PCLA

• Strong IPO Activity in 2025: As of late September 2025, 254 companies have gone public on the NYSE and Nasdaq, surpassing the total for 2024 and 2023, with a significant increase in activity during the summer months, particularly in technology and financial technology sectors.

• Diverse Performance Among IPOs: While some companies like Reddit and CoreWeave have seen substantial gains, others such as Figma and Firefly Aerospace have experienced significant declines, indicating a selective investor sentiment in the IPO market.

Notification of Non-Compliance

• Non-Compliance Notification: PicoCELA Inc. received a Notification Letter from Nasdaq on August 26, 2025, indicating that it is not in compliance with the minimum bid price requirement of $1.00 per share, as per Nasdaq Listing Rule 5550(a)(2).
• Duration of Non-Compliance: The company failed to meet this requirement for 30 consecutive business days, specifically from July 15, 2025, to August 25, 2025.

Compliance Timeline and Options

• Regaining Compliance: PicoCELA has until February 23, 2026, to regain compliance by ensuring its American Depositary Shares (ADSs) have a closing bid price of at least $1.00 for a minimum of 10 consecutive business days.
• Potential Actions: The company may consider implementing a reverse stock split to meet the compliance requirement, which must be completed no later than ten business days before the February deadline.

Impact on Operations

• Operational Status: The Notification Letter does not affect the company's operations, and PicoCELA plans to monitor its ADS closing bid price closely.
• Future Considerations: The company is open to exploring various options, including a reverse share split, to regain compliance with Nasdaq Listing Rules.

Company Overview

• Business Focus: PicoCELA specializes in enterprise wireless mesh solutions, including the manufacturing and installation of mesh Wi-Fi access point devices.
• Technology and Services: The company’s proprietary PicoCELA Backhaul Engine technology facilitates flexible Wi-Fi installations without extensive cabling, and it offers a cloud portal service, PicoManager, for monitoring connectivity and managing communication traffic.

• Investigation Announcement: Morris Kandinov LLP is investigating claims from victims of pump-and-dump schemes involving several companies, including Park Ha Biological Technology Co., Ltd. and others, where scammers posed as financial advisors on social media.

• Legal Representation Offer: The law firm offers contingency-based representation for affected stockholders, meaning they do not pay fees unless a recovery is made, and encourages victims to reach out for legal assistance.