Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 189

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 19
Chunk 189
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The
main purpose of the Reorganization was to establish a Cayman holding company for the existing business of Scage Nanjing and its subsidiaries
in preparation for an overseas business combination. Immediately before and after the Reorganization as described above, Scage International
and its subsidiaries (collectively, “ Scage International Group”) resulting from the Reorganization have always been under
the common control of the same majority shareholders group.

  (c)      Business     

On
July 14, 2023, the Company was incorporated under the laws of the Cayman Islands. The Company and its wholly-owned subsidiaries including
Hero 1 (“ Merger Sub I”) and Hero 2 (“ Merger Sub II”), were formed for the purpose of effecting a merger between
Finnovate Acquisition Corp. (“ Finnovate”) and Scage International Group through a series of transactions (the “ Business
Combination”), pursuant to the definitive agreement entered into on August 21, 2023 and subsequently amended on June 18, 2024,
October 31, 2024, and April 2, 2025 (collectively “ Business Combination Agreement”). As a result of the Business Combination,
Finnovate and Scage International Group became wholly owned subsidiaries of the Company, with the Company serving as a public listed
company whose shares are traded on The Nasdaq Stock Market LLC (“ Nasdaq”).

Pursuant
to the Business Combination Agreement, the Business Combination was conducted in two steps:

  (1)      Merger                                                                                       

  (2)      Immediately                                                                                   

The
Business Combination was consummated on June 27, 2025 (the “ Closing Date”), and the Company’s securities started trading
on the Nasdaq under the ticker symbol “ SCAG” and ““ SCAGW” on June 30, 2025.

F-8

SCAGE
FUTURE

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

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

  ORGANIZATION                      
  AND PRINCIPAL ACTIVITIES (cont.)  
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Reverse
Recapitalization

The
Business Combination was accounted for as a reverse recapitalization (the “ Reverse Recapitalization”) in accordance with
US GAAP. As a result of the Business Combination, Scage International was