Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 653

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 653
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 ASU No 2023 -09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (“ASU 2023 -09”) in order to enhance the transparency and usefulness of income tax disclosures. The guidance is applicable to all entities subject to income tax, and it will require disclosure of certain categories within the rate reconciliation to improve consistency as well as disclosure of reconciling items which meet a certain quantitative threshold which will improve transparency. Additionally, entities must disclose the amount of taxes paid to federal, state and foreign municipalities. For public business entities ASU 2023 -09is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of its pending adoption of ASU 2023 -09on its financial position, results of operations or financial statement disclosure. Management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. NOTE 3—INITIAL PUBLIC OFFERING On November 8, 2021, the Company completed its IPO of 15,000,000 Units at a price of $10.00 per Unit. The Company granted the underwriter a 45 -dayoption from the date of the IPO to purchase up to 2,250,000 additional Units to cover over -allotments, if any, at the IPO price less the underwriting discounts and commissions. On November 12, 2021, the Company closed on the underwriters’ full exercise of their over -allotmentoption which resulted in the sale of an additional 2,250,000 Units. The IPO and subsequent over -allotmentexercise generated gross proceeds of $172,500,000. Each Unit consists of one share of Class A Ordinary Shares and three -quartersof one redeemable Public Warrant. Each whole Public Warrant entitles the holder thereof to purchase one share of Class A Ordinary Shares at a price of $11.50 per share, subject to adjustment (see Note 8). Following the closing of the IPO on November 8, 2021, and subsequent exercise of the over -allotmentan aggregate of $175,950,000 ($10.20 per Unit) from the net proceeds of the sale of the Units and the sale of the Private Placement Warrants in the IPO and over -allotmentexercise was deposited into the Trust Account. As of December 31, 2023, the net proceeds deposited