Finnovate Acquisition Corp-A 2024年度报告

UNITEDSTATES SECURITIESANDEXCHANGECOMMISSION WASHINGTON,D.C.20549 FORM10-K (MarkOne) ☒ANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 ForthefiscalyearendedDecember31,2024or ☐TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 Forthetransitionperiodfromto CommissionFileNumber001-41012 FinnovateAcquisitionCorp. (Exactnameofregistrantasspecifiedinitscharter) CaymanIslands001-41012N/A (Stateorotherjurisdiction ofincorporationororganization) (CommissionFileNumber) (I.R.S.EmployerIdentificationNo.) 265FranklinStreetSuite1702 Boston,MA02110 (Addressofprincipalexecutiveoffices,includingzipcode) +1424-253-0908 (Registrant’stelephonenumber,includingareacode) NotApplicable (Formernameorformeraddress,ifchangedsincelastreport)SecuritiesregisteredpursuanttoSection12(b)oftheAct: TitleofeachclassTradingSymbol(s) Nameofeachexchangeonwhichregistered ClassAOrdinaryShares,parvalue$0.0001pershare FNVT TheNasdaqStockMarketLLC Redeemablewarrants,eachwarrantFNVTWTheNasdaqStockMarketLLC exercisableforoneClassAOrdinaryShareatanexercisepriceof$11.50 Units,eachconsistingofoneClassAOrdinaryShareandthree-quartersofaredeemablewarrant FNVTUTheNasdaqStockMarketLLC SecuritiesregisteredpursuanttoSection12(g)oftheAct:None Indicatebycheckmarkiftheregistrantisawell-knownseasonedissuer,asdefinedinRule405oftheSecuritiesAct.Yes☐No☒ IndicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13orSection15(d)oftheAct.Yes☐No☒ Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.Yes☒No☐ IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmittedpursuanttoRule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmitsuchfiles).Yes☒No☐ Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,smallerreportingcompany,oranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”“smallerreportingcompany,”and“emerginggrowthcompany”inRule12b-2oftheExchangeAct. Largeacceleratedfiler☐Acceleratedfiler☐ Non-acceleratedfiler☒Smallerreportingcompany☒ Emerginggrowthcompany☒ Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.☐ Indicatebycheckmarkwhethertheregistranthasfiledareportonandattestationtoitsmanagement’sassessmentoftheeffectivenessofitsinternalcontroloverfinancialreportingunderSection404(b)oftheSarbanes-OxleyAct(15 U.S.C.7262(b))bytheregisteredpublicaccountingfirmthatpreparedorissueditsauditreport. IfsecuritiesareregisteredpursuanttoSection12(b)oftheAct,indicatebycheckmarkwhetherthefinancialstatementsoftheregistrantincludedinthefilingreflectthecorrectionofanerrortopreviouslyissuedfinancialstatements.☐ Indicatebycheckmarkwhetheranyofthoseerrorcorrectionsarerestatementsthatrequiredarecoveryanalysisofincentive-basedcompensationreceivedbyanyoftheregistrant’sexecutiveofficersduringtherelevantrecoveryperiodpursuantto§240.10D-1(b).☐ Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheAct).Yes☒No☐ Theaggregatemarketvalueoftheoutstandingsharesoftheregistrant’sClassAordinaryshares,otherthansharesheldbypersonswhomaybedeemedaffiliatesoftheregistrant,computedbyreferencetotheclosingpriceforthe ClassAordinarysharesonJune30,2024,asreportedontheNasdaqStockMarketLLCwasapproximately $9,812,411. AsofJune5,2025,4,584,957ClassAordinaryshares,parvalue$0.0001pershare,and1ClassBordinaryshare,parvalue$0.0001pershare,oftheregistrantwereissuedandoutstanding. FINNOVATEACQUISITIONCORP.ANNUALREPORTONFORM10-KTABLEOFCONTENTS Page CAUTIONARYNOTEREGARDINGFORWARD-LOOKINGSTATEMENTS 3 PARTI 8 Item1.Business 8 Item1A.RiskFactors 27 Item1B.UnresolvedStaffComments 31 Item1C.Cybersecurity 31 Item2.Property 31 Item3.LegalProceedings 31 Item4.MineSafetyDisclosures 3131 PARTII 32 Item5.MarketforRegistrant’sCommonEquity,RelatedStockholderMattersandIssuerPurchasesofEquitySecurities 32 Item6.[Reserved] 33 Item7.Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations 33 Item7A.QuantitativeandQualitativeDisclosuresaboutMarketRisk 44 Item8.FinancialStatementsandSupplementaryData 44 Item9.ChangesinandDisagreementswithAccountantsonAccountingandFinancialDisclosure 45 Item9A.ControlsandProcedures 45 Item9B.OtherInformation 47 Item9C.DisclosureRegardingForeignJurisdictionsthatPreventInspections 47 PARTIII 48 Item10.Directors,ExecutiveOfficersandCorporateGovernance 48 Item11.ExecutiveCompensation 52 Item12.SecurityOwnershipofCertainBeneficialOwnersandManagementandRelatedStockholderMatters 53 Item13.CertainRelationshipsan