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 has filed a Form F-1 to register up to 35,638,795 Ordinary Shares represented by ADSs and 8,800,000 Private Warrants for resale by existing securityholders, plus up to 21,734,165 Ordinary Shares issuable upon exercise of Private and Public Warrants at $11.50 per share. The company will not receive proceeds from the resale, but would receive cash if warrants are exercised. Scage Future develops heavy-duty new energy trucks and e-fuel solutions in China and reported net revenues of $11.1 million and a net loss of $13.1 million for the year ended June 30, 2025, with its auditors expressing substantial doubt about its ability to continue as a going concern. The filing highlights missed installments on a $1,009,375 promissory note, triggering default interest and potential collection and enforcement actions, as well as extensive regulatory, data security, capital controls and HFCAA-related risks tied to operating through PRC subsidiaries.
Scage Future (SCAG) filed its Form 20-F, outlining early-stage operations in heavy-duty new energy vehicles and hydrogen solutions. The company reported net losses of $13.1 million, $6.0 million, and $6.6 million for the years ended June 30, 2025, 2024, and 2023, respectively, alongside revenues of $11.1 million, $6.1 million, and $0.4 million. Auditors included an explanatory paragraph citing substantial doubt about the company’s ability to continue as a going concern.
Scage partners with XCMG and C&C Trucks for manufacturing and plans to build hydrogen fueling stations, acknowledging execution, permitting, and supply risks. The company highlights limited customers and orders, potential production and delivery delays, cost pressures, and competition in zero‑emission transport. It also disclosed two material weaknesses in internal control over financial reporting.
ADSs and warrants trade on Nasdaq as SCAG and SCAGW; each warrant is exercisable at $11.50 per share. Shares outstanding were 72,243,992 as of June 30, 2025, and 72,609,665 as of November 12, 2025; warrants outstanding were 21,734,165 on both dates.
Scage Future reported a change in its senior leadership team. On September 15, 2025, chief financial officer Yu Xiang resigned from her position, effective the same day. The company states that her resignation was for personal reasons and that it did not involve any disagreement regarding the company’s operations, policies, or practices.
To maintain continuity in its finance function, the board of directors appointed Jie Xiang as the new chief financial officer on the same date, filling the vacancy created by the resignation.