Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 477

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 477
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2023, Finnovate had US$449,765 outstanding under the working capital loans. On May 8, 2023, all outstanding borrowings under the working capital loans were cancelled in connection with the closing of the Investment. On May 8, 2023, Finnovate held the 2023 EGM to amend the Finnovate’s amended and restated memorandum and articles of association to, among other things, extend the date by which Finnovate has to consummate an initial business combination from May 8, 2023 to May 8, 2024 (the “First Extension Amendment”). In connection with the closing of the Sunorange Investment, on May 8, 2023, Sunorange caused US$300,000 to be deposited into the Trust Account to support the first three months of the First Extension Amendment. Sunorange agreed to deposit into the Trust Account an additional US$100,000 for each successive month, or portion thereof, that is needed by Finnovate to complete an initial business combination until May 8, 2024. All of such funds remitted by Sunorange will be interest -freeand is due and payable upon the earlier to occur of (i) the date on which Finnovate consummates its Business Combination and (ii) the winding up of Finnovate is effective. At the election of the Sponsor, up to US$1,200,000 of the unpaid principal amount of the funds may be converted into warrants of Finnovate (the “Conversion Warrants”), each warrant being identical to the private placement warrants issued in the Finnovate IPO at a conversion price of US$1.00 per warrant. On November8, 2023, we issued the November 2023 Note in the principal amount of up to US$1,500,000 to Sunorange. The November 2023 Note was issued in connection with advances made by Sunorange in the amount of US$477,330 from May8, 2023 through December16, 2023 and advances Sunorange may make in the future to us for working capital expenses. The November 2023 Note is non -interestbearing and payable upon the earlier of (i) the date of the consummation of the Business Combination or (ii) the date of our liquidation. On May15, 2024, we issued the May 2024 Note in the aggregate principal amount of up to $225,000 to the Sponsor, the proceeds from which