Company: SCAG
Filing Date: 2025-07-03
Form Type: 20-F
Source: 0001213900-25-061408
Chunk: 59

Company: Scage Future
Filing Date: 2025-07-03
Form: 20-F
Item: Item 4
Chunk 59
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 recipients of Finnovate securities (other than the Sponsor and its affiliates) agreed to remain subject to the lock-up restrictions but would not be required to vote their shares in favor of the Business Combination.
 
Prior to the Closing of the Business Combination, Finnovate and Scage International released certain Ordinary Shares issuable to certain non-affiliate shareholders of Finnovate who from the lock-up restrictions described above in order to satisfy the initial listing requirements of the Nasdaq Stock Market.
 
Insider Letter Amendment
 
Simultaneously with the execution of the Business Combination Agreement, Finnovate, Scage International, the Sponsor, Pubco, Calvin Kung, Wang Chiu Wong, Chunyi Hao, Tiemei Li, and Sanjay Prasad entered into an amendment (the “Insider Letter Amendment”) to that certain letter agreement, dated November 8, 2021 (the “Insider Letter”).
 
On April 7, 2025, Finnovate, Scage International, the Sponsor, Pubco, and EarlyBirdCapital, Inc., the representative of the underwriters in the IPO of Finnovate IPO (“EBC”) entered into a lock-up removal letter, pursuant to which each of Calvin Kung, Wang Chiu Wong, Chunyi Hao, Tiemei Li, and Sanjay Prasad shall be released from the transfer restrictions set forth in the Insider Letter upon the three-month anniversary of the consummation of the Business Combination.
 
5

 

Non-Competition and Non-Solicitation Agreement
 
Simultaneously with the execution of the Business Combination Agreement, certain shareholders and officers (each, a “Subject Party”) of Scage International each entered into a non-competition and non-solicitation agreement with Finnovate, PubCo, Scage International, and the Sponsor (collectively, the “Non-Competition and Non-Solicitation Agreement”). Under the Non-Competition and Non-Solicitation Agreement, the Subject Party agrees not to compete with PubCo, the Sponsor, Finnovate, Scage International and their respective affiliates during the three-year period following the Closing and, during such three-year restricted period, not to solicit employees or customers of such entities. The Non-Competition and Non-Solicitation Agreement also contains customary confidentiality and non-disparagement provisions.
 
Assignment, Assumption and Amendment to Warrant Agreement
 
On October 18, 2024, Finnovate, PubCo and Continental, as warrant agent (the “Warrant Agent