Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 237

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 19
Chunk 237
---

  at a price of $ 0.01 per warrant;  

  upon not less than 30 days’ prior written notice of redemption to each warrant holder; and  

  if, and only if, the closing price of the ordinary shares of the Company equals or exceeds $ 18.00 per share for any 20 trading days within a 30 -trading day period ending three trading days be...  

If and when the warrants
become redeemable by the Company, it may exercise its redemption right even if the Company is unable to register or qualify the underlying
securities for sale under all applicable state securities laws.

Both the Warrants are classified
as equity instruments. First, the Warrants do not meet the liability classification criteria under ASC 480, as they are not mandatorily
redeemable and do not embody an obligation to transfer assets. Furthermore, under ASC 815-40, the Warrants are considered indexed to the
Company’s own stock, as their exercise contingencies and settlement provisions do not preclude equity classification, and all required
conditions for equity classification are met, including the ability to settle in shares and the absence of features requiring net cash
settlement.

F-41

SCAGE
FUTURE

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

(In
U. S. dollars, except for share and per share data, or otherwise noted)

  20.      RELATED             

Nature
of relationship with related parties

The
following is a list of related parties, with which the Group has transactions:

  No.      Name of Related Parties                              Relationship                                                                            
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
    1      Mr. Chao Gao                                         Principal Shareholder of the Group, Chairman of the Board, and Chief Executive Officer  
    2      Mr. Jimin An                                         Director and Chief Executive Officer of subsidiaries                                    
    3      Mr. Ziqian Guan                                      Director                                                                                
    4      Mr. Yuanchi Guo                                      Director                                                                                
    5      Mr. Linfang Dong                                     Principal Shareholder of Scage Xinjiang                                                 
    6      Nanjing Feiqizhi Logistics Technology Co., Ltd.      Shared the same Supervisor with Scage International                                     
    7      Mr. Qiang Fu                                         Supervisor of subsidiaries                                                              
    8      Ms. Min Wu                                           Director of Scage Nanjing