Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 268

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 268
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 on various matters including: (i) the overall transaction timeline; (ii) the proposed agreement among Finnovate and Scage manage to lower valuation; (iii) Nasdaq compliance matters; (iv) the process of seeking PIPE investments; and (v) Finnovate’s annual general meeting and redemption process held in early May. On May 20, 2024, Ms. Xiang shared Scage International’s revised set of projections (the “Updated Projections”) with Mr. Kung, with the understanding that these projections could be shared with ValueScope for the purpose of updating ValueScope’s Fairness Opinion. On that same day, Mr. Kung and members of the Finnovate Board held a meeting during which Mr. Kung led a discussion of the matters described in his email of May 19. The Board agreed that Finnovate would revise the Business Combination Agreement to reflect the lower valuation. On May 21, 2024, Mr. Kung spoke with representatives of ValueScope to seek their assistance rendering a fairness opinion on the revised merger consideration. Following the meeting, Mr. Kung sent Scage International’s Updated Projections to the ValueScope team. 110 On June17, 2024 the Finnovate Board approved the First Amendment to the Business Combination Agreement. On June18, 2024 the parties to the Business Combination Agreement entered into the First Amendment to Business Combination Agreement. On October31, 2024, the parties to the Business Combination Agreement entered into the Second Amendment to Business Combination Agreement. The amendment extends the Outside Date (as defined in the Business Combination Agreement) from October31, 2024 to March31, 2025. Description of Considerations Relating to the PIPE Investment Pursuant to the Business Combination Agreement, one of the closing conditions for the Business Combination is that, unless waived by Scage International, cash proceeds from the PIPE Investment shall be not less than an aggregate of US$15,000,000. Beginning in late 2023, Finnovate’s management team undertook several initiatives to support Scage in its efforts to secure PIPE investments. Finnovate facilitated discussions with several prospective investors. These meetings were held online and in person. Representatives of both Scage and Finnovate travelled to meet potential investors in key regions, including the Middle East, Greater China, and Southeast Asia. Additionally, Scage arranged virtual meetings with investors in the United States and Europe. Finnovate also facilitated discussions between Scage and EBC to assess