finnovate, acknowledged the efforts of advisors and consultants in guiding the transaction to completion [2][3]