Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 200

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 200
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 However, Nasdaq Rule 5815(c)(1)(H), which became effective on October7, 2024 (the “New Nasdaq Rules”), which includes removing the stay relating to the 36 -MonthRequirement, requires that a SPAC’s Nasdaq -listedsecurities will be immediately suspended from trading through the pendency of the Panel’s review. In addition, the scope of the Panel’s review is limited, as the Panel may only reverse a delisting determination by the staff of the Listing Qualifications Department of Nasdaq (the “Staff Delisting Determination”) where it determines that the Staff Delisting Determination was made in error and that the SPAC never failed to satisfy the 36 -MonthRequirement. In such cases, the Panel is no longer able to consider facts indicating that the SPAC had regained compliance since the date of the Staff Delisting Determination, nor may the Panel grant an exception allowing the SPAC additional time to regain compliance. If a SPAC completes a Business Combination after receiving a Staff Delisting Determination and/or demonstrates compliance with all applicable initial listing requirements, the combined company will be applying to list its securities on Nasdaq pursuant to the normal application review process. Finnovate has not yet received a delisting notice under due to failure to meet the 36 -MonthRequirement. Even if the Trading Suspension is lifted due to a Nasdaq Listing and Hearing Review Council review of the Decision, Finnovate would still be subject to delisting under the 36 -MonthRequirement, as more than 36months have passed from the date of the IPO Prospectus. If Finnovate is delisted due to the 36 -MonthRequirement, Nasdaq may only reverse the determination to delist Finnovate’s securities if it finds that it made a factual error when applying the new framework, including Nasdaq Rule IM 5101 -2(b). If (i) Nasdaq completes the delisting of Finnovate’s securities from trading on its exchange, (ii) PubCo is not able to list its securities on Nasdaq or another national securities exchange, (iii) the parties to the Business Combination Agreement waive applicable listing conditions as a condition to the Closing and (iv) the Business Combination closes and shareholders receive unlisted shares, then PubCo expects that its securities could be quoted on an over -the -countermarket. If this were to occur, PubCo could face significant material adverse consequences, including: •a limited availability of market quotations for its securities; •reduced