Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 258

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 258
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 parties met the following morning at Scage International’s Nanjing office to discuss the potential advantages of a de -SPACtransaction versus a traditional IPO, Scage International’s restructuring process, and an overall tentative timeline for a potential business combination, should Scage International decide to proceed with a de -SPACtransaction. Given the fact that material conflicts of interest did not exist between Finnovate’s management team and Scage International, the independent members of the Finnovate Board did not separately retain an unaffiliated representative to act solely on behalf of unaffiliated security holders of Finnovate for purposes of negotiating the terms of the Business Combination transaction and/or preparing a report concerning the approval of the Business Combination. Pursuant to the Finnovate Articles, and as provided in the Finnovate IPO prospectus, Finnovate is only required to obtain an opinion from an independent investment banking firm or another valuation or appraisal firm that regularly renders fairness opinions that such an initial business combination is fair to Finnovate from a financial point of view, if Finnovate would seek to complete an initial business combination with a business combination target that is affiliated with the Sponsor, or Finnovate’s directors or officers. No prior conflicts or affiliate relationship existed between members of the Finnovate Board and management, on the one hand, and Scage International, on the other hand. As such, an opinion was not required under the Finnovate Articles. However, the Finnovate Board obtained a fairness opinion from ValueScope, dated June17, 2024, which provided that, as of that date and based on and subject to the assumptions, limitations, qualifications and other conditions set forth therein, Scage International’s enterprise value in the Business Combination of US$800,000,000 was fair, from a financial point of view, to the shareholders of Finnovate. Finnovate obtained such fairness opinion to (i) inform themselves with respect to all material information reasonably available to them and (ii) act with appropriate care in considering the Business Combination. On May 4, 2023, Mr. Kung sent Mr. Wang Finnovate’s announcement on Form 8 -Kdescribing the Investment Agreement between Sunorange and Sponsor, which contained the full text of the Investment Agreement as an exhibit. The following day, Mr. Wang called Mr. Kung to discuss additional potential business combination targets, including (i) an industrial waste recycling company based in Zhejiang Province, China (“Target B”); and (ii)