Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 255

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 255
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 Including Scage International and those targets evaluated prior to the closing of the Investment Agreement, Finnovate formally evaluated approximately 32 business combination opportunities, across the financial technology financial services, renewable energy and manufacturing sectors prior to signing the term sheet with Scage International. Finnovate executed non -disclosureagreements with eight potential target businesses and engaged in substantive discussions with advisors, significant stockholders and/or other representatives of such businesses. For the potential business combination opportunities that were deemed to warrant significant interest, Finnovate management and members of the Finnovate Board carried out diligence efforts, including by receiving presentations from and holding discussions with management teams, evaluating management experience and engaging in readiness discussions, and assessing these target companies’ financial condition and growth prospects within their respective industries and markets. Finnovate, in the course of its search and evaluation process, distributed initial draft letters of intent to two potential business combination targets (including Scage International). It entered into one letter of intent other than the Term Sheet (as defined below) with Scage International. Following execution of a non -disclosureagreement in November 2021, Finnovate carried out due diligence and engaged in discussions with a company with a trading platform (“Target A”). The parties signed a non -bindingletter of intent in May 2022. Following extensive due diligence and efforts to raise financing, in March 2023, Target A decided to abandon the business combination with Finnovate due to difficulties obtaining necessary financing. On April 27, 2023, Finnovate entered into the Investment Agreement with the Sponsor and Sunorange, pursuant to which Sunorange and its designees would acquire partnership interests in the Sponsor and Class B ordinary shares directly held by certain of Finnovate’s directors, and Finnovate’s existing officers and directors would be replaced. The Sunorange Investment closed on May 8, 2023. Since May 8, 2023, Finnovate’s management is comprised of Calvin Kung, Chief Executive Officer and Chairman of the Board, and Wang Chiu (Tommy) Wong, Chief Financial Officer and director. Following the Sunorange Investment, Messrs. Kung and Wong control the Sponsor through Sunorange. Mr. Kung was introduced to Finnovate through Mr.Sherman Lu of East Stone Capital Limited, who in turn was introduced to Mr. Kung in November 2022 through Mr.Kung’s business acquaintance, Mr. Yixian (Ethan) Wang (described further below). 104 East