Global law firm Baker McKenzie has advised Scage International Limited (“Scage International”), a zero-emission solution provider of new energy heavy-duty commercial vehicles and e-fuel solutions, on the completion of its “de-SPAC” business combination with Finnovate Acquisition Corp (“Finnovate”), a special purpose acquisition company.
The American depositary shares of the combined company, Scage Future, commenced trading on the Nasdaq Stock Market (“Nasdaq”) under the ticker symbol “SCAG” on 30 June 2025.
The transaction will enhance Scage Future's visibility and access to capital, enabling it to accelerate the commercialization of its next-generation hybrid, battery-electric and hydrogen-fuel-cell trucks, as well as its proprietary e-fuel technologies. It will also strategically position the company to expand production capacity, invest in hydrogen infrastructure, and broaden its global footprint.
The deal team was led by Dan Ouyang, Co-chair of Baker McKenzie’s Asia Pacific and China Capital Markets Practices, and Ke (Ronnie) Li from FenXun’s International Capital Markets Practice. The core deal team also included Caire Chen and Felix Liang.
Commenting on the transaction, Dan, said: “We couldn’t be more pleased to bring this stratgeic transaction to a successful close for our client. This deal highlights the strengths of our capital markets practice and our ability to assist clients in navigating the complex legal and business issues that arise in cross-border SPAC listings.”
The American depositary shares of the combined company, Scage Future, commenced trading on the Nasdaq Stock Market (“Nasdaq”) under the ticker symbol “SCAG” on 30 June 2025.
The transaction will enhance Scage Future's visibility and access to capital, enabling it to accelerate the commercialization of its next-generation hybrid, battery-electric and hydrogen-fuel-cell trucks, as well as its proprietary e-fuel technologies. It will also strategically position the company to expand production capacity, invest in hydrogen infrastructure, and broaden its global footprint.
The deal team was led by Dan Ouyang, Co-chair of Baker McKenzie’s Asia Pacific and China Capital Markets Practices, and Ke (Ronnie) Li from FenXun’s International Capital Markets Practice. The core deal team also included Caire Chen and Felix Liang.
Commenting on the transaction, Dan, said: “We couldn’t be more pleased to bring this stratgeic transaction to a successful close for our client. This deal highlights the strengths of our capital markets practice and our ability to assist clients in navigating the complex legal and business issues that arise in cross-border SPAC listings.”
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