<SEC-DOCUMENT>0001213900-25-066361.txt : 20250722
<SEC-HEADER>0001213900-25-066361.hdr.sgml : 20250722
<ACCEPTANCE-DATETIME>20250722090107
ACCESSION NUMBER:		0001213900-25-066361
CONFORMED SUBMISSION TYPE:	F-1/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250722
DATE AS OF CHANGE:		20250722

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CTW Cayman
		CENTRAL INDEX KEY:			0002047148
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		ORGANIZATION NAME:           	06 Technology
		EIN:				000000000
		STATE OF INCORPORATION:			M0
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		F-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-287306
		FILM NUMBER:		251138797

	BUSINESS ADDRESS:	
		STREET 1:		29F, ARK HILLS SENGOKUYAMA MORI TOWER
		STREET 2:		1 CHOME 1-9-10, ROPPONGI, MINATO CITY
		CITY:			TOKYO
		STATE:			M0
		ZIP:			106-0032
		BUSINESS PHONE:		050-1748-6333

	MAIL ADDRESS:	
		STREET 1:		29F, ARK HILLS SENGOKUYAMA MORI TOWER
		STREET 2:		1 CHOME 1-9-10, ROPPONGI, MINATO CITY
		CITY:			TOKYO
		STATE:			M0
		ZIP:			106-0032
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-1/A
<SEQUENCE>1
<FILENAME>ea0229974-14.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY STYLE="margin:0;padding:0;border-width:0;text-justify-trim: punctuation; margin: 0; padding: 10pt;"><DIV STYLE="margin:0;padding:0;border-width:0;width:600px;margin: 0 auto;">
	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		 <P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;text-align:center;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">As filed with the Securities and Exchange Committee on July</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> 22</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">,</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> 2025</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:2pt;text-align:right;margin-top:2pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Registration&#x00a0;No.&#x00a0;333-287306</FONT></P>
		<DIV STYLE="border: none; border-bottom: double windowtext 6.0pt; padding: 0in 0in 4.0pt 0in; margin-left: 0in; margin-right: 0.0pt;"></DIV>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:5pt;text-align:center;margin-top:5pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C. 20549</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:2pt;text-align:center;margin-top:2pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:7pt;">&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;</FONT></P>
		 <P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:0pt;text-align:center;margin-top:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">AMENDMENT NO. </FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">4</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> TO <BR>FORM F-1<BR>REGISTRATION STATEMENT<BR>UNDER<BR>THE SECURITIES ACT OF 1933</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:2pt;text-align:center;margin-top:2pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:7pt;">&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:3pt;text-align:center;margin-top:3pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:16pt;">CTW Cayman<BR></FONT><FONT CLASS="CharOverride-4" STYLE="font-style:normal;font-weight:normal;">(Exact name of registrant as specified in its charter)</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:0pt;text-align:center;margin-top:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Not Applicable<BR></FONT><FONT CLASS="CharOverride-4" STYLE="font-style:normal;font-weight:normal;">(Translation of Registrant&#x2019;s name into English)</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:1pt;text-align:center;margin-top:1pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:7pt;">&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;</FONT></P>
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				<TR CLASS="No-Table-Style _idGenTableRowColumn-4" STYLE="height:12pt;">
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 32.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">



						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;"><FONT CLASS="CharOverride-5" STYLE="font-size:10pt;font-style:normal;font-weight:bold;">Cayman Islands</FONT></P>
					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 32.22%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0pt;"><FONT CLASS="CharOverride-5" STYLE="font-size:10pt;font-style:normal;font-weight:bold;">7374</FONT></P>
					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0pt;"><FONT CLASS="CharOverride-5" STYLE="font-size:10pt;font-style:normal;font-weight:bold;">Not Applicable</FONT></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-5" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:2pt;padding-left:0pt;padding-top:2pt;vertical-align:top;width: 32.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Texttable_wrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0pt;text-align:center;text-indent:0pt;">(State or other jurisdiction of <BR>incorporation or organization)</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-width:0pt;padding-bottom:2pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:top;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:2pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:top;width: 32.22%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;text-align:center;">(Primary Standard Industrial <BR>Classification Code Number)</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-width:0pt;padding-bottom:2pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:top;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-bottom:2pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:top;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;text-align:center;">(I.R.S.&#x00a0;Employer <BR>Identification Number)</P>
					</TD>
				</TR>

		</TABLE>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:8pt;text-align:center;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">29F, 1 Chome-9-10, ARK Hills Sengokuyama Mori Tower<BR>Roppongi, Minato City, Tokyo&#x00a0;106-0032, Japan<BR></FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">+050-1748-6333<BR></FONT><FONT CLASS="CharOverride-6" STYLE="font-style:normal;font-weight:normal;">(Address,&#x00a0;including&#x00a0;zip&#x00a0;code,&#x00a0;and&#x00a0;telephone&#x00a0;number,&#x00a0;including&#x00a0;area&#x00a0;code,&#x00a0;of&#x00a0;registrant&#x2019;s&#x00a0;principal&#x00a0;executive&#x00a0;offices)</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:2pt;text-align:center;margin-top:2pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:7pt;">&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:1pt;text-align:center;margin-top:1pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Cogency Global Inc.<BR>122 East 42</FONT><FONT CLASS="Superscript-AllCaps" STYLE="font-variant:normal;text-transform:uppercase;vertical-align:super;font-size:58%;font-variant:normal;">nd</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> Street, 18</FONT><FONT CLASS="Superscript" STYLE="vertical-align:super;font-size:58%;">th</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> Floor<BR>New York, NY 10168<BR>Telephone: (800) 221-0102</FONT></P>
		<P CLASS="Text_ind_center" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:3;margin-top:0pt;margin-top:0pt;">(Name, address, including zip code, and telephone number, including area code, of agent for service)</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:2pt;text-align:center;margin-top:2pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:7pt;">&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;</FONT></P>
		<P CLASS="H3" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:0pt;text-align:center;margin-top:0pt;"><FONT CLASS="BoldItalic" STYLE="font-style:italic;font-weight:bold;">Copies to:</FONT></P>
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				<TR CLASS="No-Table-Style _idGenTableRowColumn-8" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 48.89%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">



						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;text-align:center;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Richard J.&#x00a0;Chang, Esq.</FONT></P>
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;text-align:center;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Gunderson Dettmer Stough Villeneuve<BR>Franklin&#x00a0;&amp; Hachigian,&#x00a0;LLP</FONT></P>
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;text-align:center;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Suite 2202, Building C, Yintai Center</FONT></P>
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;text-align:center;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">#2 Jianguomenwai Ave.</FONT></P>
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;text-align:center;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Chaoyang District</FONT></P>
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;text-align:center;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Beijing, P.R.&#x00a0;China 100022</FONT></P>
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;text-align:center;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">+86 10 5680 3888</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.11%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;text-align:center;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Jason T.&#x00a0;Simon, Esq.<BR>Yangyang Jia, Esq.<BR>Greenberg Traurig, LLP<BR>1750 Tysons Blvd., Suite 1000<BR>McLean, VA&#x00a0;22102<BR>703</FONT><FONT CLASS="nobreak"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">-749-1300</FONT></FONT></P>
					</TD>
				</TR>

		</TABLE>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:0pt;text-align:center;margin-top:2pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:7pt;">&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;&#x2013;</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:2pt;margin-top:3pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:9pt;">Approximate date of commencement of proposed sale to the public: </FONT><FONT CLASS="CharOverride-10" STYLE="font-size:9pt;">Promptly after the effective date of this registration statement.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:3pt;margin-top:3pt;"><FONT CLASS="CharOverride-10" STYLE="font-size:9pt;">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule&#x00a0;415 under the Securities Act&#x00a0;of&#x00a0;1933 check the following box.&#x00a0;</FONT><FONT CLASS="GrepStyle" STYLE="font-family:'Wingdings 24', sans-serif;font-size:9pt;">&#9744;</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:3pt;margin-top:3pt;"><FONT CLASS="CharOverride-10" STYLE="font-size:9pt;">If this Form is filed to register additional securities for an offering pursuant to Rule&#x00a0;462(b)&#x00a0;under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&#x00a0;</FONT><FONT CLASS="GrepStyle" STYLE="font-family:'Wingdings 24', sans-serif;font-size:9pt;">&#9744;</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:3pt;margin-top:3pt;"><FONT CLASS="CharOverride-10" STYLE="font-size:9pt;">If this Form is a </FONT><FONT CLASS="CharOverride-10" STYLE="font-size:9pt;">post</FONT><FONT CLASS="nobreak" STYLE="font-size:9pt;">-effective</FONT><FONT CLASS="CharOverride-10" STYLE="font-size:9pt;"> amendment filed pursuant to Rule&#x00a0;462(c)&#x00a0;under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering&#x00a0;</FONT><FONT CLASS="GrepStyle" STYLE="font-family:'Wingdings 24', sans-serif;font-size:9pt;">&#9744;</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:3pt;margin-top:3pt;"><FONT CLASS="CharOverride-10" STYLE="font-size:9pt;">If this Form is a </FONT><FONT CLASS="CharOverride-10" STYLE="font-size:9pt;">post</FONT><FONT CLASS="nobreak" STYLE="font-size:9pt;">-effective</FONT><FONT CLASS="CharOverride-10" STYLE="font-size:9pt;"> amendment filed pursuant to Rule&#x00a0;462(d)&#x00a0;under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering&#x00a0;</FONT><FONT CLASS="GrepStyle" STYLE="font-family:'Wingdings 24', sans-serif;font-size:9pt;">&#9744;</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:3pt;margin-top:3pt;"><FONT CLASS="CharOverride-10" STYLE="font-size:9pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&#x00a0;405 of the Securities Act&#x00a0;of&#x00a0;1933</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:3pt;text-align:right;margin-top:3pt;"><FONT CLASS="CharOverride-10" STYLE="font-size:9pt;">Emerging growth company&#x00a0;</FONT><FONT CLASS="CharOverride-11" STYLE="font-family:'Wingdings 24', sans-serif;font-size:9pt;font-style:normal;font-weight:normal;">&#9746;</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:3pt;margin-top:10pt;"><FONT CLASS="CharOverride-10" STYLE="font-size:9pt;">If an emerging growth company that prepares its financial statements in accordance with U.S.&#x00a0;GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to </FONT><FONT CLASS="CharOverride-10" STYLE="font-size:9pt;">Section&#x00a0;7(a)(2)(B) </FONT><FONT CLASS="CharOverride-10" STYLE="font-size:9pt;">of the Securities Act&#x00a0;</FONT><FONT CLASS="GrepStyle" STYLE="font-family:'Wingdings 24', sans-serif;font-size:9pt;">&#9744;</FONT></P>
		<P CLASS="Tablefootnotef" STYLE="margin-top: 0in;  border: none; margin-right: 0in; margin-bottom: -5pt; margin-left: 24.0pt; text-align: justify; text-justify: inter-ideograph; text-indent: -24.0pt; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">____________</P><P CLASS="Tablefootnote_f" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:6pt;"><FONT CLASS="CharOverride-10" STYLE="font-size:9pt;">&#x2020;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>The term &#x201c;new or revised financial accounting standards&#x201d; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April&#x00a0;5, 2012.</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:6pt;margin-top:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:9pt;">The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section&#x00a0;8(a)&#x00a0;of the Securities Act, or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to such Section&#x00a0;8(a), may determine.</FONT></P>
		<DIV STYLE="border: none; border-bottom: double windowtext 6.0pt; padding: 0in 0in 4.0pt 0in; margin-left: 0in; margin-right: 0.0pt;"><P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:0pt;margin-top:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:9pt;">&#x00a0;<FONT STYLE="width: 9px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;</FONT></FONT></P></DIV>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">&#x00a0;</P>





	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		 <P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:12pt;">EXPLANATORY NOTE</P>
		 <P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:8pt;">This Amendment No. 4 is being filed solely for the purpose of filing exhibit 1.1 to this registration statement on Form F<FONT CLASS="nobreak">-1</FONT>, or the Registration Statement, to reflect the updated filing status of such exhibit in Item 6 of Part II of the Registration Statement, and to amend and restate the exhibit index set forth in Part II of the Registration Statement. No changes have been made to the Registration Statement other than this explanatory note as well as revised versions of the cover page and Part II of the Registration Statement. This Amendment No. 4 does not contain copies of the prospectus included in the Registration Statement, which remains unchanged from Amendment No. 3 to the Registration Statement filed on July<FONT CLASS="nobreak"> </FONT>3, 2025, and consists only of the cover page, this explanatory note and Part II of the Registration Statement.</P>
		 <P STYLE="margin:0;padding:0;border-width:0;"></P>
	</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">&#x00a0;</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">PART&#x00a0;II</FONT></P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">INFORMATION NOT REQUIRED IN THE PROSPECTUS</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Item 6. Indemnification of Directors and Officers</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:8pt;">Cayman Islands law does not limit the extent to which a company&#x2019;s articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences or committing a crime. Under our amended and restated memorandum and articles of association, to the fullest extent permissible under Cayman Islands law every director and officer of our company shall be indemnified against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by him in connection with the execution or discharge of his duties, powers, authorities or discretions as a director or officer of our company, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by him in defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether in the Cayman Islands or elsewhere.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:8pt;">Pursuant to the form of indemnification agreements filed as Exhibit 10.1 to this Registration Statement, we will agree to indemnify our directors and executive officers against certain liabilities and expenses that they incur in connection with claims made by reason of their being a director or officer of our company.</P>
		 <P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:8pt;">The Underwriting Agreement, the form of which is filed as Exhibit 1.1 to this Registration Statement, will also provide for indemnification of us and our officers and directors.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:8pt;">Insofar as indemnification for liabilities arising under the Securities Act&#x00a0;of&#x00a0;1933, as amended, may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Item 7. Recent Sales of Unregistered Securities</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:8pt;">During the past three&#x00a0;years, we have issued the following securities (including options to acquire our ordinary shares) without registering the securities under the Securities Act. We believe that each of the following issuances was exempt from registration under the Securities Act in reliance on Regulation&#x00a0;S under the Securities Act regarding sales by an issuer in offshore transactions, pursuant to Section&#x00a0;4(a)(2)&#x00a0;of the Securities Act regarding transactions not involving a public offering and/or Rule&#x00a0;701 of the Securities Act. None of the transactions involved an underwriter.</P>
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					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;width: 24.13%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">



						<P CLASS="TCH_left" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Purchaser</FONT></P>
					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 18.58%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0pt;"><FONT CLASS="CharOverride-1" STYLE="font-style:normal;font-weight:bold;">Date&#x00a0;of <BR>Issuance</FONT></P>
					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 19.70%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0pt;"><FONT CLASS="CharOverride-1" STYLE="font-style:normal;font-weight:bold;">Number of <BR>Securities</FONT></P>
					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 16.23%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0pt;"><FONT CLASS="CharOverride-1" STYLE="font-style:normal;font-weight:bold;">Consideration</FONT> <BR><FONT CLASS="CharOverride-1" STYLE="font-style:normal;font-weight:bold;">(in US$)</FONT></P>
					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 16.23%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0pt;"><FONT CLASS="CharOverride-1" STYLE="font-style:normal;font-weight:bold;">Underwriting <BR>Discount&#x00a0;and <BR>Commission</FONT></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 24.13%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">CTW (BVI) LTD</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 18.58%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Tbody_centeralign" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">November 15, 2024</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 19.70%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Tbody_centeralign" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">1 Ordinary Share</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 16.23%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Tbody_centeralign" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">0.0001</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 16.23%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Tbody_centeralign" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">N/A</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-8" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 24.13%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">CTW (BVI) LTD</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 18.58%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Tbody_centeralign" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">May 15, 2025</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 19.70%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Tbody_centeralign" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">48,000,000 Class A Ordinary Share</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 16.23%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Tbody_centeralign" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">4,800</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 16.23%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Tbody_centeralign" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">N/A</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-8" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 24.13%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Tbody" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">CTW (BVI) LTD</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 18.58%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Tbody_centeralign" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">May 15, 2025</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 19.70%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Tbody_centeralign" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">11,999,999 Class B Ordinary Share</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 16.23%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Tbody_centeralign" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">1,200</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 16.23%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Tbody_centeralign" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;">N/A</P>
					</TD>
				</TR>

		</TABLE>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Item 8. Exhibits and Financial Statement Schedules</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:8pt;">(a)<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Exhibits:</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:8pt;">See Exhibit Index for a complete list of all exhibits filed as part of this registration, which Exhibit Index is incorporated herein by reference.</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:8pt;">(b)<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Financial Statement Schedules</P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:8pt;">Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the combined financial statements and the notes thereto.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">II-1</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Item 9. Undertakings</FONT></P>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:8pt;">The undersigned hereby undertakes:</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:8pt;">(a)<FONT STYLE="width: 17px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:8pt;">(b)<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Insofar as indemnification for liabilities arising under the Securities Act&#x00a0;of&#x00a0;1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the U.S.&#x00a0;Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act&#x00a0;of&#x00a0;1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act&#x00a0;of&#x00a0;1933 and will be governed by the final adjudication of such issue.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:8pt;">(c)<FONT STYLE="width: 17px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>The undersigned registrant hereby undertakes that:</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-left:72pt;margin-top:8pt;">(1)<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>For purposes of determining any liability under the Securities Act&#x00a0;of&#x00a0;1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule&#x00a0;430A and contained in a form of prospectus filed by the registrant pursuant to Rule&#x00a0;424(b)(1)&#x00a0;or (4)&#x00a0;or 497(h)&#x00a0;under the Securities Act&#x00a0;of&#x00a0;1933 shall be deemed to be part of this registration statement as of the time it was declared effective.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-left:72pt;margin-top:8pt;">(2)<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>For the purpose of determining any liability under the Securities Act&#x00a0;of&#x00a0;1933, each post<FONT CLASS="nobreak">-effective</FONT> amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">II-2</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">CTW CAYMAN</FONT></P>
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">EXHIBIT INDEX</FONT></P>
		<TABLE CLASS="No-Table-Style" STYLE="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;">


				<TR CLASS="No-Table-Style _idGenTableRowColumn-11" STYLE="height:12pt;">
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						 <P CLASS="TCH_left" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;"><FONT CLASS="CharOverride-1" STYLE="font-style:normal;font-weight:bold;">Exhibit <BR>No.</FONT></P>
					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						 <P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0pt;"><FONT CLASS="CharOverride-1" STYLE="font-style:normal;font-weight:bold;">Description of Exhibit</FONT></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">1.1</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="ea022997414ex1-1_ctw.htm">Form of Underwriting Agreement</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">3.1&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025044061/ea022997405ex3-1_ctw.htm">Memorandum and Articles of Association of the Registrant, effective as of November 15, 2024</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-8" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">3.2&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025053729/ea022997408ex3-2_ctw.htm">Amended and Restated Memorandum and Articles of Association of the Registrant, effective as of May&#x00a0;15, 2025</A></P>
					</TD>
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				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">4.1&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025053729/ea022997408ex4-1_ctw.htm">Registrant&#x2019;s Specimen Certificate for Class&#x00a0;A ordinary shares</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-8" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">5.1&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025053729/ea022997408ex5-1_ctw.htm">Opinion of Travers Thorp Alberga regarding the validity of the ordinary shares being registered and certain other legal matters</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">8.1&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025053729/ea022997408ex5-1_ctw.htm">Opinion of&#x00a0;Travers Thorp Alberga regarding certain Cayman Islands tax matters (included in Exhibit 5.1)</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-8" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">8.2&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025044061/ea022997405ex99-2_ctw.htm">Opinion of Nishi Law Firm and Kudanzaka Law Office regarding certain Japanese tax matters (included in Exhibit 99.2) </A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">10.1&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025044061/ea022997405ex10-1_ctw.htm">Form of Employment Agreement between the Registrant and each of its executive officers</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">10.2&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025044061/ea022997405ex10-2_ctw.htm">Form of Director Service Agreement between the Registrant and each of its independent directors</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">10.3&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025044061/ea022997405ex10-3_ctw.htm">Form of Indemnification Agreement between the Registrant and each of its directors and executive officers</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-8" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">10.4&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025044061/ea022997405ex10-4_ctw.htm">English Translation of CTW Service Agreement dated November 17, 2023, by and between CTW Inc. and River Game HK Limited</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">10.5&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025044061/ea022997405ex10-5_ctw.htm">Form of CTW Service Agreement with Game Developer for IP-based Game</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">10.6&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025044061/ea022997405ex10-6_ctw.htm">Form of IP License Agreement</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">10.7&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025053729/ea022997408ex10-7_ctw.htm">2025 Equity Incentive Plan</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">10.8&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025053729/ea022997408ex10-8_ctw.htm">2025 Employee Share Purchase Plan</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">21.1&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025044061/ea022997405ex21-1_ctw.htm">List of Significant Subsidiaries of the Registrant</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">23.1&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025061284/ea022997412ex23-1_ctw.htm">Consent of YCM CPA INC. </A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">23.2&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025053729/ea022997408ex5-1_ctw.htm">Consent of Travers Thorp Alberga (included in Exhibit 5.1) </A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">23.3&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025044061/ea022997405ex99-2_ctw.htm">Consent of Nishi Law Firm and Kudanzaka Law Office (included in Exhibit 99.2) </A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">99.1&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025044061/ea022997405ex99-1_ctw.htm">Code of Business Conduct and Ethics of the Registrant</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">99.2&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025044061/ea022997405ex99-2_ctw.htm">Opinion of Nishi Law Firm and Kudanzaka Law Office regarding certain Japanese law matters</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">99.3&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025044061/ea022997405ex99-3_ctw.htm">Consent of Frost&#x00a0;&amp; Sullivan</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">99.4&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025044061/ea022997405ex99-4_ctw.htm">Consent of Akihiro Ishiwata</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">99.5&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025044061/ea022997405ex99-5_ctw.htm">Consent of Kevin Dean Vassily</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">99.6&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025044061/ea022997405ex99-6_ctw.htm">Consent of Naoto Hattori</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">99.7&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025044061/ea022997405ex99-7_ctw.htm">Consent of Koichiro Yamashita</A></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="background: #CCEEFF;height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;vertical-align:top;width: 8.35%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">107&#x2020;</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 90.36%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						 <P CLASS="Tbody_nowrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;"><A HREF="http://www.sec.gov/Archives/edgar/data/2047148/000121390025044061/ea022997405ex-fee_ctw.htm">Filing Fee Table</A></P>
					</TD>
				</TR>

		</TABLE>
		<P CLASS="Tablefootnotef" STYLE="margin-top: 0in;  border: none; margin-right: 0in; margin-bottom: -5pt; margin-left: 24.0pt; text-align: justify; text-justify: inter-ideograph; text-indent: -24.0pt; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">____________</P> <P CLASS="Tablefootnote_f" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:10pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-top:10pt;">&#x2020;<FONT STYLE="width: 24px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Previously filed.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">II-3</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:12pt;"><A NAME="T92"></A><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">SIGNATURES</FONT></P>
		 <P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:8pt;">Pursuant to the requirements of the Securities Act&#x00a0;of&#x00a0;1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form&#x00a0;F<FONT CLASS="nobreak">-1</FONT> and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Tokyo, Japan, on July&#x00a0;22, 2025.</P>
		<TABLE CLASS="No-Table-Style" STYLE="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;">


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					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" COLSPAN="3" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 41.43%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">CTW Cayman</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-15" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-top:10pt;width: 57.29%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 6.50%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:8pt;">By:</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 33.65%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="Signature_rule" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:8pt;">/s/ Ryuichi Sasaki</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 57.29%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 6.50%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">Name:</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 33.65%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">Ryuichi Sasaki</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-8" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 57.29%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 6.50%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="top">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">Title:  </P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;vertical-align:top;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="top">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 33.65%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">Founder, Chief Executive Officer and Chairman of the Board of Directors</P>
					</TD>
				</TR>

		</TABLE>
		<P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:8pt;">Pursuant to the requirements of the Securities Act&#x00a0;of&#x00a0;1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>
		<TABLE CLASS="No-Table-Style" STYLE="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;">


				<TR CLASS="No-Table-Style _idGenTableRowColumn-19" STYLE="height:12pt;">
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						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;text-align:left;"><FONT CLASS="CharOverride-1" STYLE="font-style:normal;font-weight:bold;">Signature</FONT></P>
					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0pt;"><FONT CLASS="CharOverride-1" STYLE="font-style:normal;font-weight:bold;">Title</FONT></P>
					</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;border-bottom-width:0pt;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TCH" STYLE="border-bottom-style:solid;border-bottom-width:1pt;border-left-width:0pt;border-right-width:0pt;border-top-style:solid;border-top-width:0pt;padding-bottom:4pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 18.16%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="TCH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:0pt;"><FONT CLASS="CharOverride-1" STYLE="font-style:normal;font-weight:bold;">Date</FONT></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-20" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-top:10pt;width: 29.27%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="Signature_rule" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:8pt;">/s/ Ryuichi Sasaki</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:8pt;">Founder, Chief Executive Officer and Chairman of the</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-top-width:0pt;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 18.16%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						 <P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;text-align:center;text-indent:0pt;">July 22, 2025</P>
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				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 29.27%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">Name: Ryuichi Sasaki</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">Board of Directors (Principal Executive Officer)</P>
					</TD>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 18.16%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
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				<TR CLASS="No-Table-Style _idGenTableRowColumn-20" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-top:10pt;width: 29.27%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="Signature_rule" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:8pt;">/s/ Patrick Liu</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:8pt;">Chief Financial Officer</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 18.16%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						 <P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;text-align:center;text-indent:0pt;">July 22, 2025</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 29.27%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">Name: Patrick Liu</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 50.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">(Principal Accounting and Financial Officer)</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 18.16%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
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		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">II-4</P>



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		<P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES</FONT></P>
		 <P CLASS="Text_ind" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:24pt;widows:3;margin-top:8pt;">Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of America of CTW Cayman, has signed this registration statement or amendment thereto in New York, NY on July 22, 2025.</P>
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						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">Authorized U.S.&#x00a0;Representative</P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-top:10pt;width: 57.48%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
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					<TD CLASS="TB" COLSPAN="3" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 41.24%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:8pt;">Cogency Global Inc.</P>
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					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 6.41%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:8pt;">By:</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 33.55%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" VALIGN="bottom">
						<P CLASS="Signature_rule" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:8pt;">/s/ Colleen A. De Vries</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 57.48%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 6.41%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">Name:</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 33.55%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">Colleen A. De Vries</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 57.48%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 6.41%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">Title:</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 33.55%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:1;">Senior Vice President</P>
					</TD>
				</TR>

		</TABLE>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin: 10px 0px 10px 0pt; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">II-5</P>



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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>ea022997414ex1-1_ctw.htm
<DESCRIPTION>FORM OF UNDERWRITING AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 1.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CTW CAYMAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNDERWRITING AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in">[&#9679;], 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Kingswood Capital Partners, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">126 E 56th St, Suite 22S</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>As Representative of the Underwriters</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>named on&nbsp;<U>Schedule A</U>&nbsp;hereto</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">CTW CAYMAN, a Cayman Islands
exempted company (the &ldquo;<U>Company</U>&rdquo;), proposes, subject to the terms and conditions stated herein, to issue and sell an
aggregate of [&#9679;] Class A ordinary shares (the &ldquo;<U>Firm Shares</U>&rdquo;), par value $0.0001 per share (the &ldquo;<U>Class
A ordinary shares,</U>&rdquo; together with the Company&rsquo;s Class B ordinary shares, the &ldquo;<U>Ordinary Shares</U>&rdquo;) to
the several underwriters listed on&nbsp;<U>Schedule A</U>&nbsp;hereto (the &ldquo;<U>Underwriters</U>&rdquo;), for whom Kingswood Capital
Partners, LLC is acting as the representative (&ldquo;<U>Kingswood</U>&rdquo; or the &ldquo;<U>Representative</U>&rdquo;). The Company
has also agreed to grant to the Representative on behalf of the Underwriters an option (the &ldquo;<U>Over-allotment Option</U>&rdquo;),
on the terms set forth in Section&nbsp;1(b) hereof, to purchase up to an additional [&#9679;] Class A ordinary shares (the &ldquo;<U>Option
Shares</U>&rdquo;) and together with the Firm Shares, the &ldquo;<U>Shares</U>&rdquo;), and the offering of such Shares is hereinafter
called the &ldquo;<U>Offering</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company confirms as follows
its agreement with each of the Underwriters:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;<U>Agreement to Sell
and Purchase</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(a)&nbsp;<I>Purchase of Firm
Shares.</I>&nbsp;On the basis of the representations, warranties and agreements of the Company contained herein and subject to all the
terms and conditions of this Agreement, the Company agrees to sell to the Underwriters, severally and not jointly, and the Underwriters,
severally and not jointly, agree to purchase from the Company, the Firm Shares at a purchase price of $[&#9679;]&nbsp;per Firm Share (the
&ldquo;<U>Purchase Price</U>&rdquo;) .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(b)&nbsp;<I>Purchase of Option
Shares.</I>&nbsp;Subject to all the terms and conditions of this Agreement, the Company grants to the Representative, on behalf of the
Underwriters, an Over-allotment Option to purchase, severally and not jointly, all or less than [&#9679;] additional Option Shares, representing
fifteen percent (15%) of the Firm Shares sold in the Offering, from the Company. The purchase price to be paid for each Option Share will
be the same Purchase Price allocated to each Firm Share. The Underwriters shall not be under any obligation to purchase any of the Option
Shares prior to the exercise of the Over-allotment Option. The Over-allotment Option may be exercised in whole or in part at any time
on or before the 45th day after the Closing Date, upon written notice (the &ldquo;<U>Option Notice</U>&rdquo;) by the Representative to
the Company, setting forth the aggregate number of Option Shares to be purchased and the time and date for delivery of and payment for
the Option Shares (the &ldquo;<U>Option Closing Date</U>&rdquo;), which shall not be later than five (5) full Business Days after the
date of the notice or such other time as shall be agreed upon by the Company and the Representative, at the offices of Representative,
at the offices of Representative&rsquo;s counsel or at such other place (including remotely by facsimile or other electronic transmission)
as shall be agreed upon by the Company and the Representative. If such delivery and payment for the Option Shares does not occur on the
Closing Date, the Option Closing Date will be as set forth in the Option Notice. Upon exercise of the Over-allotment Option, the Company
will become obligated to convey to the Underwriters, and, subject to the terms and conditions set forth herein, the Underwriters will
become obligated to purchase, the number of Option Shares specified in the Option Notice. If any Option Shares are to be purchased, each
Underwriters agree, severally and not jointly, to purchase the number of Option Shares that bears the same proportion to the number of
Firm Shares to be purchased by it as set forth on&nbsp;<U>Schedule A&nbsp;</U>opposite such Underwriter&rsquo;s name. For purposes of
this Agreement, a &ldquo;<U>Business Day</U>&rdquo; means any day other than Saturday, Sunday or other day on which commercial banks in
The City of New York and Japan are authorized or required by law to remain closed; provided that banks shall not be deemed to be authorized
or obligated to be closed due to a &ldquo;shelter in place,&rdquo; &ldquo;non-essential employee&rdquo; or similar closure of physical
branch locations at the direction of any governmental authority if such banks&rsquo; electronic funds transfer systems (including for
wire transfers) are open for use by customers on such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;<U>Delivery and Payment</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(a)&nbsp;<I>Closing.</I>&nbsp;Delivery
of the Firm Shares shall be made to the Representative through the facilities of the Depository Trust Company (&ldquo;<U>DTC</U>&rdquo;)
for the respective accounts of the Underwriters against payment of the Purchase Price by wire transfer of immediately available funds
to the order of the Company. Such payment shall be made at 10:00&nbsp;a.m., Eastern time, on the second Business Day pursuant to Rule
15c6-1(a) of the Exchange Act (or the third Business Day should the Offering be priced after 4:30&nbsp;p.m., Eastern time pursuant to
Rule 15c6-1(c) of the Exchange Act) after the date of this Agreement or at such time on such other date, but not later than ten Business
Days after such date, as may be agreed upon by the Company and the Representative (such date is hereinafter referred to as the &ldquo;<U>Closing
Date</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(b)&nbsp;<I>Option Closing.</I>&nbsp;To
the extent the Over-allotment Option is exercised, delivery of the Option Shares against payment by the Underwriters (in the manner and
at the location specified above) shall take place at the time and date (which may be the Closing Date, but not earlier than the Closing
Date) specified in the Option Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(c)&nbsp;<I>Electronic Transfer.</I>&nbsp;Electronic
transfer of the Shares shall be made at the time of purchase in such names and in such denominations as the Representative shall specify.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;<U>Representations
and Warranties of the Company</U>. The Company represents and warrants to, and covenants with, each of the Underwriters as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(a)&nbsp;<I>Compliance with
Registration Requirements.</I>&nbsp;A registration statement on Form&nbsp;F-1 (Registration No. 333-287306) relating to the Shares, including
a preliminary prospectus and such amendments to such registration statement as may have been required prior to the date of this Agreement,
has been prepared by the Company under the provisions of the Securities Act of 1933, as amended (the &ldquo;<U>Act</U>&rdquo;), and the
rules and regulations (collectively referred to as the &ldquo;<U>Rules and Regulations</U>&rdquo;) of the Securities and Exchange Commission
(the &ldquo;<U>Commission</U>&rdquo;) thereunder, and has been filed with the Commission. Copies of such registration statement and of
each amendment thereto, if any, including the related preliminary prospectuses, heretofore filed by the Company with the Commission have
been delivered to the Underwriters. The term &ldquo;<U>Registration Statement</U>&rdquo; means such registration statement on Form F-1
as amended at the time it becomes or became effective, including financial statements, all exhibits and any information deemed to be included
or incorporated by reference therein, including any information deemed to be included pursuant to Rule&nbsp;430A or Rule 430B of the Rules
and Regulations, as applicable. If the Company files a registration statement to register a portion of the Shares and relies on Rule&nbsp;462(b)
of the Rules and Regulations for such registration statement to become effective upon filing with the Commission (the &ldquo;<U>Rule&nbsp;462
Registration Statement</U>&rdquo;), then any reference to the &ldquo;Registration Statement&rdquo; shall be deemed to include the Rule&nbsp;462
Registration Statement, as amended from time to time. The term &ldquo;<U>preliminary prospectus</U>&rdquo; as used herein means a preliminary
prospectus as contemplated by Rule&nbsp;430 or Rule&nbsp;430A of the Rules and Regulations included at any time as part of, or deemed
to be part of or included in, the Registration Statement. The term &ldquo;<U>Prospectus</U>&rdquo; means the final prospectus in connection
with this Offering as first filed with the Commission pursuant to Rule&nbsp;424(b) of the Rules and Regulations or, if no such filing
is required, the form of final prospectus included in the Registration Statement at the effective date, except that if any revised prospectus
or prospectus supplement shall be provided to the Representative by the Company for use in connection with the Shares which differs from
the Prospectus (whether or not such revised prospectus or prospectus supplement is required to be filed by the Company pursuant to Rule
424(b)), the term &ldquo;Prospectus&rdquo; shall also refer to such revised prospectus or prospectus supplement, as the case may be, from
and after the time it is first provided to the Representative for such use. Any reference herein to the terms &ldquo;amend, &ldquo;amendment&rdquo;
or &ldquo;supplement&rdquo; with respect to the Registration Statement, any preliminary prospectus or the Prospectus shall be deemed to
refer to and include: (i) the filing of any document under the Securities Exchange Act of 1934, as amended, and together with the rules
and regulations promulgated thereunder (collectively, the &ldquo;<U>Exchange Act</U>&rdquo;) after the effective date of the Registration
Statement, the date of such preliminary prospectus or the date of the Prospectus, as the case may be, which is incorporated therein by
reference, and (ii) any such document so filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(b)&nbsp;<I>Effectiveness
of Registration.</I>&nbsp;The Registration Statement, any Rule&nbsp;462 Registration Statement and any post-effective amendment thereto
have been declared effective by the Commission under the Act or have become effective pursuant to Rule 462 of the Rules and Regulations.
The Company has responded to all requests, if any, of the Commission for additional or supplemental information. No stop order suspending
the effectiveness of the Registration Statement or any Rule&nbsp;462 Registration Statement is in effect and no proceedings for such purpose
have been instituted or are pending or, to the best knowledge of the Company, are threatened by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(c)&nbsp;<I>Accuracy of Registration
Statement.</I>&nbsp;Each of the Registration Statement, any Rule&nbsp;462 Registration Statement and any post-effective amendment thereto,
at the time it became effective, when any document filed under the Exchange Act was or is filed and at all subsequent times, complied
and will comply in all material respects with the Act and the Rules and Regulations, and did not and will not contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading. The Prospectus, as amended or supplemented, as of its date
and at all subsequent times when a prospectus is delivered or required (or, but for the provisions of Rule 172, would be required) by
applicable law to be delivered in connection with sales of Shares, complied and will comply in all material respects with the Act, the
Exchange Act and the Rules and Regulations, and did not or will not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements therein not misleading, in light of the circumstances under which they were made. There
are no documents required to be filed with the Commission in connection with the transaction contemplated hereby that (x) have not been
filed as required pursuant to the Securities Act or (y) will not be filed within the requisite time period. There are no contracts or
other documents required to be described in the Preliminary Prospectus or the Prospectus, or to be filed as exhibits or schedules to the
Registration Statement (&ldquo;<U>Material Contracts</U>&rdquo;), which have not been described or filed as required. Each preliminary
prospectus (including the preliminary prospectus or prospectuses filed as part of the Registration Statement or any amendment thereto)
complied when so filed in all material respects with the Act, the Exchange Act and the Rules and Regulations, and each preliminary prospectus
and the Prospectus delivered to the Representative for use in connection with this Offering is identical to the electronically transmitted
copies thereof filed with the Commission on EDGAR, except to the extent permitted by Regulation S-T. The foregoing representations and
warranties in this Section&nbsp;3(c) do not apply to any statements or omissions made in reliance on and in conformity with information
relating to the Underwriters furnished in writing to the Company by the Underwriters through the Representative specifically for inclusion
in the Registration Statement or Prospectus or any amendment or supplement thereto. For all purposes of this Agreement, &ldquo;<U>Underwriter
Information</U>&rdquo; shall mean the written information furnished to the Company by such Underwriter through the Representative expressly
for use therein; it being understood and agreed upon that the only such information furnished by any Underwriter consists of the names
and addresses of the Underwriters disclosed in the preliminary prospectus, the Registration Statement or the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(d)&nbsp;<I>Company Not Ineligible
Issuer</I>. (i) At the time of filing the Registration Statement relating to the Shares and (ii) as of the date of the execution and delivery
of this Agreement (with such date being used as the determination date for purposes of this clause (ii)), the Company was not and is not
an &ldquo;ineligible issuer&rdquo; (as defined in Rule 405 of the Rules and Regulations).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(e)&nbsp;<I>Disclosure at
the Time of Sale.</I>&nbsp;As of the Applicable Time, neither (i) the Issuer General Use Free Writing Prospectus(es) (as defined below)
issued at or prior to the Applicable Time, the most recent preliminary prospectus related to this Offering, and the information included
on&nbsp;<U>Schedule C</U>&nbsp;hereto, all considered together (collectively, the &ldquo;<U>General Disclosure Package</U>&rdquo;), nor
(ii) any individual Issuer Limited Use Free Writing Prospectus, when considered together with the General Disclosure Package, included
any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from
the General Disclosure Package based upon and in conformity with written information furnished to the Company by the Underwriters through
the Representative specifically for use therein, it being understood and agreed that the only such information furnished by the Underwriters
consists of the Underwriters&rsquo; Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used in this subsection
and elsewhere in this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Applicable Time</U>&rdquo;
means 4:30 p.m. (New York City Time) on [&#9679;], 2025 or such other time as agreed by the Company and the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuer Free Writing
Prospectus</U>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 of the Rules and Regulations, relating
to the Shares that (i)&nbsp;is required to be filed with the Commission by the Company, (ii)&nbsp;is &ldquo;a written communication that
is a road show&rdquo; within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with the Commission or (iii)&nbsp;is
exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a description of the Shares or of the Offering that does not reflect
the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form
retained in the Company&rsquo;s records pursuant to Rule 433(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuer General Use
Free Writing Prospectus</U>&rdquo; means any Issuer Free Writing Prospectus that is intended for general distribution to prospective investors,
as evidenced by its being specified in&nbsp;<U>Schedule B</U>&nbsp;hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuer Limited Use
Free Writing Prospectus</U>&rdquo; means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(f)&nbsp;<I>Issuer Free Writing
Prospectuses.&nbsp;</I>Each Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the Prospectus Delivery
Period (as defined below), does not include any information that conflicts with the information contained in the Registration Statement.
The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity
with the Underwriters&rsquo; Information. If at any time following the issuance of an Issuer Free Writing Prospectus there occurred an
event or development as a result of which such Issuer Free Writing Prospectus conflicted with the information contained in the Registration
Statement relating to the Shares or included an untrue statement of material fact or omitted to state a material fact necessary in order
to make the statements therein, in light of the circumstances prevailing at that subsequent time, not misleading, the Company has promptly
notified the Representative and has promptly amended or supplemented, at its own expense, such Issuer Free Writing Prospectus to eliminate
or correct such conflict, untrue statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(g)&nbsp;<I>Distribution
of Offering Material by the Company.&nbsp;</I>The Company has not distributed and will not distribute, prior to the Closing Date, any
offering material in connection with the offering or sale of the Shares, the Registration Statement, the preliminary prospectus, the Permitted
Free Writing Prospectuses reviewed and consented to by the Representative and included in&nbsp;<U>Schedule B</U>&nbsp;hereto, and the
Prospectus. None of the Marketing Materials, as of their respective issue dates and at all subsequent times through the Prospectus Delivery
Period (as defined below), include any information that conflicts with the information contained in the Registration Statement. If at
any time following the issuance of any Marketing Material there occurred an event or development as a result of which such Marketing Material
conflicted with the information contained in the Registration Statement relating to the Shares or included an untrue statement of material
fact or omitted to state a material fact necessary in order to make the statements therein, in light of the circumstances prevailing at
that subsequent time, not misleading, the Company has promptly notified the Representative and has promptly amended or supplemented, at
its own expense, such Marketing Material to eliminate or correct such conflict, untrue statement or omission.&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(h)&nbsp;<I>Subsidiaries</I>.
Each of the subsidiaries (as such term is defined in Rule 405 under the Securities Act) of the Company (each, a &ldquo;<U>Subsidiary</U>&rdquo;)
has been identified in Exhibit 21.1 to the Registration Statement. The Company owns, directly or indirectly, the shares or other equity
interests of each Subsidiary free and clear of any lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive
right or other similar restriction (each, a &ldquo;<U>Lien</U>&rdquo;), and (i) all of the issued and outstanding shares of each Subsidiary
are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities
and (ii) all of the issued and outstanding membership interests are validly issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(i)&nbsp;<I>Organization
and Qualification</I>. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to
own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in
violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational
or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing in each jurisdiction
in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to
be so qualified or in good standing, as the case may be, would not have or reasonably be expected to result in: (i) a material adverse
effect on the legality, validity or enforceability of this Agreement, or any other agreement, document, certificate or instrument required
to be delivered pursuant to this Agreement (collectively, the &ldquo;<U>Transaction Documents</U>&rdquo;), (ii) a material adverse effect
on the results of operations, assets, business, general affairs, management, shareholder&rsquo;s equity, prospects or condition (financial
or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company&rsquo;s ability
to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a &ldquo;<U>Material
Adverse Effect</U>&rdquo;) and no action, claim, suit or proceeding (including, without limitation, a partial proceeding, such as a deposition),
(each, a &ldquo;<U>Proceeding</U>&rdquo;) has been instituted or threatened in any such jurisdiction revoking, limiting or curtailing
or seeking to revoke, limit or curtail such power and authority or qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(j)&nbsp;<I>Authorization;
Enforcement</I>. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The
execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of the
transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further
action is required by the Company, the Board of Directors or the Company&rsquo;s shareholders in connection herewith or therewith other
than in connection with the Required Approvals (as hereinafter defined in&nbsp;<U>Section&nbsp;3(l)</U>). This Agreement and each other
Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered
in accordance with the terms hereof and thereof, assuming due authorization, execution and delivery by the Representative, will constitute
the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited by
general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting
enforcement of creditors&rsquo; rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(k)&nbsp;<I>No Conflicts</I>.
Except as disclosed in the Registration Statement, the execution, delivery and performance by the Company of this Agreement and the other
Transaction Documents to which it is a party, the issuance and sale of the Shares and the consummation by it of the transactions contemplated
hereby and thereby do not and will not (i) conflict with or violate any provision of the Company&rsquo;s or any Subsidiary&rsquo;s certificate
or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or
an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties
or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with
or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary
debt or otherwise) to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary
is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation,
order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is
subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary
is bound or affected; except in the case of each of clauses (ii) and (iii), such as would not have or reasonably be expected to result
in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(l)&nbsp;<I>Filings, Consents
and Approvals</I>. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any
filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with
the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filing with the Commission of
the Registration Statement and the Prospectus, (ii) application(s) to The Nasdaq Stock Market LLC for the listing of the Class A ordinary
shares on the Nasdaq Capital Market for trading thereon in the time and manner required thereby, (iii) such filings, if any, as are required
to be made under applicable state securities laws, (iv) such notices, filings or authorizations as are required to be obtained or made
under applicable rules of the Financial Industry Regulatory Authority, Inc. (&ldquo;<U>FINRA</U>&rdquo;) which has been filed by the Representative,
and (v) such notices, filings or authorizations as have been obtained, given or made as of the date hereof (collectively, the &ldquo;<U>Required
Approvals</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(m)&nbsp;<I>Issuance of the
Securities</I>. All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement have
been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission with respect
thereto, and are not subject to personal liability by reason of being such holders; and none of such securities were issued in violation
of the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company. The authorized
and outstanding securities of the Company conform in all material respects to all statements relating thereto contained in the Registration
Statement, the General Disclosure Package and the Prospectus. All offers, sales and any transfers of the outstanding securities of the
Company were at all relevant times either registered under the Act and the applicable state securities or Blue Sky laws or exempt from
such registration requirements (based in part on the representations and warranties of the purchasers of such securities). The Firm Shares
and the Option Shares are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will
be duly and validly issued, fully paid and non-assessable, free and clear of all Liens imposed by the Company. The Company has reserved
from its duly authorized capital stock the maximum number of the Class A ordinary shares issuable pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(n)&nbsp;<I>Capitalization</I>.
The capitalization of the Company as of the date hereof is as set forth in the Registration Statement, the General Disclosure Package
and the Prospectus. The Company has not issued any capital stock other than pursuant to employment agreements, consulting agreements,
the Company&rsquo;s equity incentive plan, and pursuant to the conversion and/or exercise of any securities of the Company or the Subsidiaries
which would entitle the holder thereof to acquire at any time Ordinary Shares, including, without limitation, any debt, preferred stock,
right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles
the holder thereof to receive, Ordinary Shares (&ldquo;<U>Ordinary Shares Equivalents</U>&rdquo;) and is outstanding as of the date of
the most recently filed amendment to the Registration Statement. No individual or corporation, partnership, trust, incorporated or unincorporated
association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other
entity of any kind (each, a &ldquo;<U>Person</U>&rdquo;) has any right of first refusal, preemptive right, right of participation, or
any similar right to participate in the transactions contemplated by the Transaction Documents. Except as a result of the purchase and
sale of the Shares or as disclosed in&nbsp;the Registration Statement, the General Disclosure Package and the Prospectus, there are no
outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities,
rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire,
any Ordinary Shares or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company
or any Subsidiary is or may become bound to issue additional Ordinary Shares or Ordinary Shares Equivalents or capital stock of any Subsidiary.
The issuance and sale of the Shares will not obligate the Company or any Subsidiary to issue Ordinary Shares or other securities to any
Person (other than the Underwriters) and will not result in a right of any holder of Company securities to adjust the exercise, conversion,
exchange or reset price under any of such securities. Except or as disclosed in&nbsp;the Registration Statement, the General Disclosure
Package and the Prospectus, there are no securities of the Company or any Subsidiary that have any anti-dilution or similar adjustment
rights (other than adjustments for stock splits, recapitalizations, and the like) to the exercise or conversion price, have any exchange
rights, or reset rights. Except as set forth in the Registration Statement, the General Disclosure Package and the Prospectus, there are
no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there
are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem
a security of the Company or such Subsidiary. Except or as disclosed in&nbsp;the Registration Statement, the General Disclosure Package
and the Prospectus, the Company does not have any stock appreciation rights or &ldquo;phantom stock&rdquo; plans or agreements or any
similar plan or agreement. All of the outstanding shares of the Company are duly authorized, validly issued, fully paid and non-assessable,
have been issued in compliance in all material respects with all federal and state securities laws, conform to the description thereof
in the Registration Statement, the General Disclosure Package and the Prospectus, and none of such outstanding shares was issued in violation
of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any shareholder,
the Board of Directors or others is required for the issuance and sale of the Shares. There are no shareholders agreements, voting agreements
or other similar agreements with respect to the Company&rsquo;s capital stock to which the Company is a party or, to the best knowledge
of the Company after due inquiry, between or among any of the Company&rsquo;s shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(o)&nbsp;<I>Material Changes;
Undisclosed Events, Liabilities or Developments</I>. Since the date of the latest audited financial statements included within the Registration
Statement, (i) there has been no event, occurrence or development that has had or is expected to have a Material Adverse Effect, (ii)
the Company&nbsp;or any Subsidiary&nbsp;has not incurred any material liabilities (contingent or otherwise) other than (A) trade payables
and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be
reflected in the Company&rsquo;s financial statements pursuant to the International Financial Reporting Standards or disclosed in filings
made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend
or distribution of cash or other property to its shareholders or purchased, redeemed or made any agreements to purchase or redeem any
shares of its capital stock and (v) the Company has not issued any equity securities to any officer, director or any Person that, directly
or indirectly through one or more intermediaries, controls or is controlled by or is under common control with the Company (as such terms
are used in and construed under Rule 405 under the Securities Act) (each, an &ldquo;<U>Affiliate</U>&rdquo;), except pursuant to existing
Company equity incentive plans or as set forth in the Registration Statement, the General Disclosure Package and the Prospectus. The Company
does not have pending before the Commission any request for confidential treatment of information. Except for the issuance of the Shares
contemplated by this Agreement, no event, liability, fact, circumstance, occurrence or development has occurred or exists with respect
to the Company or its Subsidiaries or their respective businesses, properties, operations, assets or financial condition that would be
required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has
not been publicly disclosed as of the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(p)&nbsp;<I>Litigation</I>.
There is no action, suit, inquiry, notice of violation or proceeding pending or threatened in writing against or affecting the Company,
any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory
authority (federal, state, county, local or foreign) (collectively, an &ldquo;<U>Action</U>&rdquo;) which (i) adversely affects or challenges
the legality, validity or enforceability of any of the Transaction Documents or the Shares or (ii) would, if there were an unfavorable
decision, have a Material Adverse Effect. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus,
neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim
of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and there
is not pending or, to the best knowledge of the Company after due inquiry, threatened in writing, any investigation by the Commission
involving the Company or any current or former director or officer of the Company. To the best knowledge of the Company, the Commission
has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary
under the Exchange Act or the Securities Act. To the best knowledge of the Company after due inquiry, the Company&rsquo;s directors and
executive officers are not a party to any legal, governmental or regulatory proceedings that (i) would result in such director or officer
to be unsuitable for his or her position on the Board or in the Company, as the case may be, (ii) would individually or in the aggregate
have a Material Adverse Effect, or (iii) are required to be described in the Registration Statement, the General Disclosure Package and
the Final Prospectus but are not so described.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(q)&nbsp;<I>Labor Relations</I>.
The Company believes that its relations with its employees are good and no material labor dispute exists with respect to any of the employees
of the Company or any Subsidiary. None of the Company&rsquo;s or its Subsidiaries&rsquo; employees is a member of a union that relates
to such employee&rsquo;s relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party
to a collective bargaining agreement. To the best knowledge of the Company after due inquiry, no executive officer of the Company or any
Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or
proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor
of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries
to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all applicable
laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, of the jurisdiction
of its incorporation and where its business is currently conducted.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(r)&nbsp;<I>Compliance</I>.
Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, neither the Company nor any Subsidiary:
(i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both,
would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received written notice of termination
or notice of a claim that it is in default under or that it is in violation of, any Material Contract, indenture, loan or credit agreement
or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default
or violation has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority
or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including, without limitation,
all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality
and safety and employment and labor matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(s)&nbsp;<I>Environmental
Laws</I>. The Company and its Subsidiaries (i) are in compliance in all material respects with all federal, state, local and foreign laws
relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land surface
or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants,
or toxic or hazardous substances or wastes (collectively, &ldquo;<U>Hazardous Materials</U>&rdquo;) into the environment, or otherwise
relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials,
as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice letters,
orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder (&ldquo;<U>Environmental Laws</U>&rdquo;);
(ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their respective
businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where in each clause (i),
(ii) and (iii), the failure to so comply would have, individually or in the aggregate, a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(t)&nbsp;<I>Regulatory Permits</I>.
The Company and the Subsidiaries possess, and are in material compliance with the terms of, all certificates, authorizations and permits
issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as
described in the Registration Statement, except where the failure to possess such permits would not result in a Material Adverse Effect
(&ldquo;<U>Material Permits</U>&rdquo;), and neither the Company nor any Subsidiary has received any written notice of proceedings relating
to the revocation or modification of any Material Permit. All Material Permits are valid and in full force and effect and contain no materially
burdensome restrictions or conditions not described in the Registration Statement, the General Disclosure Package and the Prospectus.
Neither the Company nor any Subsidiary has any reason to believe that the Material Permits will not be renewed in the ordinary course.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(u)&nbsp;<I>Title to Assets</I>.
The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable
title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and
clear of all Liens, except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(v)&nbsp;<I>Intellectual
Property</I>. Except as would not have a Material Adverse Effect on the Company and its Subsidiaries taken as a whole, the Company and
the Subsidiaries have the right to use, all patents, trademarks, service marks, trade names, trade secrets, inventions, copyrights, licenses
and other intellectual property rights and similar rights used in connection with their respective businesses as described in the Registration
Statement. Neither the Company nor any Subsidiary has received a written notice of a claim, or otherwise has any knowledge, that the Company
or any Subsidiary violates or infringes upon the intellectual property rights of any Person. The Company has no knowledge that it will
be unable to obtain any intellectual property rights that are or may become necessary to conduct its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(w)&nbsp;<I>Insurance</I>.
The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such
amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged. Neither the Company nor
any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires
or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(x)&nbsp;<I>Transactions
With Affiliates and Employees</I>. Except as set forth in the Registration Statement, none of the officers or directors of the Company
or any Subsidiary and none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company
or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement
providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing
of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee or, to the best
knowledge of the Company after due inquiry, any entity in which any officer, director, or any such employee, including any immediate family
members thereof, has a substantial interest or is an officer, director, trustee, shareholder, member or partner, in each case in excess
of the lesser of (i) $120,000 or&nbsp;<FONT STYLE="background-color: white">one percent of the average of the Company&rsquo;s total assets
at year end for the last two completed fiscal years;</FONT>&nbsp;other than for (i) payment of salary or consulting fees for services
rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option
agreements under any stock option plan of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(y)&nbsp;<I>Sarbanes-Oxley;
Internal Accounting Controls</I>. The Company and the Subsidiaries, as an emerging growth company and smaller reporting company, are,
to the extent required, in compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective and
applicable to the Company as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder
that are effective as of the date hereof and as of the Closing Date or the Option Closing Date, as applicable. The Company and the Subsidiaries,
taken as a whole, maintain a system of internal accounting controls (as defined under Rules 13a-15 and 15d-15 under the Exchange Act)
sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management&rsquo;s general or specific
authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with the International
Financial Reporting Standards and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management&rsquo;s
general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries agree to establish, upon closing
of this Offering, disclosure controls and procedures (as defined in Exchange Act Rules 13(a)-15(e) and 15d-15(e)) for the Company and
the Subsidiaries and design such disclosure controls and procedures to ensure that information required to be disclosed by the Company
in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified
in the Commission&rsquo;s rules and forms. Except as set forth in the Registration Statement, the General Disclosure Package and the Prospectus,
the Company is not aware of any material weaknesses in its internal control over financial reporting. The Company has not received any
notice, oral or written, from the board of directors stating that it is reviewing or investigating, and neither the Company&rsquo;s independent
auditors nor its internal auditors have recommended that the board of directors review or investigate, (i) adding to, deleting, changing
the application of, or changing the Company&rsquo;s disclosure with respect to, any of the Company&rsquo;s material accounting policies
or (ii) any matter which could result in a restatement of the Company&rsquo;s financial statements for any annual or interim period during
the current or prior two fiscal years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(z)&nbsp;<I>Certain Fees;
FINRA Affiliation</I>. Except as set forth in the Registration Statement, the General Disclosure Package and the Prospectus, no brokerage
or finder&rsquo;s fees or commissions are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant,
finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents.
Except with respect to the Representative, there are no other arrangements, agreements or understandings of the Company or, to the Company&rsquo;s
best knowledge, any of its shareholders that may affect the Underwriters&rsquo; compensation, as determined by FINRA. The Company has
not made any direct or indirect payments (in cash, securities or otherwise) to (i) any person, as a finder&rsquo;s fee, investing fee
or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who provided capital
to the Company, (ii) any FINRA member, or (iii) any person or entity that has any direct or indirect affiliation or association with any
FINRA member within the 12-month period prior to the date on which the Registration Statement was filed with the Commission (the &ldquo;<U>Filing
Date</U>&rdquo;) or thereafter. To the Company&rsquo;s best knowledge, no (i) officer or director of the Company or its Subsidiaries,
(ii) owner of 10% or more of the Company&rsquo;s unregistered securities or that of its Subsidiaries or (iii) owner of any amount of the
Company&rsquo;s unregistered securities acquired within the 180-day period prior to the Filing Date, has any direct or indirect affiliation
or association with any FINRA member. The Company will advise the Underwriters and their respective counsel if it becomes aware that any
officer, director or shareholder of the Company or its Subsidiaries is or becomes an Affiliate or associated person of a FINRA member
participating in the Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(aa)&nbsp;<I>Investment Company</I>.
The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Shares, will not be or be an Affiliate
of, an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(bb)&nbsp;<I>Registration
Rights</I>. Except as set forth in the Registration Statement, the General Disclosure Package and the Prospectus, no Person has any right
to cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(cc)&nbsp;<I>Listing and
Maintenance Requirements</I>. The Class A ordinary shares are registered pursuant to Section&nbsp;12(b) of the Exchange Act, and the Company
has taken no action designed to have the effect of, terminating the registration of the Class A ordinary shares under the Exchange Act
nor has the Company received any written notification that the Commission is contemplating terminating such registration. Based on information
provided by the Representative, the Class A ordinary shares are currently eligible for electronic transfer through the Depository Trust
Company or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust Company
(or such other established clearing corporation) in connection with such electronic transfer. The issuance and sale of the Shares hereunder
does not contravene the rules and regulations of The Nasdaq Stock Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(dd)&nbsp;<I>No Integrated
Offering</I>. Neither the Company or any Person acting on its behalf, nor any Affiliate has, directly or indirectly, made any offers or
sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Shares to
be integrated with prior offerings by the Company for purposes of any applicable shareholder approval provisions of The Nasdaq Stock Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(ee)&nbsp;<I>Solvency</I>.
Based on the consolidated financial condition of the Company as of the Closing Date and as of the Option Closing Date, after giving effect
to the receipt by the Company of the proceeds from the sale of the Shares, the current cash flow of the Company, together with the proceeds
the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, will be
sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend
to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on
or in respect of its debt). Except as set forth in the Registration Statement, the General Disclosure Package and the Prospectus, the
Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under
the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date or the Option Closing Date, as applicable.&nbsp;The
Registration Statement, the General Disclosure Package and the Prospectus sets forth as of the date hereof all outstanding secured and
unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes
of this Agreement, &ldquo;<U>Indebtedness</U>&rdquo; means (x) any liabilities for borrowed money or amounts owed in excess of $50,000
(other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent
obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company&rsquo;s consolidated
balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar
transactions in the ordinary course of business; and (z) the present value of any lease&nbsp;payments in excess of $50,000 due under leases
required to be capitalized in accordance with the International Financial Reporting Standards. Except as set forth in the Registration
Statement, the General Disclosure Package and the Prospectus, neither the Company nor any Subsidiary is in default with respect to any
Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(ff)&nbsp;<I>Tax Status</I>.
Except for matters that would not, individually or in the aggregate, result in a Material Adverse Effect, each of the Company and its
Subsidiaries (i) has made or filed all United States, Cayman Islands and Japanese federal, state and local income and all foreign income
and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other
governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations
and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the
periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the
taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(gg)&nbsp;<I>Foreign Corrupt
Practices</I>. Neither the Company nor any Subsidiary, and to the knowledge of the Company, any agent or other person authorized to act
on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment
or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government
officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully
any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which
is in violation of law, or (iv) violated in any material respect any provision of Foreign Corrupt Practices Act of 1977, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(hh)&nbsp;<I>Accountants</I>.
YCM CPA INC. (the &ldquo;<U>Accountants</U>&rdquo;), which has expressed its opinion with respect to the audited financial statements
and schedules included as a part of the Registration Statement, the General Disclosure Package and the Final Prospectus, is an independent
public accounting firm with respect to the Company within the meaning of the Act and the Rules and Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(ii)&nbsp;<I>Regulation M
Compliance</I>.&nbsp;The Company, its Subsidiaries, each of their respective directors, officers, Affiliates or controlling persons have
not, and to its best knowledge no one authorized to act on its behalf has, (i) taken, directly or indirectly, any action designed to cause
or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any
of the Shares, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Shares, or (iii) paid
or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in
the case of clauses (ii) and (iii), compensation paid to the Underwriters in connection with the Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(jj)&nbsp;<I>Office of Foreign
Assets Control</I>. Neither the Company nor any Subsidiary nor, to the knowledge of the Company, any director, officer, agent, employee
or Affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets
Control of the U.S. Treasury Department (&ldquo;<U>OFAC</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(kk)&nbsp;<I>U.S. Real Property
Holding Corporation</I>. The Company is not and has never been a U.S. real property holding corporation within the meaning of Section&nbsp;897
of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon the Representative&rsquo;s request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(ll)&nbsp;[reserved]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(mm)&nbsp;<I>Money Laundering</I>.
The operations of the Company and its Subsidiaries are and have been conducted at all times in material compliance with applicable financial
record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money
laundering statutes and applicable rules and regulations thereunder (collectively, the &ldquo;<U>Money Laundering Laws</U>&rdquo;), and
no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any
Subsidiary with respect to the Money Laundering Laws is pending or has been threatened in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(nn)&nbsp;<I>Equity Incentive
Plans</I>. Except as otherwise disclosed in the Registration Statement, General Disclosure Package and the Prospectus, the Company does
not have any equity incentive plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(oo)&nbsp;<I>Certificates</I>.
Any certificate signed by any duly authorized officer of the Company or any of its Subsidiaries delivered to the Representative or its
counsel shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(pp)&nbsp;<I>D&amp;O Questionnaires</I>.
To the best knowledge of the Company, all information contained in the questionnaires (the &ldquo;<U>Questionnaires</U>&rdquo;) completed
by each of the Company&rsquo;s directors and officers named in the section &ldquo;Management&rdquo; in the Prospectus immediately prior
to the Offering (the &ldquo;<U>Insiders</U>&rdquo;) as well as in the Lock-Up Agreements in the form attached hereto as&nbsp;<U>Exhibit
A</U>&nbsp;provided to the Underwriters is true and correct in all respects and the Company has not become aware of any information which
would cause the information disclosed in the Questionnaires completed by each Insider to become inaccurate and incorrect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(qq)&nbsp;<I>Industry Data;
Forward-looking statements.&nbsp;</I>The statistical and market-related data included in each of the Registration Statement, the General
Disclosure Package, and the Prospectus are based on or derived from sources that the Company reasonably and in good faith believes are
reliable and accurate or represent the Company&rsquo;s good faith estimates that are made on the basis of data derived from such sources.
No forward-looking statement (within the meaning of Section 27A of the Act and Section 21E of the Exchange Act) included or incorporated
by reference in any of the Registration Statement, the General Disclosure Package or the Prospectus (including all amendments and supplements
thereto) has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(rr)&nbsp;<I>Scheme or Arrangement
with Shareholders</I>. Neither the Company nor any of its Affiliate is a party to any scheme or arrangement through which shareholders
or potential shareholders are being loaned, given or otherwise having money made available for the purchase of shares whether before,
in or after the Offering. Neither the Company nor any of its Affiliate is aware of any such scheme or arrangement, regardless of whether
it is a party to a formal agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(ss)&nbsp;<I>Material Acquisitions
or Dispositions</I>. Neither the Company nor any of its Subsidiaries is a party to any effective memorandum of understanding, letter of
intent, definitive agreement or any similar agreements with respect to a merger or consolidation or an acquisition or disposition of assets,
technologies, business units or businesses which is required to be described in the Registration Statement, the General Disclosure Package
and the Prospectus and which is not so described.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(tt)&nbsp;<I>Choice of Law;
Jurisdiction, etc</I>. The choice of law under Section 9(e) below is valid and enforceable against the Company in accordance with its
terms subject to the conditions and restrictions described under the caption &ldquo;Enforcement of Civil Liabilities&rdquo; in the Prospectus.
The indemnification and contribution provisions set forth hereunder do not contravene Cayman Islands or Japanese law or public policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(vv)&nbsp;<I>Financial Statements,
etc.</I>&nbsp;The financial statements, including the notes thereto and supporting schedules (if any) included in the Registration Statement,
the Pricing Disclosure Package and the Prospectus, fairly present the financial condition, the results of operations and the cash flows
of the Company at the dates and for the periods to which they apply; and such financial statements have been prepared in conformity with
U.S. GAAP in all material respects, consistently applied throughout the periods involved (provided that unaudited interim financial statements
are subject to year-end audit adjustments that are not expected to be material in the aggregate and do not contain all footnotes required
by U.S. GAAP); and the supporting schedules, if any, included in the Registration Statement present fairly the information required to
be stated therein. Except as included therein, no other historical or pro forma financial statements or supporting schedules are required
to be included in the Registration Statement, the Pricing Disclosure Package or the Prospectus under the Securities Act or the Securities
Act Regulations. The &ldquo;as adjusted&rdquo; financial information and the related notes, if any, included in the Registration Statement,
the Pricing Disclosure Package and the Prospectus have been properly compiled and prepared in accordance with the applicable requirements
of the Securities Act and the Securities Act Regulations and present fairly the information shown therein, and, in the judgment of the
Company, the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect
to the transactions and circumstances referred to therein. Except as disclosed in the Registration Statement, the Pricing Disclosure Package
and the Prospectus, (a) since the date of the last balance sheet included in the Registration Statement, the Pricing Disclosure Package
and the Prospectus, neither the Company nor any of its direct or indirect subsidiaries, including each entity disclosed or described in
the Registration Statement, the Pricing Disclosure Package and the Prospectus as being a Subsidiary, has incurred any material liabilities
or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business, (b) the
Company has not declared or paid any dividends or made any distribution of any kind with respect to its capital stock, (c) there has not
been any change in the capital stock of the Company or any of its Subsidiaries, or, other than in the ordinary course of business, any
grants under any stock compensation plan, and (d) there has not been any Material Adverse Change in the Company&rsquo;s long-term or short-term
debt. The Company represents that it has no direct or indirect Subsidiaries other than those listed in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;<U>Agreements of the
Company</U>. The Company agrees with the Underwriters as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(a)&nbsp;<I>Amendments and
Supplements to Registration Statement.</I>&nbsp;The Company shall not, either prior to any effective date or thereafter during such period
as the Prospectus is required by law to be delivered (whether physically or through compliance with Rule 172 of the Rules and Regulations
or any similar rule) (the &ldquo;<U>Prospectus Delivery Period</U>&rdquo;) in connection with sales of the Shares by an Underwriter or
dealer, amend or supplement the Registration Statement, the General Disclosure Package or the Prospectus, unless otherwise required by
the relevant authorities or a copy of such amendment or supplement thereof shall first have been submitted to the Representative within
a reasonable period of time prior to the filing or, if no filing is required, the use thereof and the Representative shall not have objected
thereto in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(b)&nbsp;<I>Amendments
and Supplements to the Registration Statement, the General Disclosure Package, and the Prospectus and Other Securities Act Matters</I>.
During the Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Securities Act, as now and
hereafter amended, and by the Rules and Regulations, as from time to time in force, and by the Exchange Act so far as necessary to permit
the continuance of sales of or dealings in the Shares as contemplated by the provisions hereof, the General Disclosure Package, the Registration
Statement and the Prospectus. If, during the Prospectus Delivery Period, any event or development shall occur or condition exist as a
result of which the General Disclosure Package or the Prospectus, as then amended or supplemented, would include any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances
then prevailing or under which they were made, as the case may be, not misleading, or if it shall be necessary to amend or supplement
the General Disclosure Package or the Prospectus in order to make the statements therein, in light of the circumstances then prevailing
or under which they were made, as the case may be, not misleading, or if in the opinion of the Representative it is otherwise necessary
to amend or supplement the Registration Statement, the General Disclosure Package or the Prospectus, or to file a new registration statement
containing the Prospectus, in order to comply with the Act, the Rules and Regulations, the Exchange Act or the Exchange Act Rules, including
in connection with the delivery of the Prospectus, the Company agrees to (i) promptly notify the Representative of any such event or
condition and (ii) promptly prepare (subject to Section&nbsp;&lrm;4(a) and &lrm;4(f) hereof), file with the Commission (and use its best
efforts to have any amendment to the Registration Statement or any new registration statement to be declared effective) and furnish at
its own expense to the Representative (and, if applicable, to dealers), amendments or supplements to the Registration Statement, the
General Disclosure Package or the Prospectus, or any new registration statement, necessary in order to make the statements in the General
Disclosure Package or the Prospectus as so amended or supplemented, in light of the circumstances then prevailing or under which they
were made, as the case may be, not misleading, or so that the Registration Statement or the Prospectus, as amended or supplemented, will
comply with the Act, the Rules and Regulations, the Exchange Act or the Exchange Act Rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(c)&nbsp;<I>Notifications
to the Underwriters.</I>&nbsp;The Company shall notify the Representative promptly, and shall confirm such advice in writing, (i) when
any post-effective amendment to the Registration Statement has become effective and when any post-effective amendment thereto becomes
effective, (ii) of any request by the Commission for amendments or supplements to the Registration Statement or the Prospectus or for
additional information, (iii) of the commencement by the Commission or by any state securities commission of any proceedings for the suspension
of the qualification of any of the Shares for offering or sale in any jurisdiction or of the initiation, or the threatening, of any proceeding
for that purpose, including, without limitation, the issuance by the Commission of any stop order suspending the effectiveness of the
Registration Statement or the initiation of any proceedings for that purpose or the threat thereof, (iv) of the happening of any event
during the Prospectus Delivery Period that in the judgment of the Company makes any statement made in the Registration Statement or the
Prospectus misleading (including by omission) or untrue or that requires the making of any changes in the Registration Statement or the
Prospectus in order to make the statements therein, in light of the circumstances in which they are made, not misleading (including by
omission), and (v) of receipt by the Company or any representative of the Company of any other communication from the Commission relating
to the Company, the Registration Statement, any preliminary prospectus or the Prospectus. If at any time the Commission shall issue any
order suspending the effectiveness of the Registration Statement, the Company shall use best efforts to obtain the withdrawal of such
order at the earliest possible moment. The Company shall comply with the provisions of and make all requisite filings with the Commission
pursuant to Rules&nbsp;424(b), 430A, 430B and 462(b) of the Rules and Regulations and to notify the Representative promptly of all such
filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(d)&nbsp;<I>Executed Registration
Statement.</I>&nbsp;The Company shall furnish to the Representative, without charge, one signed copy of the Registration Statement, and
of any post-effective amendment thereto, including financial statements and schedules, and all exhibits thereto, and shall furnish to
the Representative, without charge, a copy of the Registration Statement and any post-effective amendment thereto, including financial
statements and schedules but without exhibits, provided however, that the Representative agrees that any Registration Statement filed
with the Commission via EDGAR shall suffice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(e)&nbsp;<I>Undertakings.</I>&nbsp;The
Company shall comply with all the provisions of any undertakings contained and required to be contained in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(f)&nbsp;<I>Prospectus.</I>&nbsp;The
Company shall prepare the Prospectus in a form approved by the Representative and shall file such Prospectus with the Commission pursuant
to Rule 424(b) of the Rules and Regulations with a filing date not later than the second business day following the execution and delivery
of this Agreement. Promptly after the effective date of the Registration Statement, and thereafter from time to time during the period
when the Prospectus is required (or, but for the provisions of Rule 172 under the Act, would be required) to be delivered, the Company
shall deliver to the Representative, without charge, as many copies of the Prospectus and any amendment or supplement thereto as the Representative
may reasonably request. The Company consents to the use of the Prospectus and any amendment or supplement thereto, in the manner in compliance
with the requirements imposed upon it by the Securities Act, as now and hereafter amended, and by the Rules and Regulations, as from time
to time in force, and by the Exchange Act, by the Representative and by all dealers to whom the Shares may be sold, both in connection
with the offering or sale of the Shares and for any period of time thereafter during the Prospectus Delivery Period. If, during the Prospectus
Delivery Period any event shall occur that in the judgment of the Company or counsel to the Underwriters should be set forth in the Prospectus
in order to make any statement therein, in light of the circumstances under which it was made, not misleading (including by omission),
or if it is necessary to supplement or amend the Prospectus to comply with law, the Company shall forthwith prepare and duly file with
the Commission an appropriate supplement or amendment thereto, and shall deliver to the Representative, without charge, such number of
copies thereof as the Representative may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(g)&nbsp;<I>Permitted Free
Writing Prospectuses.&nbsp;</I>The Company represents and agrees that it has not made and, unless it obtains the prior consent of the
Representative, will not make, any offer relating to the Shares that would constitute a &ldquo;free writing prospectus&rdquo; as defined
in Rule 405 of the Rules and Regulations, required to be filed with the Commission or retained by the Company under Rule 433 of the Rules
and Regulations;&nbsp;<I>provided</I>&nbsp;that the prior written consent of the Representative hereto shall be deemed to have been given
in respect of the Issuer Free Writing Prospectuses included in&nbsp;<U>Schedule B</U>&nbsp;hereto. Any such free writing prospectus consented
to by the Representative is herein referred to as a &ldquo;<U>Permitted Free Writing Prospectus</U>.&rdquo; The Company agrees that (i)
it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, and (ii)
has complied and will comply, as the case may be, with the requirements of Rules 164 and 433 of the Act applicable to any Permitted Free
Writing Prospectus, including in respect of timely filing with the Commission, legending and record keeping. If at any time following
the issuance of an Issuer Free Writing Prospectus there occurs an event or development as a result of which such Issuer Free Writing Prospectus
would conflict with the information contained in the Registration Statement relating to the Shares or would include an untrue statement
of material fact or would omit to state a material fact necessary in order to make the statements therein, in light of the circumstances
prevailing at that subsequent time, not misleading, the Company will promptly notify the Representative and will promptly amend or supplement,
at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement, or omission. The Company
represents that it has satisfied and agrees that it will satisfy the conditions in Rule 433 to avoid a requirement to file with the Commission
any electronic road show.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(h)&nbsp;<I>Compliance with
Blue Sky Laws.</I>&nbsp;If required, prior to any public offering of the Shares by the Underwriters, the Company shall cooperate with
the Representative and counsel to the Underwriters in connection with the registration or qualification (or the obtaining of exemptions
from the application thereof) of the Shares for offer and sale under the securities or Blue Sky laws of such jurisdictions as the Representative
may request,&nbsp;<I>provided</I>,&nbsp;<I>however</I>, that in no event shall the Company be obligated to qualify a public offering outside
the United States or to do business as a foreign corporation in any jurisdiction where it is not now so qualified, to qualify or register
as a dealer in securities, to take any action which would subject it to general service of process in any jurisdiction where it is not
now so subject or subject itself to ongoing taxation in respect of doing business in any jurisdiction in which it is not so subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(i)&nbsp;<I>Delivery of Financial
Statements.</I>&nbsp;During a period of one year commencing on the effective date of the Registration Statement applicable to the Underwriters,
the Company shall furnish to the Representative and each other Underwriter who may so request copies of such financial statements and
other periodic and special reports as the Company may from time to time distribute generally to the holders of any class of its capital
stock, and will furnish to the Representative and each other Underwriter who may so request a copy of each annual or other report it shall
be required to file with the Commission; provided, however, that the availability of electronically transmitted copies filed with the
Commission pursuant to EDGAR shall satisfy the Company&rsquo;s obligation to furnish copies hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(j)&nbsp;[reserved]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(k)&nbsp;<I>Consideration;
Payment of Expenses.</I>&nbsp;In consideration of the services to be provided for hereunder, the Underwriters or their respective designees
shall receive their pro rata portion (based on the Shares purchased) of the following compensation with respect to the Shares they are
offering:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">(i) An underwriting discount
equal to seven percent (7%) of the aggregate gross proceeds raised in the Offering (the &ldquo;<U>Underwriting Discount</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">(ii) As consideration for
the Representative&rsquo;s advisory services, the Company agrees to pay the Representative, a total of $50,000 advisory fees, provided
that the Offering is subsequently completed, in accordance with the terms of this Agreement and FINRA Rule 5110(g)(4)(B). In the event
the Offering is not completed, such fee payments for the Representative&rsquo;s advisory services will be returned and reimbursed to the
Company. While performing advisory services hereunder, the Representative may communicate with (as the Company&rsquo;s advisor) or introduce
the Company to third parties who may be interested in providing financing to the Company (each, a &ldquo;<U>Financing</U>&rdquo;). The
Company agrees that if during the term of the engagement between the Company and the Representative or within three (3) months from the
effective date of the termination of such engagement (the &ldquo;<U>Advisory Period</U>&rdquo;), either the Company or any party to whom
the Company was introduced directly by the Representative, or who was contacted by the Representative on behalf of the Company in connection
with its advisory services for the Company, closes a Financing involving the Company, then, if any such Financing is consummated, the
Company shall pay to the Representative fees in accordance with a fee schedule to be agreed by the Company and the Representative (the
&ldquo;<U>Tail Fee</U>&rdquo;). Such fees shall be payable to the Representative in cash, at the closing or closings of the Financing
to which it relates. A Financing shall be deemed consummated before such date if any agreement in principle which includes material terms
of such Financing is reached prior to such date even if the closing occurs later; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">(iii) The Representative
reserves the right to reduce any item of compensation or adjust the terms thereof as specified herein in the event that a determination
shall be made by FINRA to the effect that the Underwriters&rsquo; aggregate compensation is in excess of FINRA rules or that the terms
thereof require adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">(iv) Whether or not the transactions
contemplated by this Agreement, the Registration Statement and the Prospectus are consummated or this Agreement is terminated, the Company
hereby agrees to pay the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(1) all expenses in connection
with the preparation, printing, formatting for EDGAR and filing of the Registration Statement, any Preliminary Prospectus and the Prospectus
and any and all exhibits, amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and
dealers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(2) all filing fees in connection
with filings with FINRA&rsquo;s Public Offering System;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(3) all fees, disbursements
and expenses of the Company&rsquo;s counsel, accountants and other agents and representatives in connection with the registration of the
Shares under the Act and the Offering;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(4) all expenses in connection
with the qualifications of the Shares for offering and sale under state or foreign securities or blue sky laws (including, without limitation,
all filing and registration fees, and the fees and disbursements of Underwriters&rsquo; counsel;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(5) all fees and expenses
in connection with listing the Shares on a national securities exchange;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(6) all expenses, including
travel and lodging expenses, of the Company&rsquo;s officers, directors and employees and any other expense of the Company incurred in
connection with attending or hosting meetings with prospective purchasers of the Shares, any fees and expenses associated with the iDeal
system and NetRoadshow, and all the road show expenses incurred by the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(7) any stock transfer taxes
or other taxes incurred in connection with this Agreement or the offering, including any stock transfer taxes payable upon the transfer
of securities to the Underwriters;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 140pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(8) the costs associated
with preparing, printing and delivering certificates representing the Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 140pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(9) the cost and charges
of any transfer agent or registrar for the Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 140pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(10) subject to the following
provision, other costs (including Underwriters&rsquo; counsel&rsquo;s fees and expenses) and expenses incident to the Offering that are
not otherwise specifically provided for in this Section&nbsp;4(k); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 120pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in">(11) costs relating to background
checks of the Company&rsquo;s officers and directors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>provided, however</I>, that all such costs
and expenses (including Underwriters&rsquo; counsel&rsquo;s fees and expenses) that are incurred by and reimbursable to the Underwriters
shall not exceed $240,000 in the aggregate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(l)&nbsp;<I>Non-accountable
Expenses</I>. The Company further agrees that, in addition to the expenses payable pursuant to Section&nbsp;4(k), on the Closing Date
it shall pay to the Representative, by deduction from the net proceeds of the Offering contemplated herein, a non-accountable expense
allowance equal to one percent (1%) of the aggregate gross proceeds raised in the Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(m)&nbsp;<I>Reimbursement
of Accountable Expenses.</I>&nbsp;Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is
terminated, the Company shall reimburse the Underwriters for all out-of-pocket expenses (including but not limited to, reasonable fees
and expenses of underwriters&rsquo; counsel(s)&nbsp;fees, due diligence and background check expenses, and reasonable costs for roadshow)
actually incurred by the Underwriters in connection herewith and as allowed under FINRA Rule 5110 in the amount not to exceed $240,000<I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(n)&nbsp;<I>No Stabilization
or Manipulation.</I>&nbsp;The Company or its Subsidiaries shall not at any time, directly or indirectly, take any action intended to cause
or result in, or which might reasonably be expected to cause or result in, or which will constitute, stabilization or manipulation, under
the Act or otherwise, of the price of the Shares to facilitate the sale or resale of any of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(o)&nbsp;<I>Use of Proceeds.</I>&nbsp;The
Company shall apply the net proceeds from the offering and sale of the Shares to be sold by the Company in the manner set forth in the
General Disclosure Package and the Prospectus under &ldquo;Use of Proceeds&rdquo; and shall file such reports with the Commission with
respect to the sale of the Shares and the application of the proceeds therefrom as may be required in accordance with Rule&nbsp;463 under
the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(p)&nbsp;<I>Lock-Up Agreements
of Company, Management and Affiliates.</I>&nbsp;The Company shall not, for a period of one hundred eighty (180) days after the effectiveness
of the Registration Statement (the &ldquo;<U>Lock-Up Period</U>&rdquo;), without the prior written consent of Kingswood (which consent
may be withheld in its sole discretion), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase
any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or
indirectly, or (2) file with the Commission a registration statement under the Act to register, any ordinary shares, warrants, or any
securities convertible into or exercisable or exchangeable for Ordinary Shares, except for a registration statement on Form S-8. The Company
has caused each of its officers and directors and shareholders of five percent (5%) or more of the outstanding Class A ordinary shares
and Class B ordinary shares and redeemable convertible preferred shares of the Company to enter into agreements with the Representative
in the form set forth in&nbsp;<U>Exhibit&nbsp;A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(q)&nbsp;<I>Lock-Up Releases</I>.
If Kingswood, in its sole discretion, agrees to release or waive the restrictions set forth in a lock-up letter described in Section&nbsp;4(p)
hereof for an officer or director of the Company and provides the Company with notice of the impending release or waiver at least three
Business Days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by a
press release substantially in the form of&nbsp;<U>Exhibit B</U>&nbsp;hereto through a major news service at least two Business Days before
the effective date of such release or waiver, or any other method that satisfies the obligations described in FINRA Rule 5131(d)(2) at
least two Business Days before the effective date of the release or waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(r)&nbsp;<I>NASDAQ listing</I>.&nbsp;The
Company will use its reasonable best efforts to effect and maintain the listing of the Class A ordinary shares on the NASDAQ Capital Market
for at least three (3) years after the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(s) <I>Right of First Refusal</I>.
The Company agrees that if the Shares are sold in accordance with the terms of this Agreement, for a period of twelve (12) months from
the closing of the Offering, the Company shall grant the Representative the right of first refusal to act as an investment banker, joint
book-runner and/or joint placement agent, for every future public and private equity and/or debt offering, including all equity linked
financings during such twelve (12) months period following the closing of this Offering, for the Company, or any successor to or any
subsidiary of the Company on terms customary to the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;<U>Conditions of the
Obligations of the Underwriters</U>. The obligation of the Underwriters to purchase the Firm Shares on the Closing Date or the Option
Shares on the Option Closing Date, as the case may be, as provided herein is subject to the accuracy of the representations and warranties
of the Company, the performance by the Company of its covenants and other obligations hereunder and to the following additional conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(a)&nbsp;<I>Post Effective
Amendments and Prospectus Filings.</I>&nbsp;Notification that the Registration Statement has become effective shall be received by the
Representative not later than 4:30 p.m., New York City time, on the date of this Agreement or at such later date and time as shall be
consented to in writing by the Representative and all filings made pursuant to Rules&nbsp;424, 430A, or 430B of the Rules and Regulations,
as applicable, shall have been made or will be made prior to the Closing Date in accordance with all such applicable rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(b)&nbsp;<I>No Stop Orders,
Requests for Information and No Amendments.</I>&nbsp;(i) No stop order suspending the effectiveness of the Registration Statement shall
have been issued and no proceedings for that purpose shall be pending or are, to the best knowledge of the Company after due inquiry,
threatened by the Commission, (ii) no order suspending the qualification or registration of the Shares under the securities or Blue Sky
laws of any jurisdiction shall be in effect and no proceeding for such purpose shall be pending before or threatened or contemplated by
the authorities of any such jurisdiction, (iii) any request for additional information on the part of the staff of the Commission or any
such authorities shall have been complied with to the satisfaction of the staff of the Commission or such authorities and (iv) after the
date hereof no amendment or supplement to the Registration Statement or the Prospectus shall have been filed unless a copy thereof was
first submitted to the Representative and the Representative did not object thereto in good faith, and the Representative shall have received
certificates, dated the Closing Date and the Option Closing Date and signed by the Chief Executive Officer or the Chairman of the Board
of Directors and the Chief Financial Officer of the Company in their capacities as such, and not individually, (who may, as to proceedings
threatened, certify to their knowledge), to the effect of clauses (i), (ii) and (iii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(c)&nbsp;<I>No Material Adverse
Changes.</I>&nbsp;Since the respective dates as of which information is given in the Registration Statement and the Prospectus, except
as set forth in the Registration Statement, the General Disclosure Package and the Prospectus (i) there shall not have been a Material
Adverse Change, (ii) the Company shall not have incurred any material liabilities or obligations, direct or contingent, (iii) the Company
shall not have entered into any material transactions not in the ordinary course of business other than pursuant to this Agreement and
the transactions referred to herein, (iv) the Company shall not have issued any securities (other than the Shares or the Class A ordinary
shares issued in the ordinary course of business pursuant to existing employee benefit plans of the Company referred to in the Registration
Statement, General Disclosure Package and the Prospectus) or declared or paid any dividend or made any distribution in respect of its
capital stock of any class or debt (long-term or short-term), and (v) no material amount of the assets of the Company shall have been
pledged, mortgaged or otherwise encumbered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(d)&nbsp;<I>No Actions, Suits
or Proceedings. </I>Since the respective dates as of which information is given in the Registration Statement, the General Disclosure
Package and the Prospectus, there shall have been no actions, suits or proceedings instituted, threatened against or affecting, the Company
or its Subsidiaries or any of their respective officers in their capacity as such, before or by any federal, state or local court, commission,
regulatory body, administrative agency or other governmental body, domestic or foreign, except for such actions, suits, or proceedings
which would not result in a Material Adverse Change to the Company or its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(e)&nbsp;<I>All Representations
True and Correct and All Conditions Fulfilled.</I>&nbsp;Each of the representations and warranties of the Company contained herein shall
be true and correct as of the date of the Agreement and at the Closing Date as if made at the Closing Date and any Option Closing Date,
as the case may be, and all covenants and agreements contained herein to be performed by the Company and all conditions contained herein
to be fulfilled or complied with by the Company at or prior to the Closing Date and any Option Closing Date, shall have been duly performed,
fulfilled or complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(f)&nbsp;<I>Opinions of Counsel
to the Company.</I>&nbsp;The Representative shall have received the opinions, each dated the Closing Date and any Option Closing Date,
as the case may be, each reasonably satisfactory in form and substance to the Representative and counsel for the Underwriters, from: (i)
Gunderson Dettmer Stough Villeneuve Franklin &amp; Hachigian, LLP, as United States securities counsel to the Company, including and a
written statement providing certain &ldquo;10b-5&rdquo; negative assurances; (ii) Nishi Law Firm and Kudanzaka Law Office, as Japanese
co-counsels to the Company; and (iii) Travers Thorp Alberga, as Cayman Islands counsel to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(g)&nbsp;<I>Opinion of Counsel
to the Underwriters.</I>&nbsp;The Representative shall have received an opinion and a written statement providing certain &ldquo;10b-5&rdquo;
negative assurances, dated the Closing Date and any Option Closing Date, as the case may be, from Greenberg Traurig, LLP, U.S. securities
counsel to the Underwriters, with respect to the Registration Statement, the Prospectus and this Agreement, which opinions shall be satisfactory
in all respects to the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(h)&nbsp;<I>Accountants&rsquo;
Comfort Letter.</I>&nbsp;On the date of the Prospectus, the Representative shall have received from the Accountants a letter dated the
date of its delivery, addressed to the Underwriters, in form and substance reasonably satisfactory to the Representative and counsel to
the Underwriters, containing statements and information of the type ordinarily included in accountant&rsquo;s &ldquo;comfort letters&rdquo;
to underwriters, delivered according to Statement of Auditing Standards No. 72 (or any successor bulletin), with respect to the audited
and unaudited financial statements and certain financial information contained in the Registration Statement and the Prospectus. At the
Closing Date and any Option Closing Date, as the case may be, the Representative shall have received from the Accountants a letter dated
such date, in form and substance reasonably satisfactory to the Representative and counsel to the Underwriters, to the effect that they
reaffirm the statements made in the letter furnished by them pursuant to the preceding sentence and have conducted additional procedures
with respect to certain financial figures included in the Prospectus, except that the specified date referred to therein for the carrying
out of procedures shall be no more than three Business Days prior to the Closing Date or any Option Closing Date, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(i)&nbsp;<I>Certificates</I>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">(I)&nbsp;<U>Officers&rsquo;
Certificate</U>. The Company shall have furnished to the Representative a certificate in a form substantially similar to the form attached
as&nbsp;<U>Exhibit C</U>&nbsp;hereto, dated the Closing Date and any Option Closing Date (if such date is other than the Closing Date),
of its Chief Executive Officer and its Chief Financial Officer stating that (A) such officers have carefully examined the Registration
Statement, the General Disclosure Package, any Issuer Free Writing Prospectus, and the Prospectus and, in their opinion and to the best
of their knowledge, the Registration Statement and each amendment thereto, as of the Applicable Time and as of the Closing Date (or any
Option Closing Date if such date is other than the Closing Date) did not include any untrue statement of a material fact and did not omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and the General Disclosure
Package, as of the Applicable Time and as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date),
any Issuer Free Writing Prospectus as of its date and as of the Closing Date (or any Option Closing Date if such date is other than the
Closing Date), the Prospectus and each amendment or supplement thereto, as of the respective date thereof and as of the Closing Date,
did not include any untrue statement of a material fact and did not omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances in which they were made, not misleading, (B) since the effective date of the Registration Statement,
to the best of their knowledge, no event has occurred which should have been set forth in a supplement or amendment to the Registration
Statement, the General Disclosure Package, or the Prospectus, (C) to the best of their knowledge, as of the Closing Date (or any Option
Closing Date if such date is other than the Closing Date), the representations and warranties of the Company in this Agreement are true
and correct in all material respects (except for those representations and warranties qualified as to materiality, which shall be true
and correct in all respects and except for those representations and warranties which refer to facts existing at a specific date, which
shall be true and correct as of such date) and the Company has complied with all agreements and satisfied all conditions on its part to
be performed or satisfied hereunder at or prior to the Closing Date (or any Option Closing Date if such date is other than the Closing
Date), and (D) to the best of their knowledge, there has not been, subsequent to the date of the most recent audited financial statements
included or incorporated by reference in the General Disclosure Package, a Material Adverse Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">(II)&nbsp;<U>Secretary&rsquo;s
Certificate</U>. At each of the Closing Date and any Option Closing Date, the Representative shall have received a certificate of the
Company in a form substantially similar to the form attached as&nbsp;<U>Exhibit D</U>&nbsp;hereto, signed by the Secretary of the Company,
dated the Closing Date or the Option Date, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">(III)&nbsp;<U>Chief Financial
Officer Certificate</U>. On the Closing Date or any Option Closing Date, as the case may be, the Company shall have furnished to the Representative
a certificate of the Company&rsquo;s Chief Financial Officer, dated the respective dates of their delivery and signed by the Chief Financial
Officer and addressed to the Representative, with respect to certain operating and financial data contained in each of the Registration
Statement, the General Disclosure Package and the Prospectus, providing &ldquo;management comfort&rdquo; with respect to such information,
in form and substance satisfactory to the Representative and substantially similar to the form attached as <U>Exhibit E</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(j)&nbsp;<I>Transfer Agent&rsquo;s
Certificate</I>. The Company&rsquo;s transfer agent shall have furnished or caused to be furnished to the Representative a certificate
satisfactory to the Representative of one of its authorized officers with respect to the issuance of the Shares and such other customary
matters related thereto as the Representative may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(k)&nbsp;<I>Eligible for
DTC Clearance</I>. At or prior to the Closing Date and each Option Closing Date, the Shares shall be eligible for clearance and settlement
through the facilities of the DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(l)&nbsp;<I>Lock-Up Agreements.</I>&nbsp;At
the date of this Agreement, the Representative shall have received the executed &ldquo;lock-up&rdquo; agreements referred to in Section&nbsp;4(p)
hereof from the Company&rsquo;s officers and directors and shareholders holding more than 5% of any class of the Company&rsquo;s outstanding
shares listed in&nbsp;<U>Schedule D</U>&nbsp;hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(m)&nbsp;<I>Stock Exchange
Listing.&nbsp;</I>The Shares shall have been duly authorized for listing on the NASDAQ Capital Market, subject to official notice of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(n)&nbsp;<I>Exchange Act
Registration.&nbsp;</I>One or more registration statements in respect of the Shares have been filed on Form 8-A pursuant to Section&nbsp;12(b)
of the Exchange Act, each of which registration statement complies in all material respects with the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(o)&nbsp;<I>Good Standing.&nbsp;</I>At
the Closing Date and any Option Closing Date, the Company shall have furnished to the Representative satisfactory evidence of the good
standing of the Company and its Subsidiaries, in their respective jurisdictions of organization (to the extent the concept of &ldquo;good
standing&rdquo; or such equivalent concept exists under the laws of the applicable jurisdictions), in each case in writing or any standard
form of telecommunication from the appropriate governmental authorities of such jurisdictions. If the applicable jurisdiction does not
have a concept of &ldquo;good standing,&rdquo; the Company will furnish evidence in writing or any standard form of telecommunication
from the appropriate governmental authorities that the relevant company was duly incorporated and remains duly registered in the jurisdiction
of its incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(p)&nbsp;[reserved]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(q)&nbsp;<I>No Objection</I>.
FINRA has confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting terms and
arrangements relating to the offering of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any of the conditions hereinabove
provided for in this Section&nbsp;5 shall not have been fulfilled when and as required by this Agreement to be fulfilled, the obligations
of the Underwriters hereunder may be terminated by the Representative by notifying the Company of such termination in writing at or prior
to the Closing Date or any Option Closing Date, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;<U>Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(a)&nbsp;<I>Indemnification
of the Underwriters</I>. The Company shall indemnify and hold harmless each Underwriter, its Affiliates, the directors, officers, employees
and agents of such Underwriter and each person, if any, who controls such Underwriter within the meaning of Section&nbsp;15 of the Act
or Section&nbsp;20 of the Exchange Act from and against any and all losses, claims, liabilities, expenses and damages (including any and
all investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action,
suit or proceeding between any of the indemnified parties and any indemnifying parties or between any indemnified party and any third
party, or otherwise, or any claim asserted), to which they, or any of them, may become subject under the Act, the Exchange Act or other
federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, liabilities, expenses or damages
arise out of or are based on (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement
(or any amendment thereto), including the information deemed to be a part of the Registration Statement at the time of effectiveness and
at any subsequent time pursuant to Rules 430A and 430B of the Rules and Regulations, as applicable, or the omission or alleged omission
therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii) any untrue
statement or alleged untrue statement of a material fact contained in any preliminary prospectus, any preliminary prospectus supplement,
any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement to any of the foregoing) or the omission or alleged
omission therefrom of a material fact necessary in order to make the statements therein, in light of the circumstances under which they
were made, not misleading or (iii) any untrue statement or alleged untrue statement of a material fact contained in any materials or information
provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the Shares, including
any roadshow or investor presentations made to investors by the Company (whether in person or electronically) (collectively,&nbsp;<U>Marketing
Materials</U>&rdquo;) or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading or (iv) in whole or in part any inaccuracy in any material respect
in the representations and warranties of the Company contained herein;&nbsp;<I>provided</I>,&nbsp;<I>however</I>, that the Company shall
not be liable to the extent that such loss, claim, liability, expense or damage is based on any untrue statement or omission or alleged
untrue statement or alleged omission made in reliance on and in conformity with Underwriters&rsquo; Information. This indemnity agreement
will be in addition to any liability that the Company might otherwise have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(b)&nbsp;<I>Indemnification
of the Company.</I>&nbsp;Each Underwriter, severally and not jointly, agrees to indemnify and hold harmless the Company, its Affiliates,
the directors, officers, employees and agents of the Company and each other person or entity, if any, who controls the Company within
the meaning of Section&nbsp;15 of the Act or Section&nbsp;20 of the Exchange Act, against any losses, liabilities, claims, damages and
expenses whatsoever, as incurred (including but not limited to reasonable attorneys&rsquo; fees and any and all reasonable expenses whatsoever,
incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and
all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the
Act, the Exchange Act or otherwise, insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise
out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement at
the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Rules and Regulations, any Preliminary Prospectus,
the Prospectus, or any amendment or supplement to any of them, or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the
extent, but only to the extent, that any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or
is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon the
Underwriters&rsquo; Information;&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that in no case shall any Underwriter be liable or responsible
for any amount in excess of the underwriting discount and commissions applicable to the Shares purchased by such Underwriter hereunder.
The parties agree that such information provided by or on behalf of the Underwriters through the Representative consists solely of the
material referred to in the last sentence of Section&nbsp;3(c) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(c)&nbsp;<I>Indemnification
Procedures.</I>&nbsp;Any party that proposes to assert the right to be indemnified under this Section&nbsp;&lrm;6 shall, promptly after
receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party
or parties under this Section&nbsp;&lrm;6, notify each such indemnifying party of the commencement of such action, enclosing a copy of
all papers served, but the omission so to notify such indemnifying party shall not relieve the indemnifying party from any liability that
it may have to any indemnified party under the foregoing provisions of this Section&nbsp;&lrm;6 unless, and only to the extent that, such
omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought against
any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate
in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement
of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the action,
with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of
its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any legal or other expenses
except as provided below and except for the reasonable out-of-pocket costs of investigation subsequently incurred by the indemnified party
in connection with the defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees,
expenses and other charges of such counsel will be at the expense of such indemnified party unless (i) the employment of counsel by the
indemnified party has been authorized in writing by one of the indemnifying parties in connection with the defense of such action and
that indemnifying party agrees to pay the fees and expenses of such counsel, (ii) the indemnified party has reasonably concluded (based
on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition
to those available to the indemnifying party, (iii) the indemnified party has reasonably concluded that a conflict or potential conflict
exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the
indemnifying party shall not have the right to direct the defense of such action on behalf of the indemnified party), (iv) the indemnifying
party does not diligently defend the action after assumption of the defense, or (v) the indemnifying party has not in fact employed counsel
satisfactory to the indemnified party to assume the defense of such action within a reasonable time after receiving notice of the commencement
of the action, in each of which cases the reasonable fees, disbursements and other charges of counsel shall be at the expense of the indemnifying
party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings
in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm admitted to
practice in such jurisdiction at any one time for all such indemnified party or parties. All such fees, disbursements and other charges
shall be reimbursed by the indemnifying party promptly as they are incurred. An indemnifying party shall not be liable for any settlement
of any action or claim effected without its written consent (which consent will not be unreasonably withheld or delayed). No indemnifying
party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment
in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section&nbsp;&lrm;6 (whether or
not any indemnified party is a party thereto), unless (x) such settlement, compromise or consent (i) includes an unconditional release
of each indemnified party from all liability arising or that may arise out of such claim, action or proceeding and (ii) does not include
a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party, and (y) the indemnifying
party confirms in writing its indemnification obligations hereunder with respect to such settlement, compromise or judgment. Notwithstanding
the foregoing, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees
and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by Section&nbsp;6(a)
effected without its written consent if (A) such settlement is entered into more than 45 days after receipt by such indemnifying party
of the aforesaid request, (B) such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior
to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance
with such request prior to the date of such settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(d)&nbsp;<I>Contribution.</I>&nbsp;In
order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs
of this Section&nbsp;&lrm;6 is applicable in accordance with its terms but for any reason is held to be unavailable, the Company and the
Underwriters shall contribute to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other
expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted,
but after deducting any contribution received by the Company from persons other than the Underwriters, such as persons who control the
Company within the meaning of the Act, officers of the Company who signed the Registration Statement and directors of the Company, who
may also be liable for contribution), to which the Company and the Underwriter may be subject in such proportion as shall be appropriate
to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other from the offering of the Shares
pursuant to this Agreement. The relative benefits received by the Company and the Underwriters shall be deemed to be in the same proportion
as (x) the total proceeds from the Offering (net of underwriting discount and commissions but before deducting expenses) received by the
Company bears to (y) the underwriting discount and commissions received by the Underwriters, in each case as set forth in the table on
the cover page of the Prospectus. If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law,
the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to
in the foregoing sentence but also the relative fault of the Company, on the one hand, and the Underwriters, on the other, with respect
to the statements or omissions which resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well
as any other relevant equitable considerations with respect to such offering. Such relative fault shall be determined by reference to
whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to
information supplied by the Company or the Underwriters, the intent of the parties and their relative knowledge, access to information
and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and
equitable if contributions pursuant to this Section&nbsp;6(d) were to be determined by pro rata allocation or by any other method of allocation
(even if the Underwriters were treated as one entity for such purpose) which does not take into account the equitable considerations referred
to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense or damage, or action
in respect thereof, referred to above in this Section&nbsp;6(d) shall be deemed to include, for purpose of this Section&nbsp;6(d), any
legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or
claim. Notwithstanding the provisions of this Section&nbsp;6(d), no Underwriter shall be required to contribute any amount in excess of
the underwriting discounts and commissions received by it. No person found guilty of fraudulent misrepresentation (within the meaning
of Section&nbsp;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.
For purposes of this Section&nbsp;6(d), any person who controls a party to this Agreement within the meaning of the Act will have the
same rights to contribution as that party, and each officer of the Company who signed the Registration Statement will have the same rights
to contribution (but no personal obligation to contribute) as the Company, and each director, officer, employee, counsel or agent of an
Underwriter will have the same rights to contribution as such Underwriter (but no personal obligation to contribute), subject in each
case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against
such party in respect of which a claim for contribution may be made under this Section&nbsp;6(d), will notify any such party or parties
from whom contribution may be sought, but the omission so to notify will not relieve the party or parties from whom contribution may be
sought from any other obligation it or they may have under this Section&nbsp;6(d). The obligations of the Underwriters to contribute pursuant
to this Section&nbsp;6(d) are several in proportion to the respective number of Shares to be purchased by each of the Underwriters hereunder
and not joint. No party will be liable for contribution with respect to any action or claim settled without its written consent (which
consent will not be unreasonably withheld).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(e)&nbsp;<I>Survival.</I>&nbsp;The
indemnity and contribution agreements contained in this Section&nbsp;&lrm;6 and the representations and warranties of the Company contained
in this Agreement shall remain operative and in full force and effect regardless of (i) any investigation made by or on behalf of any
Underwriter or any controlling Person thereof, (ii) acceptance of any of the Shares and payment therefor or (iii) any termination of this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&nbsp;<U>Termination</U>.
The obligations of the Underwriters under this Agreement may be terminated at any time prior to the Closing Date (or, with respect to
the Option Shares, on or prior to the Option Closing Date), by notice to the Company from the Representative, without liability on the
part of the Underwriters to the Company, if, prior to delivery and payment for the Firm Shares (or the Option Shares, as the case may
be), in the sole judgment of the Representative, any of the following shall occur:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(a) trading or quotation
in any of the equity securities of the Company shall have been suspended or limited by the Commission, or The Nasdaq Stock Market;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(b) trading in securities
generally on the New York Stock Exchange, NYSE American, the NASDAQ Capital Market, the NASDAQ Global Market, the NASDAQ Global Select
Market shall have been suspended or limited or minimum or maximum prices shall have been generally established on such exchange, or additional
material governmental restrictions, not in force on the date of this Agreement, shall have been imposed upon trading in securities generally
by such exchange or by order of the Commission or any court or other governmental authority;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(c) a general banking moratorium
shall have been declared by any of U.S. federal or New York banking authorities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(d) the Company shall have
sustained a loss material or substantial to the Company by reason of flood, fire, accident, hurricane, earthquake, theft, sabotage, or
other calamity or malicious act, whether or not such loss shall have been insured, the effect of any of which is such as to make it impracticable
or inadvisable to market the Shares on the terms and in the manner contemplated by the Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(e) any domestic or international
event or act or occurrence has materially disrupted, or in the reasonable opinion of the Underwriters will in the immediate future materially
disrupt, the market for the Company&rsquo;s securities or securities in general; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(f) there shall have been
a Material Adverse Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&nbsp;<U>Underwriter Default</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(a) If any Underwriter or Underwriters
shall default in its or their obligation to purchase Firm Shares hereunder, and if the Shares with respect to which such default relates
(the &ldquo;<U>Default Securities</U>&rdquo;) do not (after giving effect to arrangements, if any, made by the Representative pursuant
to subsection (b) below) exceed in the aggregate 10% of the number of the Firm Shares, each non-defaulting Underwriter, acting severally
and not jointly, agrees to purchase from the Company that number of Default Securities that bears the same proportion to the total number
of Default Securities then being purchased as the number of Firm Shares set forth opposite the name of such Underwriter on&nbsp;<U>Schedule
A</U>&nbsp;hereto bears to the aggregate number of Firm Shares set forth opposite the names of the non-defaulting Underwriters; subject,
however, to such adjustments to eliminate fractional shares as the Representative in its discretion shall make.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(b) In the event that the aggregate
number of Default Securities exceeds 10% of the number of Firm Shares, the Representative may in their discretion arrange for itself or
for another party or parties (including any non-defaulting Underwriter or Underwriters who so agree) to purchase the Default Securities
on the terms contained herein. In the event that within five (5) business days after such a default the Representative does not arrange
for the purchase of the Default Securities as provided in this Section&nbsp;8, this Agreement shall thereupon terminate, without liability
on the part of the Company with respect thereto (except in each case as provided in Sections 4(k), 4(m), and 6) or the Underwriters (except
as provided in Section&nbsp;6), but nothing in this Agreement shall relieve a defaulting Underwriter or Underwriters of its or their liability,
if any, to the other Underwriters and the Company for damages occasioned by its or their default hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(c) In the event that any Default
Securities are to be purchased by the non-defaulting Underwriters, or are to be purchased by another party or parties as aforesaid, the
Representative or the Company shall have the right to postpone the Closing Date for a period, not exceeding five (5) Business Days, in
order to effect whatever changes may thereby be necessary in the Registration Statement or the Prospectus or in any other documents and
arrangements, and the Company agrees to file promptly any amendment or supplement to the Registration Statement or the Prospectus which,
in the reasonable opinion of Underwriters&rsquo; Counsel, may be necessary or advisable. The term &ldquo;Underwriter&rdquo; as used in
this Agreement shall include any party substituted under this Section&nbsp;8 with like effect as if it had originally been a party to
this Agreement with respect to such Firm Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&nbsp;<U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in; background-color: white">(a)&nbsp;<I>Notices.</I>&nbsp;Each
party to this Agreement shall deliver all&nbsp;notices, requests, consents, claims, demands, waivers, and other communications under this
Agreement (each, a &ldquo;<U>Notice</U>&rdquo;) in writing and addressed to the other party at its address set out below (or to any other
address that the receiving Party may designate from time to time in accordance with this section). Each party to this Agreement shall
deliver all&nbsp;Notices&nbsp;by personal delivery, nationally recognized overnight courier (with all fees prepaid), or email (with confirmation
of transmission), or certified or registered mail (in each case, return receipt requested, postage prepaid). Except as otherwise provided
in this Agreement, a&nbsp;Notice&nbsp;is effective only (a) upon receipt by the receiving party and (b) if the party giving the&nbsp;Notice&nbsp;has
complied with the requirements of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-size: 10pt"><FONT STYLE="font-size: 10pt">If to the Company:</FONT></TD>
    <TD STYLE="width: 75%">29F, 1 Chome-9-10, ARK Hills Sengokuyama Mori Tower<BR> Roppongi, Minato City,<BR> Tokyo 106-0032, Japan<BR> Email: ceo@ctw.inc<BR> Attention: Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">If to the Representative or the Underwriter:</FONT></TD>
    <TD>126 E 56th St, Suite 22S,<BR> New York, New York 10022<BR> Email: ttian@kingswoodus.com<BR> Attention: Tony Tian</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">with a copy to (which shall not constitute notice):</FONT></TD>
    <TD>Greenberg Traurig, LLP<BR> 1750 Tysons Boulevard, Suite 1000<BR> McLean, VA 22102<BR> Email: Jason.Simon@gtlaw.com<BR> Attention: Jason Simon, Esq.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(b)&nbsp;<I>No Third Party
Beneficiaries.</I>&nbsp;This Agreement has been and is made solely for the benefit of the Underwriters, the Company and, with respect
to Section&nbsp;6, the controlling persons, directors, officers, employees, counsel and agents referred to in Section&nbsp;&lrm;6 hereof,
and their respective successors and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement.
The term &ldquo;successors and assigns&rdquo; as used in this Agreement shall not include a purchaser of Shares from any Underwriter in
his, her or its capacity as such a purchaser, as such purchaser of Shares from such Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(c)&nbsp;<I>Survival of Representations
and Warranties.</I>&nbsp;All representations, warranties and agreements of the Company contained herein or in certificates or other instruments
delivered pursuant hereto shall remain operative and in full force and effect regardless of any investigation made by or on behalf of
the Underwriters or any of their controlling persons and shall survive delivery of and payment for the Shares hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(d)&nbsp;<I>Disclaimer of
Fiduciary Relationship</I>. The Company acknowledges and agrees that (i) the purchase and sale of the Shares pursuant to this Agreement,
including the determination of the public offering price of the Shares and any related discounts and commissions, is an arm&rsquo;s-length
commercial transaction between the Company, on the one hand, and the Underwriters, on the other hand, (ii) in connection with the Offering
contemplated by this Agreement and the process leading to such transaction, the Underwriters are and have been acting pursuant to a contractual
relationship created solely by this Agreement and are not agents or fiduciaries of the Company or its security holders, creditors, employees
or any other party, (iii) no Underwriter has assumed nor will it assume any advisory or fiduciary responsibility in favor of the Company
with respect to the offering of the Shares contemplated by this Agreement or the process leading thereto (irrespective of whether such
Underwriter or its Affiliates has advised or is currently advising the Company on other matters) and each such Underwriter has no obligation
to the Company with respect to the offering of the Shares contemplated by this Agreement except the obligations expressly set forth in
this Agreement, (iv) the Underwriters and their Affiliates may be engaged in a broad range of transactions that involve interests that
differ from those of the Company, and (v) no Underwriter has provided any legal, accounting, regulatory or tax advice with respect to
the Offering contemplated by this Agreement and the Company has consulted its own legal, accounting, regulatory and tax advisors to the
extent it deemed appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(e)&nbsp;<I>GOVERNING LAW.</I>&nbsp;THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO
BE PERFORMED ENTIRELY WITHIN SUCH STATE without regard to the conflict of laws principles thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(f)&nbsp;<I>Submission to
Jurisdiction</I>. The Company irrevocably submits to the non-exclusive jurisdiction of any New York State or United States federal court
sitting in The City of New York, Borough of Manhattan, over any suit, action or proceeding arising out of or relating to this Agreement,
the Disclosure Package, the Prospectus, the Registration Statement, or the offering of the Shares. The Company irrevocably waives, to
the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any such suit, action
or proceeding brought in such a court and any claim that any such suit, action or proceeding brought in such a court has been brought
in an inconvenient forum. To the extent that the Company has or hereafter may acquire any immunity (on the grounds of sovereignty or otherwise)
from the jurisdiction of any court or from any legal process with respect to itself or its property, the Company irrevocably waives, to
the fullest extent permitted by law, such immunity in respect of any such suit, action or proceeding including without limitation, any
immunity pursuant to the U.S. Foreign Sovereign Immunities Act of 1976, as amended. Each of the Underwriters and the Company further agrees
to accept and acknowledge service of any and all process which may be served in any such suit, action or proceeding in the Supreme Court
of the State of New York, New York County, or in the United States District Court for the Southern District of New York and agrees that
service of process upon the Company mailed by certified mail or delivered by Federal Express via overnight delivery to the Company&rsquo;s
address shall be deemed in every respect effective service of process upon the Company in any such suit, action or proceeding, and service
of process upon an Underwriter mailed by certified mail or delivered by Federal Express via overnight delivery to the Underwriters&rsquo;
address shall be deemed in every respect effective service of process upon such Underwriter in any such suit, action or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(g)&nbsp;<I>Judgment Currency</I>.
If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder into any currency other than United
States dollars, the parties hereto agree, to the fullest extent permitted by law, that the rate of exchange used shall be the rate at
which in accordance with normal banking procedures the Underwriters could purchase United States dollars with such other currency in The
City of New York on the business day preceding that on which final judgment is given. The obligation of the Company with respect to any
sum due from it to an Underwriter or any person controlling such Underwriter shall, notwithstanding any judgment in a currency other than
United States dollars, not be discharged until the first business day following receipt by such Underwriter or controlling person of any
sum in such other currency, and only to the extent that such Underwriter or controlling person may in accordance with normal banking procedures
purchase United States dollars with such other currency. If the United States dollars so purchased are less than the sum originally due
to such Underwriter or controlling person hereunder, the Company agrees as a separate obligation and notwithstanding any such judgment,
to indemnify such Underwriter or controlling person against such loss. If the United States dollars so purchased are greater than the
sum originally due to such Underwriter or controlling person hereunder, such Underwriter or controlling person agrees to pay to the Company
an amount equal to the excess of the dollars so purchased over the sum originally due to such Underwriter or controlling person hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(h)&nbsp;<I>Counterparts.</I>&nbsp;This
Agreement may be signed in two or more counterparts with the same effect as if the signatures thereto and hereto were upon the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(i)&nbsp;<I>Survival of Provisions
Upon Invalidity of Any Single Provision.</I>&nbsp;In case any provision in this Agreement shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(j)&nbsp;<I>Waiver of Jury
Trial.</I>&nbsp;The Company and each Underwriter each hereby irrevocably waive any right they may have to a trial by jury in respect of
any claim based upon or arising out of this Agreement or the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(k)&nbsp;<I>Titles and Subtitles.</I>&nbsp;The
titles of the sections and subsections of this Agreement are for convenience and reference only and are not to be considered in construing
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(l)&nbsp;<I>Entire Agreement.</I>&nbsp;This
Agreement embodies the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings
relating to the subject matter hereof. This Agreement may not be amended or otherwise modified or any provision hereof waived except by
an instrument in writing signed by the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature page follows.</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing correctly
sets forth your understanding, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute
a binding agreement among us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>CTW CAYMAN</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accepted by the Representative, acting for itself
and as</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Representative of the Underwriters named on&nbsp;<U>Schedule
A</U>&nbsp;hereto,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">as of the date first written above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>KINGSWOOD CAPITAL PARTNERS, LLC</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 49%; border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Name of Underwriter</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of<BR>
Firm Shares to be Purchased</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt">Kingswood Capital Partners, LLC</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt">TFI Securities and Futures Limited</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 27; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ISSUER FREE WRITING PROSPECTUSES:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IPO Roadshow Presentation filed with the Commission
on June 27, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
C</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Pricing Information</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Number of Firm Shares: [&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Number of Option Shares: [&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public Offering Price per Firm Share: [&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public Offering Price per Option Share: [&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Underwriting Discount per Firm Share: [&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Underwriting non-accountable expense allowance
per Firm Share: [&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
D</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">List of Lock-Up Parties</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Ryuichi Sasaki</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Akihiro Ishiwata</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Patrick Liu</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Hairihan Tong</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Kevin Dean Vassily</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Naoto Hattori</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Koichiro Yamashita</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CTW (BVI) LTD&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">EXHIBIT A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LOCK-UP AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[&#9679;], 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Kingswood Capital Partners, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">126 E 56th St, Suite&nbsp;22S&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">Re:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>CTW Cayman</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As an inducement to Kingswood
Capital Partners, LLC , as representative of the underwriters (the&nbsp;<B><I>&ldquo;Representative&rdquo;</I></B>), to execute an underwriting
agreement (the&nbsp;<B><I>&ldquo;Underwriting Agreement&rdquo;</I></B>) providing for a public offering (the&nbsp;<B><I>&ldquo;Offering&rdquo;</I></B>)
of Class A ordinary shares (&ldquo;<B><I>Class A ordinary shares</I></B>&rdquo;), par value $0.0001 per share (the&nbsp;<B><I>&ldquo;Shares&rdquo;&nbsp;</I></B>or
&ldquo;<B><I>Securities</I></B>&rdquo;), of CTW Cayman, a Cayman Islands exempted company (the&nbsp;<B><I>&ldquo;Company&rdquo;</I></B>),
the undersigned hereby agrees that without, in each case, the prior written consent of the Representative, during the period specified
in the second succeeding paragraph (the&nbsp;<B><I>&ldquo;Lock-Up Period&rdquo;</I></B>), the undersigned will not: (1) offer, pledge,
announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell,
grant any option, right or warrant to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, any Shares
or any securities convertible into, exercisable or exchangeable for or that represent the right to receive Shares (including, without
limitation, Shares which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations of the
U.S. Securities and Exchange Commission (the &ldquo;<B><I>SEC</I></B>&rdquo;) and securities which may be issued upon exercise of a stock
option) whether now owned or hereafter acquired (the&nbsp;<B><I>&ldquo;Undersigned&rsquo;s Securities&rdquo;</I></B>) or (2) file or caused
to be filed any registration statement with the SEC (excluding a registration statement on the form S-8) relating to the offering of the
Class A ordinary shares of the Company. The foregoing restriction is expressly agreed to preclude the undersigned from engaging in any
hedging or other transaction which is designed to or which reasonably could be expected to lead to or result in a sale or disposition
of the Undersigned&rsquo;s Securities even if such Undersigned&rsquo;s Securities would be disposed of by someone other than the undersigned.
Such prohibited hedging or other transactions would include, without limitation, any short sale or any purchase, sale or grant of any
right (including, without limitation, any put or call option) with respect to any of the Undersigned&rsquo;s Securities or with respect
to any security that includes, relates to, or derives any significant part of its value from such Undersigned&rsquo;s Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the undersigned
agrees that, without the prior written consent of the Representative, it will not, during the Lock-Up Period, make any demand for or exercise
any right with respect to, the registration of any Shares or any security convertible into or exercisable or exchangeable for Shares other
than as contemplated in the registration statement relating to the Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Lock-Up Period shall mean
the period commencing on the date of this Lock-Up Agreement and continue and include the date one hundred and eighty (180) days after
the date of the final prospectus used to sell Shares in the Offering pursuant to the Underwriting Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing
shall not apply to: (a) any exercise (including a cashless exercise or broker-assisted exercise and payment of tax obligations), vesting
or settlement, as applicable, of options or warrants to purchase Shares or other equity awards pursuant to any stock incentive plan or
stock purchase plan of the Company; provided that any Shares received by the Person upon such exercise, conversion or exchange will be
subject to the Lock-Up Period, (b) transfers of Shares as a bona fide gift, transfers of Shares to any member of the immediate family
of the undersigned or to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned, transfers
of Shares to any corporation, partnership, limited liability company, investment fund or other entity controlled or managed, or under
common control or management by, the undersigned, or transfers of Shares for bona fide estate planning purposes;&nbsp;<I>provided</I>&nbsp;that
(i)&nbsp;each donee or distributee shall sign and deliver a&nbsp;lock-up&nbsp;agreement substantially in the form of this agreement and
(ii)&nbsp; and such transfer does not involve a disposition for value, (c) any establishment of a trading plan pursuant to Rule 10b5-1
under the Exchange Act for the transfer of Shares (a &ldquo;<B>Trading Plan</B>&rdquo;); provided that (i) the Trading Plan shall not
provide for or permit any transfers, sales or other dispositions of Shares during the Lock-Up Period and (ii) the Trading Plan would not
require any filing under Section&nbsp;16(a) of the Exchange Act and no such filing is voluntarily made, (d) any transfer of Shares acquired
in open market transactions following the closing of this Offering, provided the transfer would not require any filing under Section&nbsp;16(a)
of the Exchange Act and no such filing is voluntarily made, (e) the transfer of the Person&rsquo;s Shares or any security convertible
into or exercisable or exchangeable for Class A ordinary shares to the Company in connection with the termination of the Person&rsquo;s
employment with the Company or pursuant to contractual arrangements under which the Company has the option to repurchase such shares,
provided that no filing by any party under the Exchange Act shall be required or shall be made voluntarily within 45 days after the date
the Person ceases to provide services to the Company, and after such 45<SUP>th</SUP>&nbsp;day, if the Person is required to file a report
under the Exchange Act reporting a reduction in beneficial ownership of Class A ordinary shares during the Lock-Up Period, the Person
shall indicate in the footnotes thereto that the filing relates to the termination of the Person&rsquo;s employment, and no other public
announcement shall be made voluntarily in connection with such transfer (other than the filing on a Form 5 made after the expiration of
the Lock-Up Period), (f) the conversion of the outstanding securities into Shares, provided that any such Shares received upon such conversion
shall be subject to the restrictions on transfer set forth in this Lock-Up Agreement, or (g) the transfer of Shares or any security convertible
into or exercisable or exchangeable for Shares pursuant to a bona fide third-party tender offer for securities of the Company, merger,
consolidation or other similar transaction that is approved by the disinterested members of the board of directors of the Company, made
to all holders of Class A ordinary shares involving a change of control, provided that all of the Undersigned&rsquo;s Relevant Securities
subject to this Lock-Up Agreement shall remain subject to the restrictions herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In furtherance of the foregoing,
the Company and its transfer agent and registrar are hereby authorized to decline to make any transfer of Shares if such transfer would
constitute a violation or breach of this Lock-Up Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.95pt">The undersigned hereby represents
and warrants that the undersigned has full power and authority to enter into this Lock-Up Agreement and that, upon request, the undersigned
will execute any additional documents necessary in connection with the enforcement hereof. All authority herein conferred or agreed to
be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs or personal representatives of
the undersigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned understands
that the undersigned shall be released from all obligations under this Lock-Up Agreement if (i)&nbsp;the Company or the Representative
informs the other that it does not intend to proceed with the Offering, (ii)&nbsp;the Underwriting Agreement does not become effective
or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior
to payment for and delivery of the Shares to be sold thereunder, or (iii)&nbsp;the Offering is not completed by September 30, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned understands
that the Representative is entering into the Underwriting Agreement and proceeding with the Offering in reliance upon this Lock-Up Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Lock-Up Agreement shall
be governed by, and construed in accordance with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whether or not the Offering
actually occurs depends on a number of factors, including market conditions. Any Offering will only be made pursuant to the Underwriting
Agreement, the terms of which are subject to negotiation among the parties thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature page follows]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(Name - Please Print)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(Signature)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>EXHIBIT B</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Form of Press Release for Lock-Up Waiver/Release]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[Date]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CTW Cayman, a Cayman Islands exempted company
(the &ldquo;<U>Company</U>&rdquo;), announced today that Kingswood Capital Partners, LLC the lead book-running manager in the Company&rsquo;s
recent public sale of Class A ordinary shares, is [waiving][releasing] a lock-up restriction with respect to [___] of the Company&rsquo;s
Class A ordinary shares held by [certain officers or directors][an officer or director] of the Company. The [waiver][release] will take
effect on [___], and the Class A ordinary shares may be sold on or after such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This press release is not an offer for sale
of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered
or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as
amended.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">34</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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