Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 399

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 399
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 exposures on our interest -bearingassets and liabilities. We have not been exposed to material risks due to changes in market interest rates, and not used any derivative financial instruments to manage the interest risk exposure for the fiscal years ended June 30, 2024 and 2023. Liquidity Risk We are exposed to liquidity risk. We have managed this liquidity risk by arranging for long -termcredit facilities with the banks, seeking financial support from shareholders, or issuing convertible debts, to ensure that our outstanding loans and debts will be repaid and that we are able to roll out our NEV business and expansion initiatives. Foreign Exchange Risk Our functional currency is Renminbi and reporting currency is U.S. dollars. We are exposed to foreign exchange risk in respect of our operating activities, including the import of some supplies and components used in the manufacture of our NEVs, including the chassis, powertrain, and electrical and electronic parts. Our exposure to foreign exchange risk will increase as revenue from the sales of NEVs and the provision of related services in other markets, such as North America and Europe, which are denominated in foreign currencies, contribute to a greater share of our revenue. Recently Adopted or Issued Accounting Pronouncements Our management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements. See Note 2(z) to our consolidated financial statements as of and for the fiscal years ended June 30, 2024 and 2023, included elsewhere in this proxy statement/prospectus. 197 FINNOVATE’S BUSINESS References in this section to “we,” “our,” “us” or “Finnovate” generally refer to Finnovate Acquisition Corp. General We are a blank check company incorporated on March 15, 2021 as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities, which we refer to herein as our initial business combination. We have generated no revenues to date and we do not expect that we will generate operating revenues at the earliest until we consummate our initial business combination. Our officers, directors and key members of our Sponsor have significant experience with SPACs, acquisitions, divestitures and corporate strategy and public markets. This experience includes leadership roles in other SPACs, such as Tristar Acquisition I Corp. (“Tristar”),