NANJING, China, Oct. 12, 2026 — Scage Future (Nasdaq: SCAG), a manufacturer of zero-emission heavy-duty commercial vehicles and e-fuel solutions, has released a business update detailing its recent commercial achievements, technology developments, and compliance status regarding its Nasdaq listing.
The company currently faces challenges meeting certain Nasdaq continued listing requirements. On June 11, 2026, it received notice regarding non-compliance with the minimum bid price requirement, which allows a compliance window until December 8, 2026. Additionally, on August 27, the company received notifications related to the Market Value of Listed Securities and Market Value of Publicly Held Shares, both of which must be addressed by February 23, 2027. The organization has also been informed about issues concerning the composition of its audit committee, with a remediation deadline set for December 22, 2026. Despite these notices, Scage’s American depositary shares are still trading under the symbol “SCAG” and have not faced immediate delisting.
Since its business combination and listing in June 2025, Scage has emphasized engineering and product certification while limiting its periodic updates. This announcement marks the beginning of a new program for offering regular operational updates to investors.
Commercial Progress
As of June 30, 2026, Scage has delivered a total of 203 vehicles, which include 154 autonomous port tractors, 47 Galaxy II plug-in hybrid trucks, and two other vehicles. In the fiscal year ending June 30, 2026, the company reported the delivery of 78 autonomous port tractors and 40 Galaxy II trucks, along with the sale of 466 vehicle energy storage systems. During the first half of 2026, Scage secured orders for 43 vehicle units, totaling approximately RMB 26.86 million.
Delivered vehicles are operational in sectors such as port logistics and agriculture. A five-year agreement signed with Shanghai Westwell Technology Co., Ltd. in July 2025 assures capacity for future vehicle supply. Westwell identifies Nanjing Scage Automobile Technology Co., Ltd., a subsidiary of Scage, as its primary supplier of raw materials.
In terms of technology, Nanjing Scage holds 17 pending patents and 96 granted patents within China. Its innovations include electric drive axle technology, which is protected under multiple patents and software copyrights. Approximately 40% of Scage’s employees are focused on research and development at a facility in Nanjing.
Partnerships play a significant role in Scage’s strategy. In July 2026, the company entered a strategic cooperation agreement with Dongfeng Liuzhou Motor Co., Ltd., aimed at enhancing brand cooperation and joint product development.
Looking ahead, Scage is pursuing multiple growth initiatives. It has a project agreement in Hebei Province aimed at integrating renewable energy and hydrogen production for heavy-truck manufacturing, while also investing in agricultural technology through a stake in Huangshan Tafu Intelligent Agricultural Machinery Equipment Co., Ltd.
The company will report its audited financial results for fiscal year 2026 in an upcoming Form 20-F filing, expected to be submitted within the prescribed timeline. Interim operating data in this release is unaudited and derived from internal records.
Chao Gao, Chairman and CEO of Scage Future, stated, “With 203 vehicles now delivered and a growing technology portfolio, we intend to report on our operations on a more regular basis.” He emphasized the commitment to keeping shareholders informed through periodic updates.
