Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 5

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 5
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 PubCo as a “Commission -identifiedIssuer.” Following the completion of the Business Combination, if PubCo is identified as a Commission -identifiedIssuer for two consecutive years, the trading of PubCo’s securities on any U.S. national securities exchanges, as well as any over -the -countertrading in the United States, will be prohibited. Scage International’s auditor, Marcum Asia CPAs LLP, is an independent registered public accounting firm headquartered in Manhattan, New York. In August 2022, the PCAOB, the China Securities Regulatory Commission (the “CSRC”) and the Ministry of Finance of the PRC signed a Statement of Protocol (the “Statement of Protocol”), which establishes a specific and accountable framework for the PCAOB to conduct inspections and investigations of PCAOB -governedaccounting firms in mainland China and Hong Kong. On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB -registeredpublic accounting firms headquartered in mainland China and Hong Kong completely in 2022. The PCAOB vacated its previous 2021 determination that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB -registeredpublic accounting firms headquartered in mainland China and Hong Kong is subject to uncertainties and depends on a number of factors out of PubCo and its auditor’s control. The PCAOB continues to demand complete access in mainland China and Hong Kong moving forward and will continue pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has also indicated that it will act immediately to consider the need to issue new determinations with the HFCAA if needed. See “Risk Factors—Risks Related to PubCo’s Securities—Trading in PubCo’s securities on any U.S. stock exchange or the U.S. over -the -countermarket may be prohibited under the HFCAA if the PCAOB is unable to inspect or investigate completely auditors located in China for two consecutive years. The delisting of PubCo’s securities, or the threat of being delisted, may materially and adversely affect the value of your investment.” On February 17, 2023, the CSRC promulgated Trial Administrative Measures of the Overseas Securities Offering and Listing by Domestic Companies (the “Overseas Listing Trial Measures”) and circulated five supporting guidelines, which became effective on March 31, 2023. The