Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 259

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 259
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 a specialized materials manufacturing company based in Jakarta, Indonesia (“Target C”). According to Mr. Wang, Target B and Target C both demonstrated interest in a U.S. listing and likely fulfilled all or most of the criteria that Mr. Kung had listed. During the following week, through Mr. Wang’s introductions, Mr. Kung met with Target B’s CEO in Shenzhen and held a call with Target C’s management. In each instance, Mr. Kung described Finnovate’s mandate to seek a business combination target and requested a simple overview of Target B and Target C’s business models to gauge the target’s fit. With the information Mr. Kung gathered about Scage International, Target B and Target C, he discussed his finding internally with colleagues, notably Finnovate’s CFO and Board director, Mr. Wong. Ultimately, Finnovate’s management team concluded that while both Target B and Target C were attractive businesses, neither was ready to engage in a business combination within the next 12 months. For Target B, more time was needed to develop a corporate structure suitable for foreign investment and to recruit personnel with the necessary skills and experience for operating a U.S. -listedcompany. In the case of Target C, owned by a well -establishedand diversified corporate group, the team felt that Target C’s management required additional time to secure approval from its current shareholders for a U.S. listing. On May 8, Finnovate signed a consulting agreement with Mr. Wang in which Finnovate agreed to pay Mr. Wang a fixed rate consulting fee. Further, on May 12, 2023, Finnovate signed a draft finder’s agreement (“Finder’s Agreement”) with 3A Partners Limited, which was later amended and restated on August 29, 2023 and October13, 2024. 3A Partners Limited (“3A Partners”) is an entity designated by Mr. Wang for the purpose of the Finder’s Agreement. Mr. Wang indirectly owns 100% of 3A Partners. In early May, Finnovate sent a non -bindingterm sheet to Scage International’s management (the “Term Sheet”). The term sheet included the following terms, among other things: (i) proposed lock -upterms for Scage International’s selling shareholders (12month lockup period for shareholders and 36month lockup period for management); (ii) an equity incentive plan consisting of 15% of the post -closingcompany’s outstanding shares; (iii