Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 230

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 19
Chunk 230
---
482,407

F-35

SCAGE
FUTURE

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

(In
U. S. dollars, except for share and per share data, or otherwise noted)

  15.      ORDINARY        

Reverse
Recapitalization

The
number of ordinary shares issued immediately following the consummation of the Reverse Recapitalization were as follows:

  Scage International’s ordinary shares issued and outstanding as of June 30, 2024                               104,766,463  
  Scage International’s ordinary shares issued to a PIPE investor on November 19, 2024                             3,442,342  
  Scage International’s ordinary shares issued and outstanding prior to the Reverse Recapitalization             108,208,805  
  Scage International’s convertible redeemable preferred shares issued and outstanding as of June 30,             31,191,586  
  Scage International’s convertible redeemable preferred shares issued and outstanding prior to the Reverse       31,191,586  
  Conversion of Scage International’s                                                                             52,382,856  
  Conversion of Scage International’s                                                                             15,099,551  
  Conversion of Finnovate’s Public Shares (2)                                                                         99,085  
  Conversion of Finnovate’s Sponsor Shares (2)                                                                     4,312,500  
  Conversion of Finnovate’s                                                                                          150,000  
  Shares issued to a capital market advisor                                                                          200,000  
  Total number of ordinary shares as of closing of the Reverse                                                    72,243,992  

  (1)      On the Closing Date, Scage International converted its (i) 108,208,805 issued and outstanding ordinary shares; and (ii) 31,191,586 convertible redeemable preferred shares, issued and outstandin...  

  (2)      On the Closing Date, Finnovate converted its issued and outstanding (i) 99,085 Public Shares after redemption, (ii) 4,312,500 Sponsor Shares, and (iii) 150,000 EBC Founder Shares into 4,561,585...  

Since
the Reverse Recapitalization was treated as the equivalent of Scage International Group issuing shares for the net assets of Finnovate,
accompanied by a recapitalization, and Scage International Group is determined as the accounting acquirer in the Business Combination,
the historical financial statements of Scage International Group became