Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 145

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 10
Chunk 145
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, ADSs or Assumed  

  controlled foreign corporations or passive foreign investment  

For U. S. federal income tax
purposes, persons who own our ADSs are generally considered to own the Ordinary Shares underlying any ADSs they own. Therefore, references
to “ ADSs” should also be considered references to the Ordinary Shares for U. S. federal income tax purposes.

This discussion is based
on the Internal Revenue Code of 1986, as amended (the “ Code”), its legislative history, existing and proposed Treasury regulations
promulgated under the Code (the “ Treasury Regulations”), published rulings by the U. S. Internal Revenue Service (the
“ IRS”) and court decisions, all as of the date hereof. These laws are subject to change, possibly on a retroactive basis.
This discussion is necessarily general and does not address all aspects of U. S. federal income taxation, including the effect of
the U. S. federal alternative minimum tax, or U. S. federal estate and gift tax, or any state, local or non-U. S. tax laws
to a holder of Company Ordinary Shares, ADSs or Assumed Warrants. We have not sought and do not intend to seek any rulings from the IRS
regarding the Business Combination. There is no assurance that the IRS will not take positions concerning the tax consequences of the
Business Combination that are different from those discussed below, or that any such different positions would not be sustained by a
court.

ALL HOLDERS OF COMPANY ORDINARY
SHARES SHOULD CONSULT WITH THEIR TAX ADVISORS REGARDING THE TAX CONSEQUENCES OF THE BUSINESS COMBINATION AND CONSIDERATIONS RELATING
TO THE OWNERSHIP AND DISPOSITION OF COMPANY ADSs AND ASSUMED WARRANTS, INCLUDING THE EFFECTS OF U. S. FEDERAL, STATE, AND LOCAL AND
NON-U. S. TAX LAWS.

U. S. Holders

The section applies to you if you are a U. S. holder.
For purposes of this discussion, a U. S. holder means a beneficial owner of Company Ordinary Shares, ADSs or Assumed Warrants that
is, for U. S. federal income tax purposes:

  an individual who is a citizen or resident of the United States;  

  a corporation (or other entity taxable as a corporation for                                                                  

  an estate whose income is subject to U. S. federal income  

  a trust if (1) a U. S. court