EVP’s option stake in CTW Cayman (CTW) detailed in Form 3

Rhea-AI Filing Summary

CTW Cayman executive vice president Ishiwata Akihiro reported his initial beneficial ownership on a Form 3. He holds stock options exercisable into 1,170,213 Class A Ordinary Shares at an exercise price of $1.75 per share, expiring on December 17, 2035. The options became exercisable on December 17, 2025 and represent a direct holding.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Ishiwata Akihiro

Role Executive Vice President

Type	Security	Shares	Price	Value
holding	Stock options	--	--	--

Holdings After Transaction: Stock options — 1,170,213 shares (Direct)

Footnotes (1)

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Key Figures

Underlying shares: 1,170,213 shares Exercise price: $1.75 per share Expiration date: December 17, 2035 +1 more

4 metrics

Underlying shares 1,170,213 shares Underlying Class A Ordinary Shares for reported stock options

Exercise price $1.75 per share Exercise price of CTW Cayman stock options

Expiration date December 17, 2035 Option term end for CTW Cayman stock options

Vesting date December 17, 2025 Date stock options became exercisable

Key Terms

Form 3, stock options, Class A Ordinary Shares, exercise price, +1 more

5 terms

Form 3 regulatory

"reported his initial beneficial ownership on a Form 3"

Form 3 is the initial public filing that officers, directors and large shareholders must submit to report their ownership of a company’s securities when they become insiders. It acts like an opening inventory sheet that gives investors a starting point to see who holds significant stakes and to spot later trades or potential conflicts of interest, helping assess insider confidence and transparency.

stock options financial

"He holds stock options exercisable into 1,170,213 Class A Ordinary Shares"

Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.

Class A Ordinary Shares financial

"exercisable into 1,170,213 Class A Ordinary Shares at an exercise price"

Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.

exercise price financial

"at an exercise price of $1.75 per share, expiring on December 17, 2035"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

expiration date financial

"expire on December 17, 2035, defining the options’ expiration date"

The expiration date is the deadline after which a financial contract, such as an option or a futures agreement, is no longer valid or can be exercised. It matters to investors because it determines the timeframe during which they can take action or benefit from the contract, similar to how a coupon or a food item has a limited period of usefulness. Once the expiration date passes, the contract loses its value or ability to be used.

Understanding Insider Trading Forms →

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Ishiwata Akihiro

(Last) (First) (Middle)

29F, 1 CHOME-9-10, ARK HILLS SENGOKUYAMA

MORI TOWER, ROPPONGI, MINATO CITY

(Street)

TOKYO 106-0032

(City) (State) (Zip)

JAPAN

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
04/01/2026

3. Issuer Name and Ticker or Trading Symbol
CTW Cayman [ CTW ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Vice President

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock options	(1)	12/17/2035	Class A Ordinary Shares	1,170,213	$1.75	D

Explanation of Responses:

1. The stock options became exercisable on December 17, 2025

	/s/ Akihiro Ishiwata	04/01/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does Ishiwata Akihiro’s Form 3 for CTW reveal?

The Form 3 shows Ishiwata Akihiro’s initial beneficial ownership in CTW Cayman. He holds stock options for 1,170,213 Class A Ordinary Shares at a $1.75 exercise price, expiring December 17, 2035, reported as a direct holding.

How many CTW (CTW) shares are covered by Ishiwata Akihiro’s stock options?

The reported stock options are exercisable into 1,170,213 Class A Ordinary Shares of CTW Cayman. These options define his potential equity exposure if exercised, as disclosed in the initial ownership statement on Form 3.

What is the exercise price and term of the CTW stock options reported?

The stock options carried an exercise price of $1.75 per underlying Class A Ordinary Share and expire on December 17, 2035. This long-dated term outlines how long Ishiwata Akihiro can choose to exercise these options.

When did the CTW Cayman stock options held by Ishiwata Akihiro become exercisable?

According to the disclosure, the stock options became exercisable on December 17, 2025. This vesting date marks when Ishiwata Akihiro first gained the right to convert the options into Class A Ordinary Shares at the set exercise price.

Is Ishiwata Akihiro’s CTW ownership on this Form 3 direct or indirect?

The Form 3 classifies the reported position as direct ownership. The stock options and the 1,170,213 underlying Class A Ordinary Shares are attributed directly to Ishiwata Akihiro, with no indication of intermediary entities in this disclosure.