Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 164

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 12
Chunk 164
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ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN
EQUITY SECURITIES

A. Debt Securities

Not applicable.

B. Warrants and Rights

Following the consummation of the Business Combination,
we have assumed all outstanding warrants of Finnovate and converted such into corresponding warrants to purchase Ordinary Share. Each
such warrant entitles the holder thereof to purchase one (1) Ordinary Share at a price of $11.50 per whole share, subject to adjustment.
The warrants may be exercised only for a whole number of Ordinary Shares. There are 21,734,165 Warrants outstanding as of November
12, 2025. For details of the Warrants, please refer to Exhibit 2.2 to this annual report.

C. Other Securities

Not applicable.

D. American Depositary Shares

Citibank, N. A. has agreed to acts as the depositary for the American Depositary Shares. Citibank’s depositary offices are located
at 388 Greenwich Street, New York, New York 10013. American Depositary Shares are frequently referred to as “ ADSs” and represent
ownership interests in securities that are on deposit with the depositary. ADSs may be represented by certificates that are commonly
known as “ American Depositary Receipts” or “ ADRs.” The depositary typically appoints a custodian to safekeep
the securities on deposit. In this case, the custodian is Citibank, N. A. - Hong Kong, having its principal office at 9/F Citi Tower,
One Bay East, 83 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong,

The form of deposit agreement
for the ADSs and the form of ADRs that represents an ADS have been incorporated by reference as exhibits to this annual report.

Fees and Charges