Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 31

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 31
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 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 US$259,588 to the Sponsor, the proceeds from which will be deposited into the Trust Account for the benefit of each Finnovate Public Share that was not redeemed in connection with the Third Extension Amendment. As of December11, 2024, Finnovate had deposited $43,320 (including $55.40 of applicable interest) into the Trust Account. On November8, 2024, Finnovate received written notice (the “Notice Letter”) from the Panel indicating that the Panel had determined to delist Finnovate’s securities from Nasdaq and that trading in Finnovate’s securities would be suspended at the open of trading on November12, 2024 due to the Company’s failure to timely satisfy the terms of the Panel’s July3, 2024 decision (the “Decision”). On November6, 2024, Finnovate notified the Panel that it would not be able to close its initial business combination by the Panel’s November4, 2024 deadline. Accordingly, the Panel has determined to delist Finnovate’s securities from Nasdaq as set forth in the Notice Letter. Since November12, 2024, Finnovate’s securities have been suspended from trading on Nasdaq and have subsequently been quoted on the OTC Markets. Since Finnovate’s incorporation, the Finnovate Board has sought to identify suitable candidates in order to effect such initial business combination. In its review of Scage International, the Finnovate Board considered a variety of factors weighing positively and negatively in connection with the Business Combination. After careful consideration, the Finnovate Board has determined that the Business Combination presents a highly attractive business combination opportunity and is in the best interests of Finnovate. The Finnovate Board believes that, based on its review and consideration, the Business Combination presents an opportunity to increase shareholder value and completes Finn