Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 295

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 295
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 based upon a study of control premiums in the MergerStat BVR Control Premium database, to calculate an equity value. Total current net outstanding debt of Scage International as of June 30, 2023, was then added to the equity value to arrive at the enterprise value of RMB 7.4 billion on a controlling, marketable interest basis. In the Second Opinion, EV/’25 S multiples ranged from 0.7x to 5.3x with a median of 1.5x. ValueScope selected an EV/’25 S multiple of 2.0x for application to Scage. After applying this multiple, adjusting for cash and debt, and adding a control premium of 16.0%, we calculated an enterprise value of RMB 5.9 billion on a controlling, marketable interest basis. ValueScope’s complete analysis is available in the ValueScope Initial Opinion, which is included as Annex D -1and Second Opinion, which is included as Annex D -2of this proxy statement/prospectus and describes the procedures followed, assumptions made, qualifications and limitations on the review undertaken and other matters considered by ValueScope. Business Combination Agreement On August21, 2023, Finnovate entered into the Business Combination Agreement (with PubCo, the Merger Sub I, the Merger Sub II, and Scage International. Pursuant to the Business Combination Agreement, subject to the terms and conditions set forth therein, at the closing of the transactions contemplated by the Business Combination Agreement (the “Closing”), (a) Merger Sub I will merge with and into Scage International (the “First Merger”), with Scage International surviving the First Merger as a wholly -ownedsubsidiary of PubCo and the outstanding securities of Scage International being converted into the right to receive securities of PubCo; and (b) immediately following the First Merger, Merger Sub II will merge with and into Finnovate (the “Second Merger”, and together with the First Merger, the “Mergers”), with Finnovate surviving the Second Merger as a wholly -ownedsubsidiary of PubCo and the outstanding securities of Finnovate being converted into the right to receive securities of PubCo. Pursuant to the Business Combination Agreement, subject to the terms and conditions set forth therein, at the closing of the transactions contemplated by the Business Combination Agreement (the “Closing”), (a) Merger Sub I will merge with and into Scage International (