Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 642

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 642
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 be deposited into the Trust Account to support the first three months of the Extension from May 9, 2023 through August 8, 2023 (see Note 5). Sunorange also agreed to cause to be deposited into the Trust Account an additional $100,000 for each successive month, or portion thereof, that is needed by the Company to complete an initial Business Combination until May 8, 2024. As of December 31, 2023, $800,000 has been deposited into the Trust Account in support of the Extension. Business Combination Agreement On August 21, 2023, the Company and Scage International Limited (“Scage”) entered into a definitive Business Combination Agreement (the “Business Combination Agreement”). Scage is a zero -emissionsolution provider in China, focusing on the development and commercialization of heavy -dutyNEV trucks and e -fuelsolutions. Upon consummation of the two mergers and the other transaction contemplated by the Business Combination Agreement (the “Scage Business Combination”), Scage Future, a newly formed holding company (“Pubco”) will seek to be listed on Nasdaq. The outstanding securities of Scage and the Company will be converted into the right to receive securities of Pubco. The transaction represents a post -BusinessCombination valuation of $1.0 billion ($1,000,000,000) for Scage upon closing of the Scage Business Combination, subject to adjustment. On August 29, 2023, the Company engaged a third -partyconsultant to provide the Company with an introduction to potential targets for its Business Combination. Pursuant to the terms of the agreement, the Company has agreed to pay a contingent fee of 0.05% of the implied enterprise value of the target if the Company consummates a Business Combination. F-87 FINNOVATE ACQUISITION CORP.
NOTES TO FINANCIAL STATEMENTS NOTE 1—ORGANIZATION AND BUSINESS BACKGROUND (cont.) Lock-Up Agreements Simultaneously with the execution of the Business Combination Agreement, Pubco, Scage, the Company and certain shareholders of Scage (“Key Scage Shareholders”), as shareholders holding shares of Scage sufficient to constitute the Required Company Shareholder Approval (as that term is defined in the Business Combination Agreement) as the holder of record or the beneficial owner within the meaning of Rule 135 -3of the Exchange Act, each entered into Lock -UpAgreements (each, a “Key Seller Lock -Up