Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 903

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 903
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 based on financial analyses prepared in accordance with generally accepted valuation standards. These procedures included substantive valuation tests that we considered necessary and appropriate under the circumstances. Our analyses relied upon, but were not necessarily limited to, the following procedures: •A review of the draft Business Combination Agreement by and among Finnovate Acquisition Corp., as Purchaser, Scage Future, as Pubco, Hero 1, as First Merger Sub, Hero 2, as Second Merger Sub, and Scage International Limited, as the Company, dated August 16, 2023 (the “DRAFT BCA”). •A review of Scage’s unaudited financial statements as of, and for the fiscal years, ended June 30, 2021, June 30, 2022, and June 30, 2023. •A review of Scage’s projected financial statements for the fiscal years ending June 30, 2024 through June 30, 2027. •A review of Scage’s targeted launch dates for its product lines. •A review of several presentations prepared by Scage’s management. •A review of information relating to Scage’s industry and similar companies. •A review of pricing data of comparable guideline companies and industry transactions existing as of the Valuation Date. We have not independently verified any of the foregoing information and have relied upon its completeness and accuracy in all material aspects. We have not made an independent evaluation or appraisal of the assets of Scage. We are not acting as the financial advisor to Finnovate or its shareholders in connection with this acquisition. It is understood that this letter is for the use of the Board of Directors and shareholders of Finnovate. Other than discussions in the proxy statement and registration statements related to the Subject Transaction, this letter is not to be used with any other document in connection with the Subject Transaction, without the express written consent of ValueScope, Inc. We understand and agree that our analysis and conclusions in the letter may be shared with current and potential shareholders and advisors of Finnovate. Based upon and subject to the foregoing, it is our opinion that, as of the Valuation Date, the total consideration of $1,000,000,000 minus closing net debt to be paid by Finnovate to acquire Scage is less than the estimated fair market value of Scage; therefore, the transaction is FAIRto the shareholders of Finnovate from a financial point of view. 1 We are independent of and have no current or prospective economic interests