Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 236

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 19
Chunk 236
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 years ended June 30, 2025, 2024 and 2023, the number of the above shares excluded in calculation were 72,243,992 50,716,451 50,716,451

F-40

SCAGE
FUTURE

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

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

  19.      Warrants  
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On October 18, 2024, Finnovate,
the Company and Continental Stock Transfer & Trust Company (“ Continental”), as warrant agent (the “ Warrant Agent”)
entered into the Assignment, Assumption and Amendment to Warrant Agreement (the “ Warrant Amendment”), which amends that certain
Warrant Agreement, dated as of November 8, 2021, relating to the Finnovate warrants (the “ Warrant Agreement”),

  (i)      the Company assumed the obligations of Finnovate under the Warrant Agreement, such that, among other things, the Company was added as a party thereto; and  

  (ii)      references to Finnovate Class A ordinary shares in the Warrant Agreement means the ordinary shares of  

As
of June 30, 2025, there were 21,734,165 12,934,165 8,800,000 11.50 five years

The Company also permits
Warrant holders to exercise their Warrants on a cashless basis under the circumstances specified in the Warrant Agreement. If the ordinary
shares are at the time of any exercise of a Warrant not listed on a national securities exchange such that it satisfies the definition
of a “covered security” under Section 18(b)(1) of the Securities Act of 1933, as amended (the “ Securities Act”),
the Company may, at its option, require holders of Warrants who exercise their Warrants to do so on a “cashless basis” in
accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain
in effect a registration statement, but it will be required to use its best efforts to register or qualify the shares under applicable
blue sky laws to the extent an exemption is not available.

Once the
warrants become exercisable, the Company may redeem the Public Warrants:

  in