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CFO now holds 70.66% of PicoCELA (Nasdaq: PCLA) after restricted share grants

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

PicoCELA Inc. entered into two restricted common share compensation agreements with its chief financial officer and director, Hideaki Horikiri, issuing 4,400,000 common shares on April 1, 2026 and 1,060,000 common shares on April 11, 2026 as compensation for services.

The shares are subject to a 20-year prohibition on sale, transfer, loan or pledge, which may be canceled by a board resolution. These grants were approved by shareholders on February 24, 2026 and by board resolutions on March 11 and 24, 2026. As of April 11, 2026, Mr. Horikiri’s holdings accounted for 70.66% of PicoCELA’s 9,613,805 outstanding common shares.

Positive

  • None.

Negative

  • The issuance of 4,400,000 and 1,060,000 restricted common shares to the CFO results in his holdings accounting for 70.66% of PicoCELA’s 9,613,805 outstanding common shares, creating highly concentrated ownership and potential dilution for other shareholders.

Insights

Large restricted share grant concentrates control with PicoCELA’s CFO.

PicoCELA issued 4,400,000 and 1,060,000 restricted common shares to CFO and director Hideaki Horikiri under compensation agreements approved by shareholders and the board. The grants are framed as payment for services, with a 20-year transfer restriction that the board can later cancel.

After these issuances, Mr. Horikiri’s holdings represented 70.66% of the company’s 9,613,805 outstanding common shares as of April 11, 2026, giving him substantial voting power and influence. The 20-year lock-up may moderate immediate sale risk, but the ability of the board to cancel the restriction introduces discretion over future liquidity.

From an investor perspective, this structure means corporate decisions and any future capital actions will occur with a highly concentrated ownership base. Subsequent company filings may provide additional detail on how these ownership and lock-up terms interact with overall governance and capital plans.

Restricted shares issued April 1, 2026 4,400,000 common shares Issued to CFO/director as compensation under restricted share agreement
Restricted shares issued April 11, 2026 1,060,000 common shares Issued to CFO/director as compensation under second restricted share agreement
Outstanding common shares 9,613,805 common shares Company’s outstanding common shares as of April 11, 2026
CFO ownership percentage 70.66% Portion of outstanding common shares held by Hideaki Horikiri as of April 11, 2026
Transfer restriction period 20 years Lock-up on sale, transfer, loan or pledge of granted shares from date of grant
Shareholder approval date February 24, 2026 Shareholder resolution authorizing compensation agreements and share issuances
restricted common share compensation agreements financial
"entered into two restricted common share compensation agreements (the “Compensation Agreements”)"
prohibition on any sale, transfer, loan or pledge regulatory
"included a prohibition on any sale, transfer, loan or pledge of the Shares for a period of 20 years"
outstanding common shares financial
"accounted for 70.66% of the Company’s outstanding 9,613,805 common shares"
forward-looking statements regulatory
"may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
enterprise wireless mesh solutions technical
"a Tokyo-based provider of enterprise wireless mesh solutions, specializing in the manufacturing, installation, and services of mesh Wi-Fi access point devices"
edge-computing software technical
"install edge-computing software on the Company’s PCWL mesh Wi-Fi access points"

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 6-K

 

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of April 2026

 

Commission File Number: 001-42470

 

 

 

PicoCELA Inc.

 

 

 

2-34-5 Ningyocho, SANOS Building, Nihonbashi

Chuo-ku, Tokyo 103-0013 Japan

(Address of Principal Executive Office)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F ☒Form 40-F ☐

 

 

 

 

 

 

Issuance of the Company’s Common Shares to the Company’s Chief Financial Officer and Director

 

On April 15, 2026 , the Company issued a press release to announce the issuance of 4,400,000 and 1,060,000 common shares (collectively, the “Shares”) of the Company to Hideaki Horikiri, the chief financial officer and a director of the Company, on April 1 and 11, 2026, respectively, pursuant to those certain two restricted common share compensation agreements (the “Compensation Agreements”) between the Company and Hideaki Horikiri, each executed on the same date of the issuance of such common shares. Pursuant to the Compensation Agreements, the issuance of the Shares was in consideration for Hideaki Horikiri’s services rendered and included a prohibition on any sale, transfer, loan or pledge of the Shares for a period of 20 years from the date of grant. However, the prohibition may be canceled by a resolution of the Company’s board of directors.

 

The execution of the Compensation Agreements and the issuance of Shares were authorized by the Company’s shareholder resolution dated February 24, 2026 and board of directors’ resolutions dated March 11 and 24, 2026. As of April 11, 2026, the common shares held by Hideaki Horikiri accounted for 70.66% of the Company’s outstanding 9,613,805 common shares.

 

A copy of the English translation of the Compensation Agreements and the press release is furnished in this report as Exhibits 10.1, 10.2, and 99.1, respectively.

 

EXHIBIT INDEX

 

Exhibit No.   Description
10.1#   Restricted Stock Compensation Agreement between the Registrant and Hideaki Horikiri, dated April 1, 2026 (English Translation)
10.2#   Restricted Stock Compensation Agreement between the Registrant and Hideaki Horikiri, dated April 11, 2026 (English Translation)
99.1   Press Release –PicoCELA Inc. Issues Restricted Common Shares to CFO and Director

 

#   Certain portion of this Exhibit was redacted pursuant to Item 601(a)(6) of Regulation S-K and marked by means of brackets and asterisks (“[****]”).

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  PicoCELA Inc.
     
Date: April 15, 2026 By: /s/ Hiroshi Furukawa
  Name:  Hiroshi Furukawa
  Title: Chief Executive Officer and Representative Director

 

 

 

 

Exhibit 99.1

 

PicoCELA Inc. Issues Restricted Common Shares to CFO and Director

 

Tokyo, Japan, April 15, 2026  – PicoCELA Inc. (“PicoCELA” or the “Company,” Nasdaq: PCLA), a Tokyo-based provider of enterprise wireless mesh solutions, entered into two restricted common share compensation agreements (the “Compensation Agreements”), on April 1 and 11, 2026, respectively, with Hideaki Horikiri, the Company’s chief financial officer and director. Pursuant to the Compensation Agreements, on April 1 and April 11, 2026, the Company issued 4,400,000 and 1,060,000 common shares, respectively (collectively, the “Shares”), of the Company to Mr. Horikiri. The issuances of the Shares are in consideration for Mr. Horikiri’s services rendered, and include prohibition on any sale, transfer, loan or pledge of the Shares for a period of 20 years from the date of grant. However, the prohibition may be canceled by a resolution of the Company’s board of directors.

 

The execution of the Compensation Agreements and the issuance of the Shares were authorized by the Company’s shareholder resolution on February 24, 2026 and board of directors’ resolutions dated March 11 and 24, 2026.

 

As of April 11, 2026 , the number of common shares held by Mr. Horikiri accounted for 70.66% of the Company’s outstanding 9,613,805 common shares.

 

About PicoCELA Inc.

 

PicoCELA is a Tokyo-based provider of enterprise wireless mesh solutions, specializing in the manufacturing, installation, and services of mesh Wi-Fi access point devices. PicoCELA Backhaul Engine, the Company’s proprietary patented wireless mesh communication technology software, eliminates the need for extensive local area network cabling and enables flexible and easy installation of Wi-Fi network devices. PicoCELA also offers a cloud portal service, PicoManager, which allows users to monitor connectivity and communication traffic, as well as install edge-computing software on the Company’s PCWL mesh Wi-Fi access points.

 

Cautionary Note Regarding Forward-Looking Statements

 

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions, and other factors discussed in the “Risk Factors” section of the Company’s filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

 

PicoCELA Investor Contact

 

global@picocela.com

 

 

  

FAQ

What did PicoCELA Inc. (PCLA) announce regarding new share issuances?

PicoCELA issued 4,400,000 common shares on April 1, 2026 and 1,060,000 common shares on April 11, 2026 to its chief financial officer and director, Hideaki Horikiri, as compensation under restricted common share agreements approved by shareholders and the board.

Who received the new PicoCELA (PCLA) restricted common shares and why?

Chief financial officer and director Hideaki Horikiri received 4,400,000 and 1,060,000 PicoCELA common shares as consideration for services rendered. These grants were made under two restricted common share compensation agreements executed on the same dates as the respective issuances.

What restrictions apply to the new PicoCELA (PCLA) shares issued to the CFO?

The issued shares are subject to a prohibition on sale, transfer, loan or pledge for 20 years from the grant dates. This restriction can be canceled by a resolution of PicoCELA’s board of directors, giving the board discretion over any earlier liquidity for these shares.

How much of PicoCELA’s equity does the CFO hold after these issuances?

As of April 11, 2026, the common shares held by CFO and director Hideaki Horikiri accounted for 70.66% of PicoCELA’s 9,613,805 outstanding common shares, giving him significant voting control and influence over company decisions relative to other shareholders.

Were PicoCELA’s restricted share grants to the CFO approved by shareholders?

Yes. The execution of the restricted common share compensation agreements and the related issuances were authorized by a shareholder resolution dated February 24, 2026, and by board of directors’ resolutions dated March 11 and March 24, 2026, confirming formal corporate approval.

What does PicoCELA Inc. (PCLA) do as a business?

PicoCELA is a Tokyo-based provider of enterprise wireless mesh solutions. It designs and installs mesh Wi-Fi access point devices using its PicoCELA Backhaul Engine technology and offers a cloud portal, PicoManager, to monitor connectivity, manage traffic, and deploy edge-computing software on its PCWL devices.

Filing Exhibits & Attachments

3 documents