Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 54

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 3
Chunk 54
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stantially. In addition, the trading price of our securities could be subject to fluctuations in response to various factors, some
of which are beyond its control. These fluctuations could cause you to lose all or part of your investment. Factors that could cause
fluctuations in the trading price of our securities include the following:

  actual or anticipated                                              

  variance in our                                                      
  financial performance from the expectations of securities analysts;  
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  changes in our                              
  projected operating and financial results;  
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  changes in laws                             
  or regulations applicable to our business;  
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  announcements by                                                                            

  sales of our securities                                                                  

  our involvement          

  conditions or developments                         

  changes in senior             
  management or key personnel;  
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  the trading volume  

  general economic            

  other events or                                                                           

We may redeem your unexpired Assumed Warrants
prior to their exercise at a time that is disadvantageous to you, thereby making your Assumed Warrants worthless.

After the Closing, we have
the ability to redeem the outstanding Assumed Warrants at any time after they become exercisable and prior to their expiration, at a
price of US$0.01 per warrant, if, among other things, the last sale price of Ordinary Shares, represented by Company ADSs, equals or
exceeds US$18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like).
If and when the Assumed Warrants become redeemable, we may exercise such redemption right even if it is unable to register or qualify
the underlying securities for sale under all applicable state securities laws. Redemption of the outstanding Assumed Warrants as described
above could force you to (1) exercise your warrants and pay the exercise price therefor at a time when it may be disadvantageous
for you to do so, (2) sell your warrants at the then-current market price when you might otherwise wish to hold your warrants or
(3) accept the nominal redemption price which, at the time the outstanding warrants are called for redemption, is expected to be
substantially less than the market value of the Assumed Warrants. None of the assumed private placement warrants will be redeemable so
long as they are held by the Sponsor,