Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 928

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 928
---
 personal liability whatsoever to any person, nor will any such claim be asserted by or on behalf of you or your affiliates. Annex D-1-23 Annex D-2 Fairness Opinion Related to the Purchase of Scage International Limited
by Finnovate Acquisition Corp. Valuation Date: December 31, 2023 Report Date: J une 17, 2024 Prepared for: Board of Directors Finnovate Acquisition Corp. June 17, 2024 Board of Directors c/o Mr. Calvin Kung, Chairman and CEO Finnovate Acquisition Corp. 265 Franklin Street
Suite 1702
Boston, MA 02110 Dear Mr. Kung: ValueScope, Inc. was engaged to advise the Board of Directors of Finnovate Acquisition Corp. (“Finnovate”) as to the fairness of a business combination with (the “Subject Transaction”) Scage International Limited (“Scage”). Our analysis is based on the available financial information as of December 31, 2023 (the “Valuation Date”). Our opinion is based on a review of publicly available business and financial information relating to Finnovate and Scage. We have also reviewed internal financial and operating information related to Finnovate and Scage. In addition, we have interviewed members of Finnovate’s and Scage’s management (collectively, “Management”). This opinion is based on financial analyses prepared in accordance with generally accepted valuation standards. These procedures included substantive valuation tests that we considered necessary and appropriate under the circumstances. Our analyses relied upon, but were not necessarily limited to, the following procedures: •A review of the Business Combination Agreement by and among Finnovate Acquisition Corp., as Purchaser, Scage Future, as Pubco, Hero 1, as First Merger Sub, Hero 2, as Second Merger Sub, and Scage International Limited, as the Company, dated August 21, 2023 (the “BCA”). •A review of Scage’s unaudited financial statements as of, and for the fiscal years, ended June 30, 2021, June 30, 2022, and June 30, 2023. •A review of Scage’s unaudited financial statement, for the six months ended December 31, 2023, and balance sheet as of December 31, 2023. •A review of Scage’s projected financial statements for the fiscal years ending June 30, 2024 through June 30, 202