Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 649

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 649
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 a liability instrument and are measured at fair value. Conditionally redeemable Class A Ordinary Shares and Class B Ordinary Shares (collectively, “Ordinary Shares”) (including Ordinary Shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, Ordinary Shares are classified as shareholder’s equity. The Company’s Class A Ordinary Shares feature certain redemption rights that are considered to be outside of the Company’s control

F-91

FINNOVATE ACQUISITION CORP.
NOTES TO FINANCIAL STATEMENTS NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) and subject to occurrence of uncertain future events. Accordingly, Class A Ordinary Shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholder’s equity section of the Company’s balance sheet. Immediately upon the closing of the IPO, the Company recognized the accretion from initial book value to redemption amount. Increases or decreases in the carrying amount of redeemable Ordinary Shares are affected by charges against additional paid -incapital and accumulated deficit. As a result of the shareholder vote held on May 8, 2023, 12,626,668 shareholders exercised their right to redemption which left a remainder of 4,623,332 Class A Ordinary Shares subject to possible redemption. These shareholders were paid an aggregate of $132,616,922, or $10.50 per share, on May 18, 2023. As of December 31, 2023 and 2022, the Class A Ordinary Shares subject to possible redemption reflected in the balance sheet is reconciled in the following table:

|                                                                       |     |   | December 31, 
         2023 |   |     |   | December 31, 
         2022 |
|:----------------------------------------------------------------------|:----|:--|-------------:|:--|:----|:--|-------------:|
| As of beginning of the period                                         |     | $ |  178,531,059 |   |     | $ |  175,950,000 |
| Plus:                                                                 |     |   |            — |   |     |   |            — |
| Remeasurement of carrying value to redemption value                   |     |   |    4,486,207 |   |     |   |    2,581,059 |
|