Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 30

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 30
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 to the search and evaluation of and negotiation with business combination candidates. xi On April 27, 2023, Finnovate entered into the Investment Agreement with the Sponsor and Sunorange, pursuant to which Sunorange and its designees would acquire partnership interests in the Sponsor and Finnovate Class B Ordinary Shares held by certain Finnovate directors, which combined interests entitle Sunorange and its designees to receive, in the aggregate, 4,237,499 Class B Ordinary Shares (of which it acquired an economic interest in 3,557,813 Finnovate Class B Ordinary Shares) and 8,243,038 Finnovate Private Warrants (of which it acquired an economic interest in 6,160,000 Finnovate Private Warrants) (the “Sunorange Investment”). In connection with the Sunorange Investment, which closed on May 8, 2023, Finnovate introduced a change in management and the Finnovate Board. On May 8, 2023, Finnovate held an extraordinary general meeting of shareholders (the “2023 EGM”) to amend the Finnovate Articles (the “Charter Amendment”) to, among other things, extend the date by which Finnovate has to consummate a business combination from May 8, 2023 to May 8, 2024. Shareholders holding 12,626,668 Finnovate Class A Ordinary Shares exercised their right to redeem such shares for a pro rata portion of the funds in Finnovate’s Trust Account. These shares were redeemed for approximately US$10.50 per share for a total redemption value paid from the Trust Account of approximately US$132,616,922. On May2, 2024, Finnovate’s shareholders approved an amendment to the Finnovate Articles (the “Second Extension Amendment”), which extends the date by which Finnovate must consummate its initial business combination from May8, 2024 to November8, 2024. On May15, 2024, the Company issued the May 2024 Note in the aggregate principal amount of up to $225,000 to the Sponsor, the proceeds from which will be deposited into the Trust Account for the benefit of each Finnovate Public Share that was not redeemed in connection with the Second Extension Amendment. On July3, 2024, Finnovate, received written notice from Nasdaq indicating that the Nasdaq Hearings Panel (the “Panel”) had granted Finnovate’s