Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 69

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 69
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 funds available from the Trust Account and the number of Finnovate Public Shareholders are substantially reduced as a result of Redemption by Finnovate Public Shareholders. However, unless the NTA Proposal is approved, the Business Combination will not be consummated if redemptions would cause Finnovate to not have at least US$5,000,001 in net tangible assets immediately prior to, or upon such consummation of the Business Combination. With fewer Finnovate Public Shares and Finnovate Public Shareholders, the trading market for PubCo ADSs may be less liquid than the market for the Finnovate Ordinary Shares was prior to the Business Combination, and PubCo may not be able to meet the listing standards for Nasdaq or another national securities exchange. In addition, with less funds available from the Trust Account, the working capital infusion from the Trust Account into Scage International’s business will be reduced. Q.What happens if the Business Combination is not consummated? A.If Finnovate does not complete the Business Combination with Scage International or another business combination by May8, 2025, unless extended by Finnovate’s shareholders, or such earlier time as the Finnovate Board determines), Finnovate must: (i) redeem 100% of the outstanding Finnovate Public Shares, at a per -shareprice, payable in cash, equal to an amount then held in the Trust Account (which was approximately US$10.1million as of November30, 2024), (ii) cease all operations except for the purpose of winding up, and (iii) subject to the approval of its remaining shareholders and its board of directors, dissolve and liquidate. xxxv On July3, 2024, Finnovate, received written notice from Nasdaq indicating that the Panel had granted Finnovate’s request for continued listing on Nasdaq, subject to the Company completing a business combination with an operating entity and evidencing compliance with the criteria for initial listing on Nasdaq, including the applicable holders requirement, by November4, 2024. On November6, 2024, Finnovate’s shareholders approved an amendment to the Finnovate Articles (the “Third Extension Amendment”), which extends the date by which Finnovate must consummate its initial business combination from November8, 2024 to May8, 2025. On November11, 2024, Finnovate issued the November 2024 Note in the aggregate principal amount of up to $259,