Company: SEAH
Filing Date: 2025-08-29
Form Type: DRS/A
Source: 0001213900-25-082696
Chunk: 202

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-08-29
Form: DRS/A
Chunk 202
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 STATEMENTS (In U.S. Dollar, except for share data) 14.EQUITY Ordinary Shares On February 27, 2025, the Company was incorporated in the BVI and was initially authorized to issue 50,000shares with a par value of US$1.00 each. On February 27, 2025, the Company issued 10,000 ordinary shares with a par value of US$1.00 to its shareholders, of which the share and per share information are presented on a retrospective basis as of the beginning of the first period presented to reflect the Reorganization. The share subscription receivable represented the receivable for the issuance of ordinary shares of the Company and is reported as a deduction of equity and presented on a retrospective basis before the incorporation of the Company. Subscription receivable has no payment terms nor any interest receivable accrual. The directors and shareholders of the Company passed written resolutions on August8, 2025 to amend the Memorandum and Articles of the Company, with said amendments being registered by the BVI Registry of Corporate Affairs on August13, 2025, following which the Company is now authorized to issue unlimited Class A Ordinary Shares with no par value and Class B Ordinary Shares with no par value. The total number of shares of ordinary shares issued and outstanding is 10,000, which consists of 8,500shares of Class A ordinary shares and 1,500shares of Class B ordinary shares. Holders of Class A ordinary shares and Class B ordinary shares have the same rights, except for voting and conversion rights. In respect of matters requiring the votes of members, each share of Class A ordinary shares is entitled to one vote, and each share of Class B ordinary shares is entitled to twenty votes. Class B ordinary shares are convertible into Class A ordinary shares at any time after issuance at the option of the holder on a one -to -onebasis. Class A ordinary shares are not convertible into shares of any other class. 15.SIGNIFICANT RISKS AND UNCERTAINTIES (a)Interest rate risk Fluctuations in market interest rates may negatively affect the Group’s financial condition and results of operations. The Group is exposed to interest rate risk arising from cash and bank loans. The Group expected no material risks from changes in market interest rates and has not used any derivative financial instruments to manage the interest risk exposure. (b)Foreign exchange risk Foreign exchange risk is the risk that the holding of foreign currency assets will affect the Group’s financial position as a