Scage Future

Nanjing Scage Auto Tech Co., Ltd. ( Nanjing Scage ), our PRC subsidiary, commenced our business operations of designing, developing and commercializing heavy-duty commercial NEVs and hydrogen fueling solutions in 2019. Scage International has undergone a series of corporate restructuring in contemplation of the Business Combination, in particular the following. Incorporation of the holding entity. In December 2021, we established Scage International as a holding company in the Cayman Islands. Incorporation of the Scage BVI. In December 2021, Scage International established a wholly-owned subsidiary, VVS International Limited ( Scage BVI ), to be our intermediate holding company in the British Virgin Islands. Incorporation of the Hong Kong subsidiary. In January 2022, Scage BVI established a wholly-owned subsidiary, Scage (Hong Kong) Limited ( Scage HK ), to be our intermediate holding company in Hong Kong. Establishment of WFOE. In September 2023, Scage HK acquired all the equity interest in Nanjing Xinneng Hydrogen Automotive Technology Co., Ltd. ( WFOE ), which became a wholly-owned subsidiary of Scage HK. Incorporation of the United States subsidiary. In February 2024, Scage HK established a wholly-owned subsidiary, Scage U.S. Corporation ( Scage US ), to be our intermediate holding company in the United States. In August 2023, Scage International issued shares to several then shareholders of Nanjing Scage (or their designees) to reflect their respective equity interests in Nanjing Scage prior to the restructuring.