Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 57

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 3
Chunk 57
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 to follow home country practice with respect to corporate governance
matters, its shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U. S. domestic
issuers. See “ - As a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices
in relation to corporate governance matters that differ significantly from the Nasdaq Stock Market corporate governance listing standards;
these practices may afford less protection to shareholders than they would enjoy if we complied fully with the Nasdaq Stock Market corporate
governance listing standards.”

As a result of all of the
above, our shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of
the board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the United States.

The A& R MAA contain certain provisions,
including anti-takeover provisions that limit the ability of shareholders to take certain actions and could delay or discourage takeover
attempts that shareholders may consider favorable.

The A& R MAA that is currently
in effect contain provisions that could have the effect of rendering more difficult, delaying, or preventing an acquisition that
shareholders may consider favorable, including transactions in which shareholders might otherwise receive a premium for their shares.
These provisions could also limit the price that investors might be willing to pay in the future for Company ADSs, and therefore depress
the trading price of Company ADSs. These provisions could also make it difficult for shareholders to take certain actions, including
electing directors who are not nominated by Scage International or taking other corporate actions, including effecting changes in our
management. These provisions, alone or together, could delay or prevent hostile takeovers and changes in control or changes in our board
of directors or management.

A market for our securities may not develop
or be sustained, which would adversely affect the liquidity and price of our securities.

The price of our securities
may fluctuate significantly due to the market’s reaction to the Business Combination and general market and economic conditions.
A substantial amount of Ordinary Shares, represented by Company ADSs, IS subject to transfer restrictions. An active trading market for
our securities may never develop or, if developed, may not be sustained. In addition, the price of our securities may vary due to general
economic conditions and forecasts, our general business condition and the release of its financial reports. Additionally, if our securities
are not listed on the Nasdaq Stock Market and are quoted on over-the-counter market,