Nanjing, China, October 22, 2026 / PRNewswire / -- Scage Future, a provider of new energy and zero-emission heavy commercial vehicles and electric fuel solutions ("Scage Future" or "the Company") ( Nasdaq : SCAG ), announced today the effective date of the adjustment to the conversion ratio between its previously announced American depositary shares ( ADS ) and common shares ("ADS ratio"), as well as the new CUSIP numbering. The ADS ratio will be adjusted from the current 1 ADS to 1 common share to 1 ADS to 15 common shares ("ADS ratio adjustment"). This ADS ratio adjustment will take effect on October 27, 2026 ("effective date").

For the holders of ADS related to Scage Future, the effect of the ADS ratio adjustment is the same as the reverse split of ADS at a ratio of 1 to 15. On the effective date, for each 15 existing shares of ADS held by a ADS holder, they will be entitled to receive 1 new share of ADS. This exchange will occur automatically, and the ADS shares held at that time will be cancelled. Citibank (Citibank, N.A.) will issue new ADS shares as the depository bank ("depository bank") for the company's ADS project. Holders of ADS do not need to take any action regarding this ADS ratio adjustment.

The newly added ADS related to the ratio adjustment with ADS will not issue fractional shares. On the contrary, the fractional rights of the newly added ADS will be aggregated by the depository bank and then sold. The net cash proceeds from the sale of these fractional ADS rights (after deducting fees, taxes, and expenses) will be distributed by the depository bank to the relevant ADS holders.

The company stated that the adjustment of the ADS ratio will not affect the underlying common shares corresponding to Scage Future, and no common shares will be issued or cancelled as a result of this adjustment. The ADS of Scage Future will continue to trade on the NASDAQ Global Market under the code “SCAG”. In relation to this adjustment of the ADS ratio, the CUSIP code of ADS will be changed from 80590A105 to 80590A204, effective from the date of implementation.

Due to the adjustment of the ADS ratio, it is expected that the trading price of ADS will increase proportionally. However, the company does not 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

According to Scage Future, the company is a leading zero-emission technology provider in China, committed to driving global commercial transportation decarbonization through advanced heavy-duty new energy trucks and an innovative portfolio of electric fuel system products. By establishing strategic partnerships with top vehicle manufacturers and relying on a strict quality control system, the company offers intelligent, high-performance new energy vehicles that meet the transportation needs of logistics, mining, and port operations. The company states that it has mature experience in the design, production, and testing of next-generation heavy-duty new energy vehicles, including Dragon II plug-in hybrid dump trucks, Galaxy II plug-in hybrid trucks, as well as autonomous driving tractor trailers.

Forward-looking Statements

Some of the statements in this announcement are forward-looking statements. These forward-looking statements include, but are not limited to: The ADS proportion adjustment will be completed on the effective date, the expected impact of the ADS proportion adjustment on the company's ADS trading price, as well as the company's expectations regarding the handling of fragmented ADS rights and the existing arrangements for issuing new ADS in place of the old ones.

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 future events may affect its financial condition, operating results, business strategy, and financing needs. Investors can identify forward-looking statements through terms such as “approximates”, “assesses”, “believes”, “hopes”, “expects”, “anticipates”, “estimates”, “projects”, “intends”, “plans”, “will”, “would”, “should”, “could”, “may”, and similar expressions.

Except as required by law, the company assumes no obligation to publicly update or revise any forward-looking statements, whether to reflect subsequent events or circumstances or to reflect anticipated changes. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot guarantee that these expectations will ultimately prove to be correct. The company reminds investors that actual results may differ significantly from 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 performance.

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Scage Future