M&A - Scage Future

Form Type: DRSLTR

Filing Date: 2024-03-08

Corporate Action: Merger

Type: Update

Accession Number: 000121390024020960

Filing Summary: On March 8, 2024, Scage Future submitted a response letter to the SEC addressing comments on their draft Registration Statement on Form F-4, originally submitted on January 8, 2024. The letter details revisions made in response to the SEC's inquiries, including clarifications related to operational risks in China, business combination processes requiring CSRC approval, and the nature of underwriting fees associated with potential shareholder redemptions. The document emphasizes the company's strategy for the business combination with Finnovate and outlines the key risks and considerations for investors regarding its corporate structure, foreign operations, and dependencies on significant suppliers. It also elaborates on potential impacts from supply chain disruptions and ongoing legal requirements in China, aiming to ensure compliance with U.S. securities regulation. Significant disclosures regarding equity interests and financial obligations related to the merger were also included, reflecting the necessity for careful navigation of regulatory landscapes.

Form Type: DRSLTR

Filing Date: 2024-01-08

Corporate Action: Merger

Type: New

Accession Number: 000121390024001948

Filing Summary: On January 8, 2024, Scage Future submitted a Draft Registration Statement on Form F-4 concerning a planned business combination with Finnovate Acquisition Corp. This action arises from a business combination agreement dated August 21, 2023. The proposal will be presented to shareholders of Finnovate, who are expected to vote on the merger and related matters during an extraordinary general meeting. The submission is part of the process for seeking approval under the Jumpstart Our Business Startups Act and aims for confidential non-public review by the U.S. Securities and Exchange Commission. Scage Future confirms its status as an Emerging Growth Company, noting that its securities have not been offered under an effective registration statement previously.