Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 294

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 294
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 Date. The second criterion was that the comparable companies face similar industry and economic risks. Based on ValueScope’s examination of the industry, its discussions with Scage International management, and its search of the S&P Capital IQ database, ValueScope identified the following companies: 1.Nikola Corporation 2.Hyliion Holdings Corp. 3.Hyzon Motors Inc. 4.Tesla, Inc. 5.NIO Inc. 6.Lucid Group, Inc. 7.Rivian Automotive, Inc. 8.Cummins Inc. 9.Allison Transmission Holdings, Inc. 10.PACCAR Inc

127 For its Initial Opinion, ValueScope used the most recently filed financial statements and consensus forward -lookingestimates of the selected guideline companies as of the Initial Valuation Date, and calculated the following multiples: •Enterprise value to trailing twelve -monthsales (EV/S); •Enterprise value to forward 2023 sales (EV/’23 S); •Enterprise value to forward 2024 sales (EV/’24 S); and •Enterprise value to forward 2025 sales (EV/’25 S). For its Second Opinion, ValueScope used the most recently filed financial statements and consensus forward -lookingestimates of the selected guideline companies as of the Second Valuation Date, and calculated the same multiples as in its Initial Opinion, in addition to: •Enterprise value to forward 2026 sales (EV/’26 S). ValueScope established a relative basis for comparison between the guideline public companies and Scage. ValueScope determined the low- and high -endof the range and calculated the mean and median of the pricing multiples of the comparable companies. Utilizing the enterprise value to forward 2025 sales multiples and accounting for cash and debt, ValueScope estimated a minority, marketable equity value for Scage International. Due to Scage International’s current life -cyclestage and high projected growth, ValueScope determined that the EV/’25 S multiples were appropriate to conclude a value of Scage International. In the Initial Opinion, the 25 thpercentile, median, and 75 thpercentile EV/’25 S multiples were 0.7x, 1.2x, and 1.8x, respectively. ValueScope selected an EV/’25 S multiple of 0.95x, between the 25 thpercentile and median multiples, for application to Scage International. ValueScope then applied a control premium of 16%, which was determined