Scage Future Announces Plans to Adjust the Proportion of ADS

Nanjing, China, October 6, 2026 / PRNewswire / -- Scage Future ("Scage Future" or "the Company") (Nasdaq: SCAG), a company that provides zero-emission solutions for new energy heavy commercial vehicles and electronic fuel solutions, announced today that it plans to adjust the ratio of its American depository shares ("ADS") to common shares ("ADS ratio") from the current 1 share of ADS to 1 common share, to 1 share of ADS to 15 common shares ("ADS ratio adjustment"). The Company expects that this ADS ratio adjustment will take effect around October 30, 2026 ("effective date").

For the holders of ADS who hold Scage Future, a change in the ADS ratio will have the same effect as a 1-to-15 reverse split of ADS. On the effective date, shareholders who hold ADS as of that date will be entitled to receive new ADS at a ratio of 1 new share for every 15 existing shares of ADS they hold. The exchange will occur automatically, and the ADS held at that time will be cancelled. New ADS will then be issued by Citibank (Citibank, N.A.), which is the depository bank planned by the company for ADS. Holders of ADS do not need to take any action regarding this adjustment to the ADS ratio.

This time, the ADS ratio adjustment will not result in the issuance of fragmented new ADS. Accordingly, the fragmented new ADS rights will be aggregated by the depository bank and sold. The net cash proceeds from the sale of these fragmented ADS rights (after deducting fees, taxes, and expenses) will be distributed by the depository bank to the relevant ADS holders.

ADS The proportion adjustment will not affect the underlying common shares of Scage Future, nor will any common shares be issued or cancelled due to the proportion adjustment of ADS. The ADS of Scage Future will continue to trade on the NASDAQ capital market, with the trading code being “SCAG”. In relation to the proportion adjustment of ADS, the CUSIP number of ADS will also be changed from 80590A105 to a new CUSIP number, and the specific number will be announced separately.

Due to the adjustment of the ADS ratio, it is expected that the trading price of ADS will increase proportionally. However, the company cannot guarantee that the adjusted trading price of ADS will be equal to or higher than 15 times the trading price of ADS before the adjustment.

About Scage Future

Scage Future is a leading Chinese provider of zero-emission technologies, dedicated to driving global commercial transportation towards decarbonization through its advanced portfolio of heavy-duty new energy commercial vehicles and innovative electronic fuel systems. Through strategic partnerships with top vehicle manufacturers and a stringent quality control system, the company offers intelligent, high-performance new energy commercial vehicles for transportation needs in logistics, mining, and port operations. The company has mature experience in the design, production, and testing of next-generation heavy-duty new energy commercial vehicles, including the Dragon II plug-in hybrid dump trucks, Galaxy II plug-in hybrid trucks, and Q-Truck autonomous driving tractors.

Forward-looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements include, but are not limited to, information regarding the timing and completion of the proportion adjustment of ADS, the expected effective date of the proportion adjustment of ADS, the anticipated impact of the proportion adjustment on the company's ADS trading price, as well as the company's expectations regarding the handling of minor ADS interests and the conversion of existing ADS into new ADS. These forward-looking statements involve known and unknown risks and uncertainties, and are based on the company's current expectations and forecasts regarding future events. The company believes that these events may affect its financial condition, operating results, business strategy, and capital needs. Investors can identify these forward-looking statements through words or phrases such as "approximate," "evaluate," "believe," "hope," "expect," "anticipate," "estimate," "predict," "intend," "plan," "will," "shall," "may," and similar expressions. Except as required by law, the company does not undertake any obligation to publicly update or revise any forward-looking statements due to subsequent events or changes in circumstances, or their anticipated changes. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot guarantee that these expectations will necessarily be realized. The company reminds investors that actual results may differ significantly from the expected results and advises investors to refer to the company's registration statements and other documents submitted to the U.S. Securities and Exchange Commission for other factors that may affect future results.

For more information, please contact:

Scage Future