On August 21, 2023, Scage International Limited (Scage International), a zero-emission solution provider in China focused on new energy heavy-duty commercial vehicles and e-fuel solutions, and Finnovate Acquisition Corp. (Finnovate), a publicly traded special purpose acquisition company, announced that they have entered into a definitive agreement for a business combination between Scage International and Finnovate. Upon the completion of the business combination, the combined company, Scage Future, will become a publicly traded company on the Nasdaq Stock Market. The transaction represents a post-combination valuation of $1.0 billion for Scage International, subject to adjustment.

Wilson Sonsini Goodrich & Rosati represented Scage International in the transaction. The Wilson Sonsini team includes:

Corporate
Dan Ouyang
Ke Li
Claire (Yuan) Chen
Yan Liang

Tax
Myra Sutanto Shen
Derek E. Wallace
Han Shen

For more information, please see the joint press release from Scage International and Finnovate.