NEW YORK, June 5, 2026, 17:04 (EDT)
- Scage Future ADSs finished at $0.8431, jumping 194.58%. The stock hit $1.07 during the session.
- Volume was 88.27 million shares, well above its average of 138,080.
- The stock hit two volatility halts in late trading, then slid during after-hours.
Scage Future shares on Nasdaq jumped close to threefold Friday in late trading, hitting two volatility halts. The sharp swing came as the small China-based electric-truck company rallied against a falling Nasdaq.
The American depositary shares ended at $0.8431, rising 194.58% on the day. The stock traded from $0.27 to $1.07. About 88.27 million shares changed hands. That’s way above the average volume of 138,080, according to Benzinga data.
Nasdaq led losses as a stronger U.S. jobs report got investors rethinking Fed rate bets. Wall Street closed deep in the red, with the Nasdaq Composite sliding 4.18%—biggest single-day drop since April 2025, Reuters said. The move hit the tape across the session.
Scage trading hit a rough patch. Cboe’s halt feed reported that Scage Future Sponsored ADSs were paused twice for volatility—first from 3:22:23 p.m. to 3:27:23 p.m., then again from 3:29:43 p.m. to 3:34:43 p.m. Eastern. A volatility pause is a quick halt when a stock swings too hard; according to Nasdaq’s halt-code guide, a 10% or bigger move inside five minutes can set it off.
After the close, the gains were gone. Benzinga quoted the stock at $0.6769 in after-hours at 4:49 p.m. EDT, off 19.71% from where it finished the regular session.
Scage, headquartered in Nanjing, Jiangsu province, calls itself a China zero-emission transport firm with a focus on heavy-duty new energy trucks and e-fuel. The company’s SEC filings show it offers trucks with all-electric, plug-in hybrid and hydrogen fuel-cell powertrains for mining, road transport and ports. NEVs, or new energy vehicles, use electric, hybrid, or fuel-cell systems.
Scage started trading on Nasdaq last year after merging with Finnovate Acquisition Corp. Its American depositary shares listed under SCAG on June 30, 2025, the company said. CEO Chao Gao said at the time the move gave Scage access to capital to support its rollout of hybrid, battery-electric and hydrogen-fuel-cell trucks.
Scage shares jumped Friday, but there was no clear EV sector rally lifting the stock. Tesla dropped 6.56% that day. Scage’s latest annual report names Daimler Truck and Volvo as bigger rivals with more resources in the same market.
Stocks struggled in choppy trading. “The dam just broke today,” Ryan Detrick, chief market strategist at Carson Group, told Reuters after the long rally in equities. Ohsung Kwon, chief equity strategist at Wells Fargo, said the move down was “more driven by positioning rather than fundamentals.” Reuters
Scage is still in the early stages. The company posted net losses of $13.1 million, $6.0 million, and $6.6 million for fiscal 2025, 2024, and 2023. Its audited 2025 and 2024 financials raised “substantial doubt” about Scage’s ability to keep going. SEC
Big gains can unwind just as fast. Shares that jump nearly 200% on heavy volume and halt for volatility can fall back, and after-hours quotes are already weaker. The company says it might have to raise more cash. Scage has said selling more shares could dilute current holders.
