Finnovate Acquisition Corp-A 2024年度报告

FORM10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember 31,2024 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File Number001-41012 Finnovate Acquisition Corp.(Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Non-accelerated filer☒Emerging growth company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☒No☐ The aggregate market value of the outstanding shares of the registrant’s Class A ordinary shares, other than shares held by persons whomay be deemed affiliates of the registrant, computed by reference to the closing price for the Class A ordinary shares on June 30, 2024,as reported on the Nasdaq Stock Market LLC was approximately $9,812,411. As of June 5, 2025,4,584,957Class A ordinary shares, par value $0.0001per share, and1Class B ordinary share, par value $0.0001per share, of the registrant were issued and outstanding. FINNOVATE ACQUISITION CORP.ANNUAL REPORT ON FORM 10-KTABLE OF CONTENTS PageCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS3PART I8Item 1. Business8Item 1A. Risk Factors27Item 1B. Unresolved Staff Comments31Item 1C. Cybersecurity31Item 2. Property31Item 3. Legal Proceedings31Item 4. Mine Safety Disclosures3131PART II32Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities32Item 6. [Reserved]33Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations33Item 7A. Quantitative and Qualitative Disclosures about Market Risk44Item 8. Financial Statements and Supplementary Data44Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure45Item 9A. Controls and Procedures45Item 9B. Other Information47Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections47PART III48Item 10. Directors, Executive Officers and Corporate Governance48Item 11. Executive Compensation52Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters53Item 13. Certain Relationships and Related Transactions, and Director Independence54Item 14. Principal Accountant Fees and Services57PART IV58Item 15. Exhibits, Financial Statement Schedules58Item 16. Form 10-K Summary582 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Report (as defi