Company: SEAH
Filing Date: 2025-11-24
Form Type: F-1/A
Source: 0001213900-25-113788
Chunk: 111

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-11-24
Form: F-1/A
Chunk 111
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 the goods shall transfer to us once the goods are loaded onto the truck at the major supplier’s warehouse. Governing Law and Jurisdiction The Supply Agreement is governed by and construed in accordance with the laws and regulations of Japan. Any dispute shall be submitted to the Tokyo District Court as the exclusive court of first instance. By mutual consent, arbitration before the Tokyo Arbitration Center may also be chosen. Competition The waste paper recycling and scrap metal recycling industries in Japan, East Asia and Southeast Asia are both highly competitive and fragmented. As a relatively new and small -scalecompany in both industries, we not only face competition from the large -scaleand vertically -integratedcompanies with more resources, extended operating histories and connections to the industries that operate their own collecting, sorting and processing facilities, such as Mitsubishi Corporation (TYO: 8058), Nippon Paper Industries Co., Ltd. (TYO: 3863) and Dowa Holdings Co., Ltd. (TYO: 5714) but also compete with other similar -sizecompanies who focus on the trading of waste paper and/or scrap metal. In addition, as we export our products to serve a broad customer base across countries in East Asia and Southeast Asia, we also compete with companies that export waste paper or scrap metal to East Asia and Southeast Asia, such as America Chung Nam LLC. Despite that, many of our competitors have longer operating histories, better brand recognition, greater financial, technical, or marketing resources, stronger relationships with customers, and larger economies of scale than we do, and operate a business model that provides them with competitive advantages as they are less dependent on upstream 78

suppliers and/or downstream customers in the value chain, we believe that we are nevertheless well -positionedto effectively compete in the waste paper recycling and scrap metal recycling industries on the basis of our effective proprietary transaction matching system, established relationships with existing suppliers and customers, commitment to sustainability and the green circular economy, product diversification, strategic global layout, flexible logistics model, and proficiency and familiarity with the regulations of the Japanese recycling industry. Employees We had17,15, and 11 full -timeemployees as of the date of this prospectus, March 31, 2025, 2024 and 2023, respectively. The following table sets forth the number of our full -timeemployees categorized by areas of operations as of the date of this prospectus:

| Function                        |     | Number |
| Management                      |     |      2 |
| General and administration      |