Market Newsdesk

ATLANTA, Oct. 16, 2026 (GLOBE NEWSWIRE) — A shareholder class action lawsuit has been filed against D-Wave Quantum Inc. (“D-Wave”) (NASDAQ: QBTS). The lawsuit alleges that Defendants made false and misleading statements and/or failed to disclose material adverse facts, including allegations that: (i) Defendants materially overstated D-Wave’s business and financial prospects; (ii) the foregoing was reasonably likely to negatively impact D-Wave’s business and reputation; and (iii) as a result, Defendants’ public statements were materially false and misleading at all relevant times.

If you purchased D-Wave shares between February 26, 2026 and August 25, 2026, and experienced a loss on that investment, you are encouraged to discuss your legal rights by contacting Corey D. Holzer, Esq. at [email protected], by toll-free telephone at (888) 508-6832, or by visiting the firm’s website at www.holzerlaw.com/case/d-wave-quantum/ for more information. 

The deadline to ask the court to be appointed lead plaintiff in the case is December 14, 2026. 

Holzer & Holzer, LLC, an ISS top rated securities litigation law firm for 2021, 2022, 2023, and 2025, dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. Since its founding in 2000, Holzer & Holzer attorneys have played critical roles in recovering hundreds of millions of dollars for shareholders victimized by fraud and other corporate misconduct. More information about the firm is available through its website, www.holzerlaw.com, and upon request from the firm. Holzer & Holzer, LLC has paid for the dissemination of this promotional communication, and Corey Holzer is the attorney responsible for its content.  

CONTACT: 
Corey D. Holzer, Esq. 
(888) 508-6832 (toll-free)
[email protected] 

SAN JOSE, Calif., Oct. 16, 2026 (GLOBE NEWSWIRE) — Blaize Holdings, Inc. (NASDAQ: BZAI, NASDAQ: BZAIW) (“Blaize,” the “Company,” “we,” “us,” and “our”), a leader in programmable, energy-efficient AI computing, announced today that its Board of Directors declared a dividend of one one-thousandth of a share of newly designated Series B Preferred Stock, par value $0.0001 per share, for each outstanding share of Blaize common stock held of record on October 26, 2026. The outstanding shares of Series B Preferred Stock will vote together with the outstanding shares of the Company’s common stock as a single class exclusively with respect to any proposal to adopt an amendment to the Company’s certificate of incorporation to reclassify the outstanding shares of the Company’s common stock into a smaller number of shares of such common stock at a ratio specified in or determined in accordance with the terms of any such amendment (a “Reverse Stock Split Proposal”), as well as any proposal to adjourn any meeting of stockholders called for the purpose of voting on the foregoing matter (an “Adjournment Proposal”), and will not be entitled to vote on any other matter, except to the extent required under the Delaware General Corporation Law. Subject to certain limitations, each outstanding share of Series B Preferred Stock will have 1,000,000 votes per share (or 1,000 votes per one one-thousandth of a share of Series B Preferred Stock).

All shares of Series B Preferred Stock that are not present in person or by proxy at any meeting of stockholders held to vote on the above described amendment proposal as of immediately prior to the opening of the polls at such meeting will automatically be redeemed by the Company. Any outstanding shares of Series B Preferred Stock that have not been so redeemed will automatically be redeemed in whole, but not in part, at the close of business on the earlier of (i) the business day established by the Company’s Board of Directors in its sole discretion and (ii) the first business day following the date on which the Company’s stockholders approve an amendment to the Company’s certificate of incorporation to reclassify the outstanding shares of the Company’s common stock into a smaller number of shares of such common stock at a ratio specified in or determined in accordance with the terms of any such amendment.

The Company’s Board of Directors has adopted resolutions providing that the Series B Preferred Stock will be uncertificated. The certificate of designation governing Series B Preferred Stock will provide that shares of Series B Preferred Stock may not be transferred except in connection with a transfer by such holder of any shares of the Company’s common stock held by such holder. In that case, a number of one one-thousandths of a share of Series B Preferred Stock equal to the number of shares of the Company’s common stock to be transferred by such holder will be transferred to the transferee of such shares of common stock.

Further details regarding the Series B Preferred Stock will be contained in a report on Form 8-K to be filed by Blaize with the Securities and Exchange Commission.

About Blaize Holdings, Inc.

Blaize delivers a programmable AI platform, purpose-built for AI inference workloads in real-world environments. Its Hybrid AI architecture combines the Blaize GSP (Graph Streaming Processor) with GPU-based infrastructure, enabling AI inference workloads to run across edge, cloud, and data center. Blaize solutions support computer vision, multimodal AI, and sensor-driven applications across smart cities, industrial automation, telecommunications, retail, logistics, and mission-critical operations. Blaize is headquartered in San Jose, California, with a presence across North America, Europe, the Middle East, and Asia. Visit www.blaize.com or follow us on LinkedIn @blaizeinc.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements regarding a Reverse Stock Split Proposal and an Adjournment Proposal, if any.

Forward-looking statements are based on management’s current expectations and are subject to risks, uncertainties and changes in circumstances, many of which are outside the Company’s control. Actual results may differ materially from those expressed or implied by these forward-looking statements. Important factors that could cause actual results to differ materially are discussed in the Company’s filings with the Securities and Exchange Commission, including the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 24, 2026, as amended on April 30, 2026. Forward-looking statements speak only as of the date of this press release, and the Company assumes no obligation to update them except as required by law.

Investors Contact


[email protected] 

Media Contact


[email protected] 

ATHENS, Greece, Oct. 16, 2026 (GLOBE NEWSWIRE) — Rubico Inc. (Nasdaq: RUBI) (the “Company,” “Rubico,” “we” or “us”), a global provider of shipping transportation services specializing in the ownership of vessels, today announced it has entered into a securities purchase agreement (the “Purchase Agreement”) with a single institutional investor (the “Holder”) to issue senior convertible notes (the “Notes”) in the aggregate principal amount of $9,444,444, bearing an original issue discount of 10% and warrants (the “Warrants”) to purchase common shares with an aggregate initial cash exercise price of $9,444,444. The Company expects to issue such Notes and Warrants on or about October 19, 2026 (the “First Tranche Closing”), subject to the satisfaction of customary closing conditions. The Company will receive gross proceeds of $8,500,000 at the First Tranche Closing.

The Notes are unsecured and will bear an interest rate of 8.00% per annum if paid in cash and 10.00% per annum if paid in Common Shares. The Notes will mature 12 months after issuance, subject to extension at the Company’s option to 18 months, provided that upon such extension the principal amount of the applicable Note will be increased by 5%. The Notes will be convertible at a conversion price equal to the lower of the closing price of the Company’s common shares immediately prior to issuance or the average closing price over the five days prior to issuance (the “Fixed Conversion Price”). The Fixed Conversion Price with respect to the First Tranche Closing will be $0.3646. The Notes are also convertible at the Holder’s option at an alternate conversion price equal to the greater of 85% of the lowest daily volume-weighted average price of the Company’s common shares during the 10 trading days preceding the conversion date and a floor price of $0.10.

The warrants will be immediately exercisable, will expire on the five-year anniversary of the issuance date and will have an initial exercise price equal to the Fixed Conversion Price. At the First Tranche Closing the Company expects to issue Warrants exercisable to purchase 25,903,577 common shares at an exercise price of $0.3646 per share.

In addition, subject to certain conditions set forth in the Purchase Agreement, the Company may issue and sell to the Holder in a second closing (the “Second Tranche Closing”) an additional $5,555,556 in aggregate principal amount of the Notes and Warrants to purchase common shares with an aggregate initial cash exercise price of $5,555,556. The Company would receive gross proceeds of $5,000,000 at the Second Tranche Closing.

In addition, at each of the First Tranche Closing and the Second Tranche Closing, the Company has agreed pursuant to the Purchase Agreement to issue a number of common shares (and/or pre-funded warrants in lieu thereof) (“Commitment Shares”) to the Holder equal to 5% of the face value of the principal amount of the Notes issued at each closing divided by the Fixed Conversion Price with respect to the relevant tranche. At the First Tranche Closing the Company expects to issue 1,295,179 Commitment Shares (and/or pre-funded warrants in lieu thereof).

Maxim Group LLC is acting as the sole placement agent in connection with the offering.

The securities described above are being offered pursuant to a shelf registration statement on Form F-3 (File No. 333-297207), which was declared effective by the United States Securities and Exchange Commission (“SEC”) on July 14, 2026. A prospectus supplement relating to the securities to be issued in the Offering will be filed by the Company with the SEC. When available, copies of the prospectus supplement relating to the Offering, together with the accompanying prospectus, can be obtained at the SEC’s website at www.sec.gov or by contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Syndicate Department, or via email at [email protected] or by telephone at (212) 895-3745.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About the Company

Rubico Inc. is a global provider of shipping transportation services specializing in the ownership of vessels. The Company is an international owner and operator of two modern, fuel efficient, eco 157,000 dwt Suezmax tankers. Furthermore, the Company owns three 47,499 dwt MR tanker newbuildings scheduled for delivery in the second, third and fourth quarters of 2029 and a 60-meter newbuilding megayacht scheduled for delivery in the second quarter of 2027, which the Company intends to divest.

The Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Athens, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “RUBI”.

Please visit the Company’s website at: https://rubicoinc.com/

For further information please contact:

Nikolaos Papastratis
Chief Financial Officer
Rubico Inc.
Tel: +30 210 812 8107
Email: [email protected]

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including statements regarding the Notes and Warrants and closing of the offering described herein, the construction and delivery of the Company’s newbuilding vessels and the potential divestiture of the Company’s newbuilding megayacht.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Please see the Company’s filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. 

KUALA LUMPUR, Oct. 16, 2026 (GLOBE NEWSWIRE) — VCI Global Limited (NASDAQ: VCIG) (“VCI Global” or the “Company”), today announced its unaudited financial results for the six months ended June 30, 2026 (“1H2026”), as it advances its strategic transition toward AI computing, AI token services and infrastructure-related opportunities.

The first half of 2026 marked a significant transition for VCI Global following the separation and divestment of its capital markets consultancy, fintech and other non-core businesses. The Company is now concentrating its resources and capital allocation on building AI computing capabilities, commercializing AI services and developing infrastructure opportunities across the AI value chain.

At the same time, VCI Global is pursuing complementary opportunities in renewable energy, energy storage and carbon assets as it works toward a broader infrastructure model connecting AI, computing, energy and sustainability.

• Total equity increased 19.2% to US$114.70 million as of June 30, 2026, compared with US$96.21 million as compared to December 31, 2025.
• Total liabilities declined 17.7% to US$17.03 million from US$20.69 million over the same period.
• Cash and bank balances rose more than fivefold to US$5.19 million from US$0.94 million, supported by financing activities and the disposal of an investment.
• Revenue was US$2.56 million, compared with US$18.74 million in 1H2025, reflecting the Group’s portfolio restructuring and changes in its operating profile.
• VGAIN Compute was launched, providing customers with a platform to purchase AI tokens and access multiple supported large language models, including OpenAI GPT, Kimi, Meta Llama and Qwen.
• Acquisition of the controlling stake in PT Fine Carbon Credit Indonesia (FCCI), an Indonesian carbon asset platform associated with approximately 241,000 hectares of forestry areas across four project sites.

“The first half of 2026 represents an important inflection point for VCI Global as we reposition the Company around AI infrastructure and scalable technology services,” said Ang Zhi Feng, Chief Financial Officer of VCI Global. “While revenue declined as a result of the transition, we ended the period with higher total equity, lower liabilities and an increased cash balance. Our priority is to manage liquidity carefully and allocate capital to initiatives with clear commercial potential as we advance our AI services and infrastructure strategy.”

REVENUE REFLECTS PORTFOLIO RESTRUCTURING

The first half of 2026 represents a fundamental change in VCI Global’s operating profile.

The Company has completed the separation and divestment of its capital markets consultancy, fintech, and other non-core businesses, reducing exposure to businesses that were not aligned with its longer-term technology and infrastructure strategy.

Revenue for 1H2026 was US$2.56 million, compared with US$18.74 million in 1H2025. The decrease primarily reflects businesses that have since been separated or divested, along with the transition to a more focused AI infrastructure and technology operating model.

	Six months ended June 30, 2026
	2026		2025		Change
	USD		USD		%
Revenue from Business Strategy Consultancy	–		8,086,215		-100	%
Revenue from Technology Development, Solutions and	2,050,000		9,342,691		-78.06	%
Consultancy
Interest Income	–		1,272,227		-100	%
Others	505,411		43,133		1,071.75	%
Total Revenue	2,555,411		18,744,266		-86.37	%

The Company recorded a net loss of US$8.43 million in 1H2026, compared with net profit of US$4.66 million in 1H2025. The change reflects the Company’s revised operating profile following portfolio restructuring, together with changes in revenue and expenses. The Company continues to develop its AI and technology initiatives, with future performance dependent on commercial adoption and execution.

Cost of services declined 97.1% to US$104,641 from US$3.66 million in the prior-year period. The reduction primarily reflects the divestment of the business consultancy subsidiary in 2025 and the completion of several large-scale technology projects in the prior period.

Consultant fees were nil, compared with US$251,622 in 1H2025, following the divestment of the business consultancy subsidiary. IT expenses decreased to US$55,767 from US$3.29 million, as new technology projects remained in their initial rollout stages during the period.

These lower expenses reflect the Group’s changed business structure and project cycle. They should not, on their own, be interpreted as evidence of improved profitability, as the Company’s financial performance will also depend on future revenue generation and the costs associated with scaling its new businesses.

	2026		2025		Change
	USD		USD		%
Consultant Fee	–		251,622		-100	%
IT Expenses	55,767		3,291,321		-98.31	%
Others	48,874		120,114		-59.31	%
Total	104,641		3,663,057		-97.14	%

CASH POSITION AND CAPITAL ALLOCATION

As of June 30, 2026, total equity increased 19.2% to US$114.70 million from US$96.21 million at December 31, 2025, while total liabilities declined 17.7% to US$17.03 million from US$20.69 million.

Cash and bank balances increased to US$5.19 million from US$0.94 million at year-end 2025. The increase was supported by financing activities and the disposal of an investment.

The Company intends to prioritize capital deployment based on commercial demand, financing availability and project readiness, with investment priorities spanning AI Infrastructure, GPU computing and related infrastructure.

VGAIN COMPUTE: FROM AI ACCESS TO AI CONSUMPTION

VCI Global announced the launch of VGAIN Compute on October 6, 2026, through its subsidiary V Gallant Limited.

The platform enables users to purchase AI tokens to access supported large language models, including OpenAI GPT, Kimi, Meta Llama and Qwen. Announced applications include content generation, coding, research, business applications and workflow automation.

The platform introduces a customer-facing offering through which VCI Global can pursue revenue from AI services. Its token-based model provides a mechanism for charging users for access to supported AI capabilities.

The broader market opportunity is expanding as businesses move AI from experimentation into production. Gartner forecasts worldwide AI-optimised IaaS spending of US$42.3 billion in 2026, rising to US$66.1 billion in 2027. Gartner also estimates that global spending on AI inference infrastructure will reach US$23.3 billion in 2026, exceeding the US$19 billion forecast for AI model training infrastructure.

The Company’s next priorities include expanding platform usage, evaluating additional models and developing enterprise and developer applications.

DEVELOPING AN INTEGRATED POWER–AI–CARBON ECOSYSTEM

VCI Global’s longer-term infrastructure strategy extends beyond computing capacity to the resources required to support the expansion of AI infrastructure, including electricity generation, solar power, energy storage and data center operations.

The Company intends to develop an integrated infrastructure model designed to connect energy supply with computing demand, with the objective of improving power availability, supporting scalable AI computing and enhancing long-term operating efficiency.

As AI workloads become increasingly compute-intensive, access to reliable and scalable power is becoming an increasingly important consideration in the development of data center and GPU infrastructure. VCI Global believes that combining computing infrastructure with energy development can provide greater control over critical infrastructure requirements as its AI businesses expand.

LONGER-TERM OPPORTUNITIES IN ENERGY AND FOREST CONSERVATION

VCI Global announced that V Gallant had entered into a definitive agreement to acquire a 70% stake in PT Fine Carbon Credit Indonesia (FCCI), a platform associated with approximately 241,000 hectares of forestry areas across four project sites in Indonesia.

The proposed acquisition provides a potential basis for developing forestry-linked carbon credit projects, subject to transaction completion and applicable technical, legal and regulatory requirements.

The voluntary carbon market offers a potential monetization route for eligible forestry projects, but credit prices vary significantly according to project type, certification standard, carbon integrity, vintage, and buyer demand.

According to Ecosystem Marketplace’s 2025 State of the Voluntary Carbon Market report, based on 2024 transactions, the average price was approximately US$14.97 per tonne of CO₂ equivalent for improved forest management credits and US$20.44 for tree-planting and restoration credits. Some premium credits may command prices above US$50, depending on their characteristics and market conditions.

COMMERCIAL PRIORITIES AND INVESTOR MILESTONES

VCI Global’s initiatives cover several potential sources of revenue, each with different development requirements.

• AI services: VGAIN Compute provides a live platform through which the Company can pursue paid AI model access. Commercial performance can be assessed through active paying users, token consumption, revenue and service delivery costs.
• GPU cloud services: VGAIN Cloud is intended to support demand for AI computing. Relevant milestones include infrastructure deployment, available GPU capacity, customer contracts, utilisation and revenue generated from computing services.
• AI data center infrastructure: Galatron AI Factory’s initial planned 5MW deployment provides a defined development milestone within the broader 500MW roadmap. Progress will depend on site readiness, power availability, funding and customer demand.
• Energy infrastructure: Potential revenue opportunities depend on the development and ownership of specific projects, available generation or storage capacity, and contracted demand.
• Carbon assets: FCCI represents a potential forestry-linked carbon credit opportunity. Key milestones include transaction completion, project qualification, credit issuance and actual sales.

These indicators provide a clearer basis for evaluating the Company’s progress than global market growth alone.

OUTLOOK

The global expansion of AI infrastructure presents opportunities across model access, cloud computing, data center development and supporting energy infrastructure. VCI Global has announced initiatives across these areas, beginning with the launch of VGAIN Compute and extending to planned computing infrastructure and complementary asset opportunities.

The Company’s ability to benefit from these markets will depend on execution and commercial validation. Market forecasts indicate the scale of industry investment, but they do not establish VCI Global’s future revenue, market share or profitability.

VCI Global intends to progress its initiatives in phases, with the commercial outcomes of each business dependent on customer demand, operating performance, capital availability, project milestones and applicable regulatory requirements.

“Our ambition is to build an AI infrastructure business that connects customer demand, computing capacity and the energy required to support it,” said Victor Hoo, Group Chief Executive Officer and Executive Chairman of VCI Global. “VGAIN Compute provides a commercial entry point for building customer relationships and recurring usage, while our infrastructure strategy creates opportunities to participate more deeply in the AI value chain. Over the longer term, we see the potential to develop an integrated model in Asia that brings together AI computing, energy and forest conservation.”

“We intend to demonstrate the value of this transition through execution. That means growing customer usage, bringing productive computing capacity into service and converting commercial opportunities into revenue. Those are the milestones that will define the next phase of VCI Global.” He added.

Management will continue to emphasize commercial validation, disciplined capital allocation and phased execution. The pace of development and contribution from individual initiatives will depend on customer demand, funding, regulatory considerations and project milestones.

About VCI Global Limited

VCI Global Limited is transforming into an AI infrastructure and technology group focused on AI computing, GPU infrastructure and AI token services through its businesses, including V Gallant and VGAIN Compute. Following the spin-off and divestment of its capital markets consultancy, fintech and other non-core businesses, the Company is sharpening its focus on AI-driven growth while exploring complementary opportunities in renewable energy, power generation, energy storage and forest conservation, including potential carbon credit initiatives. Through these interconnected areas, VCI Global aims to build a scalable and sustainable infrastructure platform supported by disciplined capital allocation and long-term value creation.

For more information on the Company, please log on to https://v-capital.co/.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company’s ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. These forward-looking statements are based only on our current beliefs, expectations, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely on any of these forward-looking statements. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company’s ability to achieve profitable operations, customer acceptance of new products, the effects of the spread of coronavirus (COVID-19) and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company’s products and the Company’s customers’ economic condition, the impact of competitive products and pricing, successfully managing and, general economic conditions and other risk factors detailed in the Company’s filings with the United States Securities and Exchange Commission (“SEC”). The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.

CONTACT INFORMATION:

For media queries, please contact:

VCI GLOBAL LIMITED
[email protected]

RANCHO CORDOVA, Calif., Oct. 16, 2026 (GLOBE NEWSWIRE) — Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank (the “Bank”), announced today the declaration of a cash dividend of $0.25 per share on the Company’s voting common stock. The dividend is expected to be paid on November 9, 2026, to shareholders of record as of November 2, 2026.

About Five Star Bancorp

Five Star is a bank holding company headquartered in Rancho Cordova, California. Five Star operates through its wholly owned banking subsidiary, Five Star Bank. The Bank has ten branches in California. For more information, visit https://www.fivestarbank.com.

Special Note Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phrases of similar meaning. The Company cautions that the forward-looking statements are based largely on the Company’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties, which change over time, and other factors, which could cause actual results to differ materially from those currently anticipated. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. If one or more of the factors affecting the Company’s forward-looking information and statements proves incorrect, then the Company’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, the Company cautions you not to place undue reliance on the Company’s forward-looking information and statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Reports on Form 10-Q for the three months ended March 31, 2026 and June 30, 2026, in each case under the section entitled “Risk Factors,” and other documents filed by the Company with the Securities and Exchange Commission from time to time.

The Company disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.

Investor Contact:

Heather C. Luck, Chief Financial Officer
Five Star Bancorp
(916) 626-5008
[email protected]

Media Contact:

Shelley R. Wetton, Chief Marketing Officer
Five Star Bancorp
(916) 284-7827
[email protected]

SINGAPORE, Oct. 16, 2026 (GLOBE NEWSWIRE) — Phaos Technology Holdings (Cayman) Limited (NYSE American: POAS) (“Phaos” or “the Company”), an advanced microscopy technology company headquartered in Singapore, announced that it filed its annual report on Form 20-F (the “Annual Report”) for the fiscal year ended April 30, 2026 with the U.S. Securities and Exchange Commission (the “SEC”) on August 31, 2026.

The Annual Report, which includes the Company’s audited consolidated financial statements for the fiscal year ended April 30, 2026, is available through the SEC’s EDGAR database at www.sec.gov. Investors may also access the Company’s investor relations website at https://ir.phaostech.com/ for Company information and filings.

For fiscal year 2026, the Company reported revenue of S$132,077, compared with S$167,707 for fiscal year 2025, with the decrease primarily attributable to delayed customer orders that the Company expects to be captured in fiscal year 2027. The year also included non-recurring costs associated with completing the Company’s November 2025 initial public offering, alongside substantial business development expenditure as the Company pursued expansion initiatives. Service revenue increased by 59.3% to S$10,845 from S$6,808, while cash and cash equivalents increased to S$762,234 as of April 30, 2026 from S$129,552 a year earlier, and total shareholders’ equity improved to S$5.30 million from a deficit of S$1.96 million. The Company expects significant momentum with expected growth in revenue going forward for six months ended October 2026.

About Phaos Technology Holdings (Cayman) Limited

Phaos Technology Holdings (Cayman) Limited is an advanced microscopy technology company. Our commitment to innovation and excellence drives us to deliver state-of-the-art microscopy products and software solutions, powered by artificial intelligence, for diverse sectors including manufacturing, biomedical, and research. Experience the difference with Phaos Technology – where innovation meets sophistication, shaping the future of optical technology. For more information, please visit www.phaostech.com.

Forward Looking Statements

This news release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that indicate future events or trends or are not statements of historical matters. These statements are based on our management’s current expectations and beliefs, as well as a number of assumptions concerning future events.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of our control and all of which could cause actual results to differ materially from the results discussed in the forward-looking statements. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in our reports filed with the United States Securities and Exchange Commission, which are available, free of charge, on the SEC’s website at www.sec.gov.

For more information please contact:

Company Contact:
Phaos Technology Holdings (Cayman) Limited
[email protected]