Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 0

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 3
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ITEM 3. KEY INFORMATION

A. [Reserved]

B. Capitalization and Indebtedness

Not applicable.

C. Reasons for the Offer and Use of Proceeds

Not applicable.

D. Risk Factors

Risks Related to Our Business and Industry

We have a limited operating history and
face significant challenges in the heavy-duty commercial new energy vehicle (“ NEV”) industry and the e-fuel solution industry,
which may render the evaluation of our business and prospects difficult and may increase the risk of your investment.

We commenced our business
in 2019. As we only have a limited operating history in the heavy-duty commercial NEV industry and the e-fuel solution industry,
it is difficult to predict our future revenues and appropriately budget for our expenses, and we may have limited insight into trends
that may emerge and affect our business. You should consider our business and prospects in light of the risks and challenges that we
face as an early-stage company and a new entrant into these fast-developing industries, including our ability to:

  design, develop              

  accurately estimate                        

  enhance our service                   

  expand and deploy     

  increase our sales         
  and marketing activities;  
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  expand our design,                                 

  attract, retain                   

  improve and maintain       

  navigate an evolving                     

  manage our growth  

If we fail to address any
or all of these risks and challenges, our business, results of operations and financial condition could be adversely affected. We have
a limited operating history on which investors can base an evaluation of our business, results of operations and prospects. It is difficult
to predict our future revenue and appropriately budget for our expenses, and we have limited insight into trends that may emerge and
affect our business. If actual results differ from our estimates, or if we adjust our estimates in future periods, our results of operations
and financial position could be materially affected. The projected financial information appearing elsewhere in this annual report has
been prepared by management and reflects current estimates of future performance. The projected results depend on the successful implementation
of management’s growth strategies and are based on assumptions and events over which we have only partial or no control. The assumptions
underlying such projected information require the exercise of judgment, and may not even occur. As such, the projections are subject
to uncertainties due to the effects of economic, business, competitive, regulatory, legislative, and political or other changes.

Our business model has yet to be fully