Company: SCAG
Filing Date: 2025-07-03
Form Type: 20-F
Source: 0001213900-25-061408
Chunk: 7

Company: Scage Future
Filing Date: 2025-07-03
Form: 20-F
Item: Item 1
Chunk 7
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 wholly-owned subsidiary of PubCo (the
time at which the First Merger became effective is sometimes referred to herein as the “ First Merger Effective Time”); (2) on
the Closing Date and immediately following the First Merger, Merger Sub II merged with and into Finnovate (the “ Second Merger”),
with Finnovate surviving the Second Merger as a wholly owned subsidiary of PubCo (the time at which the Second Merger becomes effective
is referred to herein as the “ Effective Time”).

Prior to the First Merger
Effective Time, Scage International caused a sponsored American depositary share facility for the Ordinary Shares established with CITIBANK,
N. A. for the purpose of issuing and distributing the ADSs.

On the Closing Date and immediately
prior to the First Merger Effective Time, each preferred share of Scage International, par value US$0.00001 per share, that was issued
and outstanding immediately prior to the First Merger Effective Time was cancelled in exchange for the right to receive a number of Scage
International Ordinary Shares at the then-effective conversion rate in accordance with Scage International’s amended and restated
articles of association (the “ Conversion”). At the First Merger Effective Time, pursuant to the First Merger, (1) each Scage
International Ordinary Share that was issued and outstanding immediately prior to the First Merger Effective Time and after the Conversion
was cancelled and converted into the right to receive a number of Ordinary Shares at the Exchange Ratio (as defined in the Business Combination
Agreement) (if applicable, in the form of ADSs); (2) any Company Convertible Securities (as defined in the Business Combination Agreement),
to the extent then outstanding and unexercised immediately prior to the First Merger Effective Time, were automatically assumed by PubCo
and converted into a convertible security of PubCo, subject to the same terms and conditions as were applicable to the corresponding former
Company Convertible Securities immediately prior to the First Merger Effective Time; (3) every issued and outstanding share of PubCo
owned by One Strength Brother Limited, being the only issued and outstanding share in PubCo immediately prior to the First Merger Effective
Time, was cancelled; and (4) each then issued and outstanding ordinary share of Merger Sub I, par value US$0.0001 per share,
was converted into and exchanged for one ordinary share of Scage International as the surviving company of the First Merger.

At the Effective