Recent Updates — SCAG
Scage Future announced that the previously disclosed change in its American Depositary Share (ADS) ratio will become effective on October 27, 2026. The company is adjusting its ADS ratio from one-to-one to one ADS representing fifteen ordinary shares, a move equivalent to a one-for-fifteen reverse split for ADS holders. Existing ADSs will be automatically cancelled and replaced with new ADSs by depositary bank Citibank, N.A., without requiring action from shareholders. Fractional entitlements will be aggregated and sold, with net proceeds distributed to holders. The company's CUSIP number will change to 80590A204, while the trading symbol SCAG on Nasdaq remains unchanged. Scage Future is a leading zero-emission technology provider in China dedicated to decarbonizing global commercial transportation through advanced heavy-duty NEV trucks and innovative e-fuel systems.
Scage Future provided a business update revealing it has delivered a cumulative total of 203 vehicles since inception, comprising 154 autonomous port tractors and 47 Galaxy II plug-in hybrid trucks. During the fiscal year ended June 30, 2026, the company delivered 78 autonomous port tractors and 40 Galaxy II units, while selling 466 vehicle energy storage systems to external customers. In the six months ended June 30, 2026, Scage Future received new orders for 43 vehicle units with an aggregate contract value of approximately RMB 26.86 million. The company also highlighted its technology portfolio, including granted patents and a strategic cooperation agreement with Dongfeng Liuzhou Motor Co., Ltd. entered into in July 2026. Scage Future operates as a provider of new energy and zero-emission heavy-duty commercial vehicles and e-fuel solutions.
Scage Future received Nasdaq deficiency notifications on August 27, 2026, for failing to meet the minimum Market Value of Listed Securities (US$50 million) and Market Value of Publicly Held Shares (US$15 million) requirements. The company has an 180-day compliance period ending February 23, 2027, to restore these metrics by maintaining the required values for at least ten consecutive business days. Failure to comply may result in delisting from the Nasdaq Global Market, though the company may appeal or transfer to the Nasdaq Capital Market if it meets those lower standards. This follows prior notifications regarding bid price and audit committee composition. The company's operations remain unaffected by these listing issues.
Scage Future filed this 6-K to provide home country rule exemption disclosures for its fiscal year ending June 30, 2026. Under Nasdaq Listing Rule 5615, the company has elected to follow its home country rules to remain exempt from certain shareholder approval requirements mandated by Nasdaq Listing Rule 5620(a). Scage Future is a Cayman Islands exempted company based in China.
Scage Future reported unaudited financial results for the first half of fiscal year 2026, ending December 31, 2025. Revenue increased 91.3% to US$13.7 million from US$7.1 million in the prior year period, driven by higher sales of NEV batteries and vehicles. The company achieved a gross profit of US$0.2 million (1.4% margin) compared to a gross loss of US$0.7 million in the prior year. Net loss decreased to US$3.7 million, with a basic and diluted loss per share of US$0.05. The company operates in the new energy vehicle (NEV) industry, specializing in the sale of NEV batteries, vehicles, and components.
On June 27, 2026, Chairman and CEO Chao Gao resigned from the Audit Committee for personal reasons. The Board appointed existing independent director Kevin Chen as Audit Committee chairman and Yixian Wang as a committee member. Additionally, director Yuanchi Guo resigned from the Board as an independent director on June 25, 2026, leaving a vacancy that has not yet been filled. Scage Future is a company based in China.