Scage Future Receives Nasdaq Notifications Regarding Market Value of Listed Securities and Market Value of Publicly Held Shares Requirements
Scage Future faces multiple Nasdaq deficiencies on value and governance tests but retains trading and a defined window to regain compliance.
Rhea-AI Summary
Scage Future (SCAG) received two Nasdaq notifications on August 27, 2026 that its Market Value of Listed Securities (MVLS) and Market Value of Publicly Held Shares (MVPHS) no longer meet Nasdaq Global Market standards.
Nasdaq found Scage’s MVLS has been below the required US$50 million and its MVPHS below US$15 million for 30 consecutive business days from July 16 to August 26, 2026. The company has 180 calendar days, until February 23, 2027, to regain compliance by having MVLS and MVPHS at or above those thresholds for at least ten consecutive business days, or longer at Nasdaq’s discretion. Trading of Scage’s ADSs continues on Nasdaq, but a deficiency indicator will be displayed and the company will be listed as non-compliant. If compliance is not regained, the securities may be delisted, subject to appeal or a potential transfer to the Nasdaq Capital Market. Business operations are stated to be unaffected.
Positive
- 180-day compliance window to February 23, 2027 to cure MVLS and MVPHS deficiencies
- Scage’s ADSs continue trading on the Nasdaq Global Market under symbol SCAG
- Company may apply to transfer its listing to the Nasdaq Capital Market if eligible
- Company states that its business operations are not affected by the notifications
Negative
- Nasdaq found MVLS below the US$50 million minimum for 30 consecutive business days
- Nasdaq found MVPHS below the US$15 million minimum for 30 consecutive business days
- Failure to regain compliance by February 23, 2027 could lead to delisting
- Scage will be tagged with a deficiency indicator and listed as non-compliant on Nasdaq sites
- Company previously received Nasdaq notices on minimum bid price and audit committee composition deficiencies
News Explained
Scage has unresolved Nasdaq compliance matters beyond market value, including two stated deadlines arriving in December 2026.
Nasdaq also said Scage Future does not meet the Nasdaq Global Market’s Total Assets and Total Revenue standard, adding another listing-compliance issue beyond the two market-value deficiencies already disclosed.
The company separately has a bid-price compliance period through
Nasdaq calculates MVLS using total shares outstanding multiplied by the closing bid price, while MVPHS uses publicly held shares multiplied by the closing bid price.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jun 18 | Nasdaq bid deficiency | Negative | -4.2% | Nasdaq notice cited failure to meet the minimum bid price requirement |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
The prior Nasdaq compliance notice was followed by a negative price reaction, aligning with the negative regulatory development.
Key Terms
AI-generated analysis. How Rhea-AI works. Not financial advice.
The first Notification Letter advised the Company that, based on Nasdaq's review of the Company's Market Value of Listed Securities ("MVLS") for the 30 consecutive business days from July 16, 2026 to August 26, 2026, the Company no longer meets the minimum MVLS of
The second Notification Letter advised the Company that, based on Nasdaq's review of the Company's Market Value of Publicly Held Shares ("MVPHS") for the 30 consecutive business days from July 16, 2026 to August 26, 2026, the Company no longer meets the minimum MVPHS of
In accordance with Nasdaq Listing Rules 5810(c)(3)(C) and 5810(c)(3)(D), the Company has been provided a compliance period of 180 calendar days, through February 23, 2027, to regain compliance with each requirement. To regain compliance, the Company's MVLS must close at
The Notification Letters have no immediate effect on the listing or trading of the Company's American depositary shares, which continue to trade on The Nasdaq Global Market under the symbol "SCAG." A deficiency indicator will be displayed with quotation information for the Company's securities on Nasdaq.com and NasdaqTrader.com, and the Company will be included in the list of non-compliant companies published on the Nasdaq Listing Center commencing five business days from the date of the Notification Letters.
If the Company does not regain compliance with either requirement prior to the expiration of the applicable compliance period, it will receive written notification that its securities are subject to delisting, at which time the Company may appeal the determination to a Nasdaq Hearings Panel. Alternatively, the Company may be eligible to transfer its listing to The Nasdaq Capital Market, provided it meets the Capital Market's continued listing requirements.
As previously disclosed, the Company received a notification from Nasdaq on June 11, 2026 regarding the minimum bid price requirement, with a compliance period through December 8, 2026. The Company has also received a notification regarding the composition of its audit committee, with a remediation period through December 22, 2026.
The Company intends to monitor its MVLS and MVPHS and to consider the options available to it to regain compliance, which may include applying to transfer its listing to The Nasdaq Capital Market. The Company's business operations are not affected by the receipt of the Notification Letters. There can be no assurance that the Company will regain compliance with the MVLS or MVPHS requirements within the applicable compliance periods.
About Scage Future
Scage Future is a leading zero-emission technology provider in China, dedicated to decarbonizing global commercial transportation through its portfolio of advanced heavy-duty NEV trucks and innovative e-fuel systems. Through strategic partnerships with top-tier vehicle manufacturers and a strong quality control framework, the Company delivers intelligent, high-performance NEVs addressing the transport needs across logistics, mining and port operations. The Company has a proven track record in the design, production, and testing of next-generation heavy-duty NEVs, including the Dragon II plug-in hybrid dump truck, Galaxy II plug-in hybrid truck, and Q-Truck autonomous tractor trailer.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the Company's ability to regain compliance with the applicable Nasdaq continued listing requirements within the compliance periods, the Company's intention to monitor its MVLS and MVPHS, the potential transfer of the Company's listing to The Nasdaq Capital Market, and the Company's available options to address the deficiencies described herein. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "approximates," "assesses," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.
For more information, please contact:
Scage Future
Emily Wang
Email: scageIR@scagefd.com
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SOURCE Scage Future