Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 445

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 445
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2024 Promissory Note”) to be deposited to the Trust Account, after June 30, 2024 but before the completion of business combination or liquidation. As of December 31, 2024, the Sponsor has deposited US$1.1 million from June 2023 Note and US$225,000 from May 2024 Promissory Note into the Trust Account and recorded as Extension Note Payable. The remaining US$0.1 million from the June 2023 Note will not be withdrawn. As a result of a capital reorganization, transaction costs that are directly relating to the Business Combination will offset additional -paid-incapital and the remaining transaction costs will be adjusted to accumulated deficit.

222 UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET AS OF June 30, 2024 —(Continued) (3)In Scenario 1, which assumes no further additional Finnovate shareholders exercise their redemption rights since the last redemption of 1,383,214 shares in November 2024 (refer to Adjustment 10), all Finnovate shares previously subject to redemption for cash amounting to US$25.7 million would be transferred to shareholders’ equity. In Scenario 2, which assumes, a maximum number of 865,292 Finnovate shares would be redeemed for cash with US$10.1 million. In the event that Proposal No.1 is not approved by Finnovate stockholders, the Business Combination may only be consummated if the combined company would have net tangible assets of at least $5,000,001 upon closing of the Business Combination. The maximum number of shares of redeemable Finnovate Ordinary Shares that may be redeemed and satisfy the NTA Requirement would be 661,229. (4)In the reverse merger, the historical equity of Finnovate will be eliminated and is the equivalent of Scage issuing shares for the net assets of Finnovate, accompanied by a recapitalization. Upon Closing, all Finnovate’s ordinary shares and issued and outstanding held by the Insiders prior to the Closing, will be cancelled and converted automatically into PubCo’s ordinary shares, and Finnovate’s ordinary shares issued and outstanding other than those held by the Insiders and Scage’s shares, including all Scage’s ordinary shares issued and outstanding and shares potentially converted from convertible redeemable preferred shares and convertible debt, shall also be cancelled and converted into PubCo ADSs. Scage is considered the predecessor