Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 10

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 3
Chunk 10
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 have a higher emission profile than expected and be less cost-effective. If hydrogen produced by us is insufficient to
satisfy the hydrogen demand of our truck users, we may need to procure hydrogen supply from other third parties. We cannot assure you
that we are able to secure ample hydrogen at both a satisfactory price and within the desired emissions standards, which may cause some
potential customers not to purchase trucks that we collaborated in developing. If we are unable to satisfactorily provide adequate access
to hydrogen supply, which may require significant capital expenditures, our ability to generate customer loyalty, grow our business and
sell our products could be impaired.

Our business may be subject to risks associated
with construction, cost overruns and delays, and other contingencies that may arise in the course of constructing or servicing hydrogen
infrastructure or fueling stations, and such risks may increase in the future as we expand the scope of such services.

We expect to construct and
service hydrogen infrastructure and fueling stations at certain customer sites and elsewhere. We expect such construction and servicing
at customer sites and elsewhere to be subject to oversight and regulation in accordance with state and local laws and ordinances relating
to building codes, accessibility requirements, safety, environmental protection and related matters, and to require various local and
other governmental approvals and permits that may vary by jurisdiction. All of the above may cause delays or cost overruns or prevent
the construction or servicing of hydrogen infrastructure and fueling stations. Material delays or cost overruns, or inability to construct
or service hydrogen infrastructure or fueling stations at certain customer sites and elsewhere could have a material adverse effect on
our business, prospects, results of operations and financial condition. In addition, we may undertake such construction or service through
business partners or contractors, which may require us, our business partners, contractors, or customers to obtain licenses or require
compliance with additional rules, working conditions and other union requirements, adding costs and complexity to a construction project.
If we, our partners or contractors are unable to provide timely, thorough and quality construction-related services, our customers could
fall behind with their schedules leading to liability to us or cause customers to become dissatisfied with the hydrogen solutions we
offer.

Our business depends substantially on the
continued efforts of our executive officers, key employees and qualified personnel, and our operations may be severely disrupted if we
lose their services.

Our success depends substantially
on the continued efforts of our executive officers and key employees with expertise in various areas, who are or may in the future