Scage Future filings document a Cayman Islands foreign private issuer whose operations focus on zero-emission transportation solutions in China, including heavy-duty new energy vehicle trucks, e-fuel solutions, commercial NEV sales, and components. The company's Form 6-K current reports record governance and listing-related disclosures, including board and finance-leadership changes, Nasdaq home-country rule exemptions, and matters incorporated into its Form 20-F reporting framework.
Scage Future announced that its ADS ratio change will take effect October 27, 2026, moving from one ADS for one ordinary share to one ADS for 15 ordinary shares. On that date, every 15 existing ADSs will be exchanged automatically for one new ADS by Citibank, N.A., the depositary bank; holders need not take action. Fractional new ADS entitlements will be aggregated and sold, with net cash proceeds after fees, taxes and expenses distributed to applicable holders.
The change will not affect Scage Future’s underlying ordinary shares, and no ordinary shares will be issued or cancelled. The ADS trading price is expected to increase proportionally, although the company gives no assurance it will be equal to or greater than 15 times the pre-change price.
Scage Future (SCAG) reported 203 cumulative deliveries since inception as of June 30, 2026: 154 autonomous port tractors, 47 Galaxy II plug-in hybrid trucks and 2 other vehicles. Fiscal 2026 deliveries were 78 autonomous port tractors and 40 Galaxy II units; Scage sold 466 vehicle energy storage systems. In the six months ended June 30, 2026, it received orders for 43 vehicles with an aggregate contract value of approximately RMB 26.86 million. The operating data is unaudited.
Scage had 96 granted PRC patents as of June 30, 2026. Initiatives include a Langfang renewable-power, hydrogen and truck project, where the district government is to allocate a 200 MW wind-power quota subject to higher-level government requirements; a subsidiary acquired a 10% interest in an electric-tractor company; and Scage is developing an overseas local-assembly model. A July 2026 agreement with Dongfeng Liuzhou Motor covers brand, joint product development and overseas-market cooperation.
Scage disclosed noncompliance with Nasdaq’s minimum bid price, two market-value and audit committee composition requirements. Compliance periods run through December 8, 2026, February 23, 2027 and December 22, 2026; the notices have not caused immediate delisting or suspension, but failure to regain compliance could result in delisting.
Scage Future (SCAG) reports that Nasdaq has notified it that its Market Value of Listed Securities (MVLS) and Market Value of Publicly Held Shares (MVPHS) have been below the required thresholds for 30 consecutive business days, putting its Nasdaq Global Market listing at risk.
The company has 180 calendar days, through February 23, 2027, to regain compliance by having MVLS at or above US$50 million and MVPHS at or above US$15 million for at least ten consecutive business days, with Nasdaq able to require up to 20 days. Trading in its ADSs continues, but a deficiency flag will be displayed, and the company could face delisting or need to transfer to the Nasdaq Capital Market if it cannot cure these and previously disclosed minimum bid price and audit committee composition deficiencies.
Scage Future (SCAG) reported that director Ziqian Guan resigned from the board on August 21, 2026, effective the same day. The company states that Mr. Guan resigned for personal reasons and that his departure did not arise from any disagreement regarding the company’s operations, policies, or practices. Mr. Guan also confirmed that he has no outstanding entitlements from Scage Future for fees, remuneration, leave, or termination of employment.
Scage Future, a Cayman Islands company listed on Nasdaq, reports that it will rely on a Nasdaq home country rule exemption for corporate governance. Under Nasdaq Listing Rule 5615, the company has elected to follow its home country rules instead of Nasdaq’s requirement to obtain shareholder approval under Nasdaq Listing Rule 5620(a). This approach will be reflected in its Form 20-F for the fiscal year ending June 30, 2026.
Scage Future reported unaudited results for the first six months of fiscal 2026, showing strong revenue growth but continued losses. Net revenue rose to $13.7M from $7.1M, driven mainly by higher sales of NEV batteries, hybrid tractor trucks and Q-trucks, and expanded component sales.
The company moved from a gross loss to a small gross profit of $0.2M, with a gross margin of 1.4%. Net loss narrowed to $3.7M from $4.0M, and loss per share improved to $0.05 from $0.08.
Scage Future’s balance sheet remains stretched. As of December 31, 2025, cash and restricted cash totaled $0.6M, while total liabilities were $36.9M and shareholders’ deficit was $8.7M. Short-term borrowings increased to $12.7M, and interest expense rose sharply to $1.1M.
Scage Future reports several board and audit committee changes. On June 27, 2026, Chairman and CEO Chao Gao resigned from his role as a member of the audit committee for personal reasons, with no disagreements related to the company’s operations or policies. Independent director Kevin Chen, already serving on the audit committee, was appointed its new chairman, while independent director Yixian Wang joined as a member. The board determined that Mr. Chen qualifies as an audit committee financial expert under SEC rules or has financial sophistication under Nasdaq corporate governance rules. Separately, on June 25, 2026, independent director Yuanchi Guo resigned from the board for personal reasons, also without any disagreement with the company, and his board seat remains vacant.
Scage Future has filed a Form 6-K explaining that it will use the Nasdaq “home country rule exemption” for corporate governance. Under Nasdaq Listing Rule 5615, the company has elected to follow its home country rules instead of Nasdaq’s requirements to obtain shareholder approval under Listing Rule 5635(a) and (c). This disclosure is intended for inclusion in its next Form 20-F for the fiscal year ending June 30, 2026.
Scage Future reports that Nasdaq has notified the company its ADSs no longer meet the exchange’s $1.00 minimum bid price requirement after trading below that level for 30 consecutive business days. The company has 180 calendar days, until December 8, 2026, to regain compliance by maintaining at least a $1.00 closing bid for 10 consecutive business days and avoiding a closing bid price of $0.10 or less for over 10 consecutive trading days. Failure to comply could lead to delisting, though the company could appeal and is considering options such as a reverse stock split.
The company also discloses that on April 8, 2026, independent director Calvin Kung resigned due to an unresolved disagreement related to the company’s operations, and no successor has yet been appointed.
Scage Future reported that independent director Calvin Kung resigned from the board on April 8, 2026, effective the same day. The company states that his resignation followed a certain unresolved disagreement with the company related to its operations. Scage Future has not yet named a replacement to fill the resulting board vacancy.