Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 8

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 8
---
 U.S. domestic companies that are subject to Nasdaq corporate governance requirements. Mr. Chao Gao (by himself and by virtue of an acting -in-concertagreement) will beneficially own 45,441,182 PubCo Ordinary Shares and will be able to exercise 62.4% of the total voting power of the total issued and outstanding share capital of PubCo immediately following the completion of the Business Combination pursuant to certain acting -in -concertagreement entered into among Upward Stars Group Limited, Two Courage Brothers Limited, Three Action Brothers Limited, Victorious Lights Holding Limited, Five Epic Brother Limited and Four Genuine Brothers Limited, assuming no conversion of Scage International’s convertible bonds and no redemption of Finnovate Public Shares. For further information about PubCo Ordinary Shares, see “Description of PubCo’s Share Capital.” As a result, PubCo will qualify as a “controlled company” within the meaning of the corporate governance standards of the Nasdaq Stock Market. For so long as PubCo qualifies as a “controlled company,” it will have the option not to comply with certain requirements to which companies that are not controlled companies are subject. See “Risk Factors—Risks Related to PubCo’s Securities—PubCo will be a “controlled company” under the Corporate Governance Rules of Nasdaq and can rely on exemptions from certain corporate governance requirements that could adversely affect PubCo’s public shareholders.” Scage International entered into subscription agreements with an investor on August23, 2024 and October20, 2024, respectively, and pursuant to the subscription agreements, the investor subscribed for 3,442,342 ordinary shares of Scage International in a private placement transaction at a per share price of US$5.81, which represented the per share price of the ordinary shares of Scage International based on a post -investmentvaluation of Scage International of US$800million in line with evaluation of Scage International in connection with the Business Combination. Such shares subscribed by the investor will be cancelled and converted into the right to receive a number of PubCo Ordinary Shares at the Exchange Ratio (as defined in the Business Combination Agreement) in the form of PubCo ADSs at the First Merger Effective Time pursuant to the Business Combination Agreement. Such conversion will not have dilutive impact on the shareholders of Finnovate prior to the Closing, as the subscriber will initially receive ordinary shares of Scage International and only upon the Closing will they receive PubCo Ordinary Shares, which shares will be included in the PubCo Ordinary Shares issued