Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 156

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 10
Chunk 156
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 their purchase and sale of our shares. In addition, we are not required to file reports and financial
statements with the U. S. Securities and Exchange Commission (the “ SEC”) as frequently or as promptly as U. S. companies whose
securities are registered under the Exchange Act. However, we are required to file with the SEC an Annual Report on Form 20-F containing
financial statements audited by an independent accounting firm. We also furnish to the SEC, on Form 6-K, unaudited financial information
after each of our first three fiscal quarters. The SEC also maintains a website at http://www. sec. gov that contains reports and other
information that we file with or furnish electronically with the SEC.

I. Subsidiary Information

For a list of our subsidiaries,
see “ ITEM 4. Information on the Company - A. History and Development of the Company.”

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISKS

The information set forth
in the section entitled “ ITEM 5. Operating and Financial Review and Prospects - Quantitative and Qualitative Disclosure about
Market Risk.”

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN
EQUITY SECURITIES

A. Debt Securities

Not applicable.

B. Warrants and Rights

Following the consummation of the Business Combination,
we have assumed all outstanding warrants of Finnovate and converted such into corresponding warrants to purchase Ordinary Share. Each
such warrant entitles the holder thereof to purchase one (1) Ordinary Share at a price of $11.50 per whole share, subject to adjustment.
The warrants may be exercised only for a whole number of Ordinary Shares. There are 21,734,165 Warrants outstanding as of November
12, 2025. For details of the Warrants, please refer to Exhibit 2.2 to this annual report.

C. Other Securities

Not applicable.

D. American Depositary Shares

Citibank, N. A. has agreed to acts as the depositary for the American Depositary Shares. Citibank’s depositary offices are located
at 388 Greenwich Street, New York, New York 10013. American Depositary Shares are frequently referred to as “ ADSs” and represent
ownership interests in securities that are on deposit with the depositary. ADSs may be represented by certificates that are commonly
known as “ American Depositary Receipts” or “ ADRs.”