Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 65

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 3
Chunk 65
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 held by such shareholders is subject to a 36-month
lock-up. Ordinary Shares issued to other shareholders of Scage International as consideration in connection with the Business Combination
are subject to a six-month lock-up.

Moreover, the holders of
the Finnovate Founder Shares are entitled to registration rights pursuant to a registration rights agreement entered into in connection
with the initial public offering of Finnovate, which was replaced by the receipt by the Amended and Restated Registration Rights Agreement.
The presence of these additional Ordinary Shares in the form of ADSs trading in the public market may have an adverse effect on the market
price of Company ADSs.

The reduced reporting and disclosure requirements
applicable to emerging growth companies may make our securities less attractive to investors.

We are an “emerging
growth company” as defined in the JOBS Act, and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not “emerging growth companies,” including the auditor attestation
requirements of Section 404 of the Sarbanes-Oxley Act, disclosure obligations regarding executive compensation in our periodic reports
and proxy statements, and the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of
any golden parachute payments not previously approved.

Further, Section 102(b)(1) of
the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until
private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class
of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards.
The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply
to non-emerging growth companies but any such election to opt out is irrevocable. We do not intend to opt out of such extended transition
period, which means that when a standard is issued or revised and it has different application dates for public or private companies,
our Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised
standard. This may make a comparison of our financial statements with certain other public companies difficult or impossible because
of the potential differences in accounting standards used.

We will remain an emerging
growth company until the earlier of (1) the last day of the fiscal year (i) following the fifth anniversary of the consumm