Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 58

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 3
Chunk 58
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 the liquidity and price of our securities may be
more limited than if our securities were quoted or listed on the Nasdaq Stock Market or another national securities exchange. You may
be unable to sell your securities unless a market can be established or sustained.

If securities or industry analysts do not
publish or cease publishing research or reports about us, our business, our market or our competitors, or if we change our recommendations
regarding our securities adversely, the price and trading volume of our securities could decline.

The trading market for our
securities will be influenced by the research and reports that industry or securities analysts may publish about us, our business, its
market or its competitors. If any of the analysts who may cover us following the Business Combination change their recommendation regarding
our securities adversely, or provide more favorable relative recommendations about our competitors, the price of our securities would
likely decline. If any analyst who may cover us were to cease their coverage or fail to regularly publish reports on us, we could lose
visibility in the financial markets, which could cause the price or trading volume of our securities to decline.

Holders of the Company ADSs may not have
the same voting rights as our registered shareholders and might not receive voting materials in time to be able to exercise their right
to vote.

Except as described in this
report and in the deposit agreement, holders of the Company ADSs will not be able to exercise voting rights attaching to the underlying
Ordinary Shares evidenced by the ADSs on an individual basis. Under the deposit agreement, holders of Company ADSs must vote by giving
voting instructions to the depositary, including instructions to give a discretionary proxy to a person designated by us. Upon receipt
of such holder’s voting instructions, the depositary bank will vote the underlying Ordinary Shares in accordance with these instructions.
Holders of Company ADSs will not be able to directly exercise their right to vote with respect to the underlying Ordinary Shares unless
they withdraw the underlying Ordinary Shares. Holders of Company ADSs may not receive voting materials in time to instruct the depositary
bank to vote, and it is possible that holders of Company ADSs, or persons who hold their Company ADSs through brokers, dealers or other
third parties, will not have the opportunity to exercise their right to vote.

The voting rights of holders of Company
ADSs are limited by the terms of the deposit agreement, and holders of Company ADSs may not be able to exercise rights to direct how
the Ordinary Shares represented by Company ADSs