Exeo Group (PCLA) holds 57,594 ADS after 1-for-30 reverse split

Rhea-AI Filing Summary

Exeo Group Inc. amended its Schedule 13G to report beneficial ownership of 57,594 American Depositary Shares, equal to 4.99% of the class. As of September 30, 2025 the reporting person beneficially owned 1,727,820 shares of PicoCELA Inc. (outstanding 34,614,207 shares), and the filing states the reporting person "ceased to be the beneficial owner of more than five percent." The filing notes a 1-for-30 reverse stock split effected on January 26, 2026 that reduced the reported holdings from 1,727,820 shares to 57,594 shares while keeping proportional ownership below five percent.

Insights

Institutional Ownership Analyst

Amendment records split-adjusted holdings that remain below the 5% reporting threshold.

The amendment lists 57,594 ADS and states a prior beneficial holding of 1,727,820 shares as of September 30, 2025, with total shares outstanding of 34,614,207. It explicitly notes a 1-for-30 reverse stock split on January 26, 2026 that reduced the share count without changing proportional ownership.

Cash‑flow treatment and disposition intent are not stated; subsequent filings would show any trading. The immediate investor implication is administrative: the holder remains under the 5% threshold per the filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

PicoCELA Inc.

(Name of Issuer)

American Depositary Shares

(Title of Class of Securities)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP Number(s):

1

Names of Reporting Persons

EXEO Group Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

JAPAN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 57,594.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 57,594.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

57,594.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

CO, FI

Comment for Type of Reporting Person: As of September 30, 2025, the Reporting Person beneficially owned 1,727,820 shares, representing approximately 4.99% of the Issuer's 34,614,207 shares outstanding, and therefore ceased to be the beneficial owner of more than five percent of the Issuer's shares. On January 26, 2026, the Issuer effected a 1-for-30 reverse stock split, pursuant to which the Reporting Person's holdings were reduced from 1,727,820 shares to 57,594 shares. The reverse stock split did not result in any change in the Reporting Person's proportional ownership, which remains below five percent.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: PicoCELA Inc.
(b)	Address of issuer's principal executive offices: 2-34-5 Ningyocho, SANOS Building, Nihonbashi, Chuo-ku, Tokyo, M0 103-0013
Item 2.
(a)	Name of person filing: Exeo Group Inc.
(b)	Address or principal business office or, if none, residence: 29-20 Shibuya 3-chome, Shibuya-ku Tokyo 150-0002, Japan
(c)	Citizenship: Japan
(d)	Title of class of securities: American Depositary Shares
(e)	CUSIP No.: 71989C109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 57,594
(b)	Percent of class: 4.99 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 57,594
	(ii) Shared power to vote or to direct the vote:
	(iii) Sole power to dispose or to direct the disposition of:
	(iv) Shared power to dispose or to direct the disposition of:
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

EXEO Group Inc.

Signature:	/s/ Keigo Kajimura
Name/Title:	Keigo Kajimura, President & CEO
Date:	03/11/2026

FAQ

What does Exeo Group Inc. report for PCLA ownership?

Exeo Group reports beneficial ownership of 57,594 ADS, representing 4.99% of PicoCELA Inc.'s American Depositary Shares as stated in the amendment.

How did the 1-for-30 reverse split affect Exeo Group's holdings (PCLA)?

The filing states the 1-for-30 reverse stock split on January 26, 2026 reduced holdings from 1,727,820 to 57,594 shares, without changing proportional ownership relative to total shares.

What outstanding share count does the amendment cite for PicoCELA (PCLA)?

The amendment cites 34,614,207 shares outstanding of the issuer as of the referenced date, which is used to calculate the reporting person's 4.99% stake.

Did Exeo Group remain above or below the 5% ownership threshold?

The amendment states Exeo Group "ceased to be the beneficial owner of more than five percent" and reports a post-split ownership of 4.99%, i.e., below the five percent threshold.