Company: SCAG
Filing Date: 2025-07-03
Form Type: 20-F
Source: 0001213900-25-061408
Chunk: 0

Company: Scage Future
Filing Date: 2025-07-03
Form: 20-F
Item: Item 1
Chunk 0
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17.                                                  FINANCIAL STATEMENTS                                                43  
  ITEM 18.                                                  FINANCIAL STATEMENTS                                                43  
  ITEM 19.                                                  EXHIBITS                                                            43  
  EXHIBIT INDEX                                                                                                                 43  

EXPLANATORY NOTE

On June 27, 2025, Scage Future
(“we,” “us,” “our,” “the Company” or “ PubCo,”) consummated the previously
announced business combination (the “ Business Combination”) pursuant to the business combination agreement, dated as of August 21,
2023 (the “ Business Combination Agreement”), by and among Finnovate Acquisition Corp, a Cayman Islands business company (“ Finnovate”),
Scage International Limited (“ Scage International”), an exempted company incorporated with limited liability in the Cayman
Islands, PubCo, Hero 1, an exempted company incorporated with limited liability in the Cayman Islands and a wholly-owned subsidiary
of PubCo (“ Merger Sub I”), and Hero 2, an exempted company incorporated with limited liability in the Cayman Islands
and a wholly-owned subsidiary of PubCo (“ Merger Sub II”).

Pursuant to the Business
Combination Agreement, the Business Combination was effected in two steps: (1) Merger Sub I merged with and into Scage International
(the “ First Merger”), with Scage International surviving the First Merger as a 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 of the PubCo, par value
US$0.001 each (“ Ordinary Shares”) established with CITIBANK, N. A. (the “ Depositary”) for the purpose of issuing
and distributing the American depositary shares of PubCo, each representing one Ordinary Share (“ ADSs”).

On the Closing Date and immediately
prior to the First Merger Effective Time, each preferred share of Scage