Company: SCAG
Filing Date: 2025-07-03
Form Type: 20-F
Source: 0001213900-25-061408
Chunk: 13

Company: Scage Future
Filing Date: 2025-07-03
Form: 20-F
Item: Item 1
Chunk 13
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 Shares at the Exchange
Ratio (as defined in the Business Combination Agreement) in the form of ADSs at the First Merger Effective Time pursuant to the Business
Combination Agreement.

B. Business Overview

Following and as a result
of the Business Combination, all business of the Company is conducted through Scage International and its subsidiaries. A description
of the business of the Company is included in the Form F-4 in the sections titled “ Scage International’s Business,”
which is incorporated herein by reference.

C. Organizational Structure

Upon consummation of the
Business Combination, Scage International has become our wholly owned subsidiary. The following diagram depicts a simplified organizational
structure of the Company as of the date of this Report. These subsidiaries are also set forth in Exhibit 8.1 to this Report.

D. Property, Plants and
Equipment

We are currently headquartered in Nanjing, Jiangsu province, China.
As of December 31, 2024, we leased three properties in Nanjing and Beijing for office space and an exhibit and storage center, with an
aggregate floor area of 3,900.3 square meters. We lease our premises through lease agreements with unrelated third parties.

ITEM 4A. UNRESOLVED STAFF
COMMENTS

None.

ITEM 5. OPERATING AND FINANCIAL
REVIEW AND PROSPECTS

Following the Business Combination,
our business is conducted through Scage International and its PRC subsidiaries. You should read the following discussion and analysis
of the financial condition and results of operations of Scage International in conjunction with its consolidated financial statements
and the related notes included elsewhere in this Report. This discussion contains forward-looking statements that involve risks and uncertainties
about our business and operations. The actual results of Scage International and the timing of selected events may differ materially from
those anticipated in these forward-looking statements as a result of various factors, including those we describe under “ Item 3.
Key Information - D. Risk Factors” and elsewhere in this Report. References to “we,” “us”
or “our” in this “ Item 5. Operating and Financial Review and Prospects” are to Scage International and its subsidiaries
before the consummation of the Business Combination, and Scage Future and its subsidiaries after the consummation of the Business Combination.

Overview

We are a pioneering and leading
zero-emission solution provider in China, focusing on the development and commercialization of heavy-duty new energy vehicle
(“ NEV