Company: SCAG
Filing Date: 2025-07-03
Form Type: 20-F
Source: 0001213900-25-061408
Chunk: 5

Company: Scage Future
Filing Date: 2025-07-03
Form: 20-F
Item: Item 1
Chunk 5
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Report does not include Finnovate Acquisition Corp.’s interim results for Q1 2025, which could expose us to regulatory or investor
challenges.

This Report does not include or incorporate by reference the unaudited
interim financial statements of Finnovate Acquisition Corp. for the quarter ended March 31, 2025, because these financial statements have
not been available as of the date of this Report. Based on the proximity of Finnovate’s recently filed audited annual report on
Form 10-K for the year ended December 31, 2024, we believe that there has been no material change in Finnovate’s financial position
through the date of its business combination on June 27, 2025. We intend to file an amendment to this Report to incorporate Finnovate’s
interim financial statements for the first quarter of 2025 as soon as practicable. However, there can be no assurance that regulators
will not require additional financial information in the meantime, or that the absence of Finnovate’s interim financials will not
delay or adversely affect future filings or our ability to maintain timely reporting compliance.

ITEM 4. INFORMATION ON
THE COMPANY

A. History and Development
of the Company

Corporate history

Nanjing Scage Auto Tech Co.,
Ltd. (“ Nanjing Scage”), our PRC subsidiary, commenced our business operations of designing, developing and commercializing
heavy-duty commercial NEVs and hydrogen fueling solutions in 2019.

Scage International is an
exempted company with limited liability incorporated in the Cayman Islands in December 2021. It is a holding company with no substantive
operation. Scage International has undergone a series of corporate restructuring in contemplation of the Business Combination, in particular
the following.

  Incorporation of the holding entity. In                                                         
  December 2021, Scage International was established as a holding company in the Cayman Islands.  
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  Incorporation of the Scage BVI. In December 2021,                                                                            
  Scage International established a wholly-owned subsidiary, VVS International Limited (“ Scage BVI”), to be the intermediate  
  holding company in the British Virgin Islands.                                                                               
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  Incorporation of the Hong Kong subsidiary. In January 2022, Scage BVI established