Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 420

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 420
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 the benefit of each Finnovate Public Share that was not redeemed in connection with our May8, 2023shareholder vote to approve the First Extension Amendment. The Sponsor agreed to pay US$100,000 per month until the completion of an initial Business Combination, commencing on May8, 2023 and continuing through May8, 2024. The June 2023 Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which we consummate our Business Combination and (ii) the date that our winding up is effective. At the election of Sunorange, up to US$1,200,000 of the unpaid principal amount of the June 2023 Note may be converted into Conversion Warrants at a conversion price of US$1.00 per warrant. The Conversion Warrants shall be identical to the Private Placement Warrants issued by us at the IPO. We have 207 determined that the fair value of the June 2023 Note is its face value as the note was not issued with a substantial premium. Sunorange funded the first three months of the June 2023 Note in its first payment. As of June30, 2024, the outstanding balance of the June 2023 Note was US$1,100,000, and no interest was accrued. Founder Share Conversion On May 8, 2023, we issued an aggregate of 4,237,499 Sponsor Shares to the Sponsor upon the Sponsor Conversion. On the same date, we issued an aggregate of 75,000 Class A ordinary shares to the directors and the holders of our 75,000 Class B ordinary shares upon the conversion of an equal number of shares of Class B ordinary shares. On the same day, in connection with the closing of the Sunorange Investment, the Converted Class A Ordinary Shares held by the directors were transferred to designees of Sunorange. The Converted Class A Ordinary Shares issued in connection with the Conversion are subject to the same restrictions as applied to the Class B ordinary shares before the Conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial Business Combination as described in the prospectus for our IPO. Following the Conversion, there were 9,085,831 Class A ordinary shares issued and outstanding and one Class B ordinary share issued and outstanding. As a result of the Conversion, the Sponsor and certain designees of Sunorange held, in the aggregate, approximately 46.6% of