Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 930

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 930
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 Industry          |     | D-2-6     |
| Heavy Duty Truck Manufacturing                              |     | D-2-9     |
| Appendix C: Company Overview                                |     | D-2-12    |
| Finnovate Acquisition Corp.                                 |     | D-2-12    |
| Scage International Limited                                 |     | D-2-12    |
| Appendix D: Valuation Methodology                           |     | D-2-15    |
| Valuation Approaches                                        |     | D-2-15    |
| Appendix E: Scage International Limited (“Scage”) Valuation |     | D-2-16    |
| Income Approach – Discounted Cash Flow Method               |     | D-2-16    |
| Market Approach – Guideline Public Company Method           |     | D-2-19    |
| Conclusion of Value                                         |     | D-2-21    |
| Appendix F: Assumptions and Limiting Conditions             |     | D-2-22    |

Annex D-2-i Appendix A: Background of Transaction 2 On May 13, 2023, Finnovate Acquisition Corp. (“Finnovate”), as purchaser, prepared a term sheet outlining its intent to purchase Scage International Limited (“Scage”). Per the BCA, entered into on August 21, 2023, Finnovate will acquire 100% of the outstanding equity and equity equivalents of Scage (including all preferred stocks, options, warrants or other securities that have the right to acquire or convert into equity securities of the Company), through a series of mergers. Per an email from Management, the BVA was undergoing a revision to adjust the aggregate merger consideration amount to $800,000,000 minus the net debt amount at closing. ____________ 2Information in this section was obtained from the BCA. Annex D-2-1 Appendix B: Economic and Industry Overview Global Economic Outlook 3 Global growth is projected at 3.1 percent in 2024 and 3.2 percent in 2025, with the 2024 forecast 0.2 percentage point higher than that in the October 2023 World Economic Outlook (WEO) on account of greater-than expected resilience in the United States and several large emerging market and developing economies, as well as fiscal support in China. The forecast for 2024 – 25 is, however, below the historical (2000 – 19) average