Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 405

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 405
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 2024 EGM. At the 2024 EGM, there were 7,997,433 Ordinary Shares present in person or by proxy, representing approximately 88.02% of the total Ordinary Shares outstanding as of the record date, which constituted a quorum. Shareholders holding 2,374,826 Class A Ordinary Shares exercised their right to redeem such shares for a pro rata portion of the funds in our Trust Account. These shares were redeemed for approximately $11.33 per share for a total redemption value paid from the Trust Account of approximately US$26,907,976. On May 15, 2024, we issued the May 2024 Note in the aggregate principal amount of up to US$225,000 to the Sponsor, which were deposited into the Trust Account for the benefit of each Finnovate Public Share that was not redeemed in connection with the Second Extension Amendment. The Sponsor agreed to pay US$37,500 per month until the completion of our initial business combination, commencing on May 8, 2024 and continuing through November 8, 2024. The May 2024 Promissory Note bears no interest and is due and payable upon the earlier to occur of (i) the date on which we consummate our initial business combination and (ii) the date that our winding up is effective. As of June 30, 2024, the Sponsor had deposited an aggregate of US$1,275,000 into the Trust Account to support the Extension Amendment and the Second Extension Amendment on behalf of the Company. As of June 30, 2024, the outstanding balance of the May 2024 Note was US$75,000. On November 6, 2024, we held an extraordinary general meeting of shareholders (the “November 2024 EGM”) to amend our Amended and Restated Memorandum to approve an extension of the Company’s termination date from November 8, 2024 to May 8, 2025 (the “November 2024 Extension”). Shareholders holding 1,383,214shares of the Company’s Class A ordinary shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately US$16.16 million (approximately US$11.68 per share) was removed from the Trust Account to pay such holders. On November 11, 2024, we issued a promissory note (the “