Two Ogier teams advise Finnovate and Scage in business combination

Two separate Ogier teams in Hong Kong have advised on the business combination of Finnovate Acquisition Corp. with Scage International Limited, with the firm acting for both parties.

Finnovate Acquisition Corp. (Finnovate) is a Nasdaq-listed special purpose acquisition company (SPAC) incorporated in the Cayman Islands. Scage International Limited (Scage) is a pioneering and leading zero-emission solution provider in China, focusing on the development and commercialisation of heavy-duty NEV (neighbourhood electric vehicle) trucks and e-fuel solutions. 

The business combination involved two statutory Cayman mergers and closed on 27 June 2025. Following these mergers, both Finnovate and Scage became wholly owned subsidiaries of the newly listed Cayman holding company, Scage Future. Shares of Scage Future began trading on Nasdaq Capital Market under the ticker symbol SCAG on 30 June 2025.

Finnovate was provided with Cayman Islands legal services by partner Florence Chan, with support from legal manager Anna Cheung and paralegal Oliver Lau. Scage was provided with Cayman Islands legal services by partner Rachel Huang, with support from legal managers Chloe Yip and Em Lou. Ogier worked closely with Finnovate's US counsel, Ellenoff Grossman & Schole LLP and Scage's US counsel, Baker McKenzie FenXun in this de-SPAC transaction.

Florence Chan said: "We are delighted to act for both Finnovate and Scage on this business combination, demonstrating Ogier's expertise in deSPAC transactions".

Rachel Huang said: "We are very pleased to have advised Scage on its business combination and supported the company as it takes this next step in its growth journey. It has been a pleasure working with the Scage team and their advisers and we look forward to seeing their continued development in the zero-emission sector."