Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 226

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 19
Chunk 226
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           to December 31, 2025 (or such later date as agreed), Scage International Group (i) fails to complete a qualified IPO; (ii) a security      
           regulatory authority (including but not limited to the securities regulatory commission, the stock exchange, etc.) decides not to approve  
           the initial public offering of Scage International Group or Scage International Group withdraws such application; or (iii) the occurrence  
           of a substantial obstacle to the consummation of the Qualified IPO that the certified accountants appointed by Scage International Group   
           are unable to issue an unqualified audit report;                                                                                           
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

  (b)      any                                                                                                                                     

  (c)      material                                                                                                                                  

  (d)      the                                                                                                                     

  (e)      the                                                                                                                                        

  (f)      other                                                                                                     
           circumstances result in the change of the ultimate controlling shareholder of Scage International Group;  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

  (g)      the                                                                                                                                       

  (h)      any                                                                                                                                     

  (i)      unless                                                                                                                                

F-32

SCAGE
FUTURE

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

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

  13.      CONVERTIBLE                          

After
the occurrence of the Redemption Triggering Event, each holder of the Convertible Redeemable Preferred Shares has the right to request
for the redemption of part or all of the Convertible Redeemable Preferred Shares held by them. The redemption is exercised in the sequence
of Series A Convertible Redeemable Preferred Share, Series Pre-A Convertible Redeemable Preferred Share, and Series Angel Convertible
Redeemable Preferred Share.

Redemption
value (“ Redemption Value”) with respect to each Series A Convertible Redeemable Preferred Share, Series Pre-A Convertible
Redeemable Preferred Share, and Series Angel Convertible Redeemable Preferred Share, shall equal the sum of 150

Liquidation
Preference

In
the event of any liquidation events of Scage International, the investor shall have the right to require Scage International, after the
payment of remuneration and welfare of employee, tax, and unpaid debt, to pay the liquidation amount to the