Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 403

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 403
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 directors of Sunorange Limited. On May 8, 2023, Finnovate issued an aggregate of 75,000 Finnovate Class A Ordinary Shares (together with the Sponsor Shares, the “Converted Class A Ordinary Shares”) to Mitch Garber, Nadav Zohar and Gustavo Schwed (collectively, the “Directors”) and the holders of Finnovate’s 75,000 Finnovate Class B Ordinary Shares upon the conversion of an equal number of shares of Finnovate Class B Ordinary Shares (together with the Sponsor Conversion, the “May 2023 Conversion”). On the same day, in connection with the closing of the Investment, the Converted Class A Ordinary Shares held by the Directors were transferred to designees of the Investor. The Converted Class A Ordinary Shares issued in connection with the May 2023 Conversion are subject to the same restrictions as applied to the Finnovate Class B Ordinary Shares before the May 2023 Conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial business combination as described in the prospectus for the Finnovate IPO. Following the May 2023 Conversion, there were 9,085,831 Finnovate Class A Ordinary Shares issued and outstanding and one Finnovate Class B Ordinary Share issued and outstanding. As a result of the Conversion, the Sponsor and certain designees of Sunorange held, in the aggregate, approximately 46.6% of the Finnovate Ordinary Shares that are outstanding. Pursuant to the Letter Agreement and the Sponsor Support Agreement, the Sponsor and Finnovate’s officers and directors have agreed to vote their Finnovate ordinary shares in favor of the Business Combination. Extension Meetings and Redemptions On May 8, 2023, Finnovate held the 2023 EGM to amend the Finnovate Articles to: (i) extend the date by which Finnovate has to consummate a business combination from May 8, 2023 to May 8, 2024 (the “Articles Extension Proposal”) and (ii) amend the Finnovate Articles to entitle holders of Finnovate Class B Ordinary Shares to convert such shares into Finnovate Class A Ordinary Shares prior to the closing of a business combination at the election of the holder (the “Conversion Amendment Proposal”). 199 Shareholders holding 12,626,668 Finnovate Class A Ordinary Shares exercised their right to redeem such shares for a