Company: SEAH
Filing Date: 2025-07-24
Form Type: DRS
Source: 0001213900-25-067275
Chunk: 51

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-07-24
Form: DRS
Chunk 51
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 funds from our Operating Entity. Cash dividends, if any, on our Class A Ordinary Shares will be paid in U.S. dollars. Under the current practice of the Inland Revenue Department of Japan, no tax is generally payable in Japan in respect of dividends paid by us to non -residentsin Japan. See “ Regulations — Taxation” on page 85 and “ Taxation — Japanese Taxation” on page 110. 34

CAPITALIZATION The following table sets forth our capitalization as of [March 31, 2025]: •on an actual basis; •on an adjusted basis, giving effect to the issuance and sale of [ ] Class A Ordinary Shares by us in the Offering at the assumed initial public offering price of $[ ] per Class A Ordinary Share, which is the midpoint of the price range set forth on the cover page of this prospectus, after deducting the estimated underwriting discounts to the underwriter and other estimated offering expenses payable by us, assuming no exercise of the underwriter’s over -allotmentoption; and •on an adjusted basis, giving effect to the issuance and sale of [ ] Class A Ordinary Shares by us in the Offering at the assumed initial public offering price of $[ ] per Class A Ordinary Share, which is the midpoint of the price range set forth on the cover page of this prospectus, after deducting the estimated underwriting discounts to the underwriter and other estimated offering expenses payable by us, assuming the full exercise of the underwriter’s over -allotmentoption. You should read this table together with our consolidated financial statements and the related notes included elsewhere in this prospectus and the information under “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

|                                                                                                                                                                                                                        |     | As of March 31, 2025 |   |     |                 |     |                  |
|:-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|---------------------:|:--|:----|:----------------|:----|:-----------------|
|                                                                                                                                                                                                                        |     |               Actual |   |     | Adjusted(1)     
 (Over-allotment 
 option not      
 exercised)      |     | Adjusted(1)      
 (Over-allotment  
 option exercised 
 in full)         |
|                                                                                                                                                                                                                        |     |                  US$ |   |     | US$             |     | US$              |
| Long-term borrowings (current portion and non-current portion)                                                                                                                                                         |     |            3,679,233