Company: SCAG
Filing Date: 2025-07-03
Form Type: 20-F
Source: 0001213900-25-061408
Chunk: 8

Company: Scage Future
Filing Date: 2025-07-03
Form: 20-F
Item: Item 1
Chunk 8
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 Time, pursuant
to the Second Merger: (1) each issued and outstanding public unit of Finnovate was automatically detached and the holder thereof
was deemed to hold one Finnovate Class A Ordinary Share and three-quarters of one Finnovate Public Warrant (“ Unit Separation”),
(2) immediately following the Unit Separation, every issued and outstanding Finnovate Ordinary Share (other than treasury shares
held by Finnovate and those shares held by insiders and Dissenting Finnovate Shares or are subject to lock-up restrictions) immediately
prior to the Effective Time was cancelled and converted automatically into the right to receive one ADS; (3) every issued and outstanding
Finnovate Ordinary Share held by the insiders or subject to lock-up restrictions immediately prior to the Effective Time was cancelled
and converted automatically into the right to receive one Ordinary Share; (4) pursuant to certain Assignment, Assumption and Amendment
to Warrant Agreement, at the Effective Time, each Finnovate Public Warrant was converted into one PubCo Public Warrant, and each outstanding
Finnovate Private Warrant was converted into one PubCo Private Warrant, and each of the PubCo Public Warrants and PubCo Private Warrants
(together with PubCo Public Warrants, “ Assumed Warrants”) shall have and be subject to substantially the same terms and conditions
set forth in the respective Finnovate Public Warrants and Finnovate Private Warrants, except that they shall represent the right to acquire
ADS or Ordinary Shares in lieu of Finnovate Ordinary Shares; (4) each Finnovate Ordinary Share for which a holder had validly exercised
its right of redemption was surrendered and cancelled and shall cease to exist; and (5) each then issued and outstanding ordinary
share of Merger Sub II, par value US$0.0001 per share, was converted into and exchanged for one ordinary share of Finnovate as the
surviving entity of the Second Merger.

On June 30, 2025, the ADSs
and the Assumed Warrants of the Company commenced trading on The Nasdaq Stock Market LLC (“ Nasdaq”) under the symbols “ SCAG”
and “ SCAGW,” respectively.

Additional Agreements in connection with
the Business Combination

This section describes the
material provisions of certain additional agreements entered into pursuant to or in connection with the Business Combination Agreement.

Lock-up agreements

Simultaneously with the execution
of the Business Combination Agreement,