Phaos Technology Announces Closing of Initial Public Offering

SINGAPORE, Nov. 14, 2025 (GLOBE NEWSWIRE) -- Phaos Technology Holdings (Cayman) Limited, (NYSE American: POAS), (“Phaos” or “the Company”), the investment holding company of Phaos Technology Pte. Ltd., an advanced microscopy solutions Company, today announced the closing of its previously announced initial public offering of an aggregate of 2,700,000 class A ordinary shares of the Company (the “Offering”) at a public offering price of US$4.00 per share (the “Offering Price”) to the public for a total of US$10,800,000 of gross proceeds to the Company, before deducting underwriting discounts and other offering expenses. Pursuant to the Offering, certain selling shareholders of the Company offered an aggregate of 900,090 class A ordinary shares of the Company at the Offering Price. The Company did not receive any proceeds from any sale of class A ordinary shares of the Company by those selling shareholders. 

The Company’s class A ordinary shares began trading on the NYSE American on November 13, 2025, under the ticker symbol “POAS”. The Company has granted the underwriter a 45-day option to purchase an additional 405,000 class A ordinary shares at the Offering Price less the underwriting discounts, solely to cover over-allotments, if any, representing 15% of the class A ordinary shares sold by the Company in the Offering (excluding class A ordinary shares sold by the selling shareholders, and those subject to this over-allotment option). Assuming that the over-allotment is exercised in full, the Company is expected to receive gross proceeds amounting to approximately US$12,420,000 before deducting underwriting discounts and other offering expenses.

Network 1 Financial Securities, Inc. (“Network 1”), a full-service broker/dealer, acted as the sole book-running manager for the Offering. Ortoli Rosenstadt LLP acted as U.S. securities counsel to the Company and Loeb & Loeb LLP acted as U.S. counsel for Network 1, in connection with the Offering.

The Offering was conducted pursuant to the Company’s registration statement on Form F-1 (File No. 333-284137) previously filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on the November 11, 2025 (the “Effective Date”) in accordance with the provisions of Section 8(a) of the U.S. Securities Act of 1933, as amended, in a final post-effective registration statement on Form F-1 that contained the affirmative statement on the cover that such registration statement shall become effective in accordance with the provisions of section 8(a) of the U.S. Securities Act of 1933, as amended. Notice of the post-effective registration statement was filed on October 22, 2025, 20 days prior to that Effective Date. The Offering was made only by means of a prospectus, forming a part of the registration statement on Form F-1. A final prospectus relating to the Offering was filed with the SEC on November 13, 2025, and is available on the SEC’s website at www.sec.gov. Copies of the final prospectus related to the Offering may be obtained, when available by visiting EDGAR on the SEC Website at www.sec.gov. Alternatively, electronic copies of the prospectus relating to the Offering may be obtained from Network 1 at 2 Bridge Avenue, Suite 241 Red Bank, NJ 07701, or by telephone at [phone].