공고 • Jul 16
PicoCELA Inc. Announces Management Changes, Effective July 1, 2026 PicoCELA Inc. reported that on May 26, 2026, Mr. Toshihito Kanai notified the Company of his resignation as the Chief Technology Officer and Director of the Company, effective as of June 30, 2026. Mr. Kanai has stated that his resignation was due to personal reasons and not due to any disagreement with the Company regarding its operations, policies, or practices. On June 22, 2026, the board of directors of the Company approved the changes in the positions of the following executive directors: Mr. Hiroshi Furukawa, formerly the Company's Chief Executive Officer and Representative Director, is now the Company's Chairman, Chief Technology Officer, and Representative Director, effective July 1, 2026. Mr. Hideaki Horikiri, formerly the Company's Chief Financial Officer and Director, is now the Company's President, Chief Operating Officer, and Director, effective July 1, 2026. Mr. Furukawa and Mr. Horikiri remain the Company’s principal executive officer and principal financial officer, respectively. 공고 • Jul 15
PicoCELA Inc. Approves Board Elections PicoCELA Inc. announced that at the extraordinary general meeting of shareholders held on June 18, 2026 approved the election of Lim Kien Leong (37 years old) and Jong Han Rey Foo (59 years old) as directors. Mr. Lim Kien Leong is the Co-founder and CEO of TranSwap Private Limited. He oversees the day-to-day business operations, as well as the company’s strategic direction and business developments. Lim Kien Leong was previously appointed as the Chief Legal Officer of TranSwap Private Limited and was responsible for all of the company’s legal and regulatory issues, ensuring the company remained compliant with relevant authorities’ regulations. Prior to TranSwap, he gained extensive experience in the field of arbitration, civil and commercial litigation, and corporate law in Singapore and Australia. Lim Kien Leong graduated from the University of Sydney with his Bachelor of Commerce and Bachelor of Laws degrees. Mr. Jong Han Rey Foo is a partner at KSCGP Juris LLP in Singapore. He was admitted to the Singapore Bar in 1992 and has been practicing law for 25 years. Jong Han Rey Foo has been practicing corporate law, and his present areas of practice include conveyancing, corporate law and civil litigation. After qualifying in 1990 as a Barrister, Jong Han Rey Foo obtained his Master of Law in Corporate and Commercial Laws from Queen Mary College, University of London in 1991. New Risk • May 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 6x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-JP¥590m free cash flow). Revenue has declined by 31% over the past year. Shareholders have been substantially diluted in the past year (over 6x increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Revenue is less than US$5m (JP¥545m revenue, or US$3.5m). Market cap is less than US$100m (US$10.6m market cap). Board Change • Apr 30
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. 1 highly experienced director. 2 independent directors (3 non-independent directors). President, CEO & Representative Director Hiroshi Furukawa is the most experienced director on the board, commencing their role in 2008. Independent Director Yoshinari Noguchi was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. 공고 • Jan 31
PicoCELA Inc. announced delayed 20-F filing On 01/30/2026, PicoCELA Inc. announced that they will be unable to file their next 20-F by the deadline required by the SEC. New Risk • Dec 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (US$7.35m market cap). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Revenue is less than US$5m (JP¥759m revenue, or US$4.9m). 
