Phaos Technology Holdings (Cayman) Limited Announces Entry Into Securities Purchase Agreement for an Equity Facility of Up to US$10 Million

SINGAPORE, Oct. 01, 2026 (GLOBE NEWSWIRE) -- Phaos Technology Holdings (Cayman) Limited, (NYSE American: POAS), (“Phaos” or “the Company”), an advanced microscopy technology company headquartered in Singapore, today announced that it has entered into a securities purchase agreement (the “Purchase Agreement”), dated as of September 28, 2026, with High West Partners LLC, a California limited liability company (the “Investor”). Under the Purchase Agreement, the Company has the right, but not the obligation, to sell to the Investor from time to time up to US$10,000,000 of its Class A ordinary shares, at prevailing market prices and subject to the terms, conditions and limitations set out in the Purchase Agreement and the applicable NYSE listing rules. The Company’s right to sell Ordinary Shares to the Investor begins on the date on which the conditions to the Company’s right to sell, and the Investor’s obligation to purchase, Ordinary Shares under the Purchase Agreement are satisfied (the “Commencement Date”), and expires on the 36-month anniversary of the Commencement Date. The Company has also agreed to issue a number of Class A ordinary shares to the Investor as a commitment fee, which will be fully earned as of the Commencement Date and issued upon the delivery of the first purchase notice.