FOBI AI Inc. Announces Reinstatement to Trading on TSX Venture Exchange and Other Corporate Updates

Vancouver, BC, Aug. 10, 2026 (GLOBE NEWSWIRE) -- FOBI AI Inc. (FOBI:TSXV) (Pink:FOBIF) (“Fobi” or the “Company”), a company that harnesses AI and data intelligence to enable digital transformation, is pleased to announce that the TSX Venture Exchange (the “TSXV”) has accepted the reinstatement to trading in respect of the Company’s common shares (“Shares”) on the TSXV under the symbol “FOBI”. Trading in respect of the Company’s Shares is expected to recommence shortly following issuance of a TSXV bulletin in connection therewith.

The board of directors and the audit committee of the Company currently comprises of three (3) members, being, Rob Anson, Chief Executive Officer of the Company, Jeffrey Hyman, the Chief Financial Officer of the Company, and Peter Green, an independent director of the Company. Accordingly, the Company is not currently in compliance with applicable securities law and TSXV requirements on board and audit committee composition. The Company is actively seeking additional directors to facilitate compliance with applicable securities law and TSXV requirements on board of directors and audit committee composition.

The Company is not currently in compliance with TSXV and applicable legal requirements on the holding of its annual general meeting as its last annual general meeting was held on June 6, 2024. The Company intends to hold its next annual general meeting by no later than October 8, 2026.

As of March 31, 2026, the date of its most recently available financial statements, the Company had a working capital deficiency of $4,630,223. The Company is actively exploring avenues to resolve its working capital deficiency including, without limitation, additional equity based offerings or other financing opportunities.

The Company inadvertently recorded a subscription liability of $1,250,200 during the three and nine months ended March 31, 2026, in relation to its non-brokered private placement of units, which closed in tranches on January 23, 2026, February 3, 2026 and March 19, 2026. As all subscription funds were received and all corresponding securities were issued on or before March 19, 2026, the proceeds should have been presented within shareholders' equity, and the subscription liability was recorded in error. The correction from the error reclassifies $1,250,200 from liabilities to equity, reducing the Company's working capital deficiency at March 31, 2026 from $4,630,223 as noted in its financial statements to $3,380,023; however total assets and cash are unaffected. The Company will correct the presentation in its audited consolidated financial statements for the year ended June 30, 2026, and, as applicable, in accordance with the prior period error disclosures required by IAS 8 when the comparative information is next presented.

The Company has also implemented a new financial control and reporting plan to ensure enhanced compliance with financial reporting requirements which includes structured preparation and review protocols for its financial reports including specified review procedures by management and board, and improved organization and communication protocols to ensure all members of its financial reporting team are kept informed on all material transactions. The Company believes that the implementation of this new plan will reduce the risk of future errors in financial reporting. The Company also intends to seek to add additional members to its financial reporting team and audit committee following resumption of trading when appropriate candidates are identified.

Additionally, the Company previously engaged Independent Trading Group (ITG), Inc. (“ITG”) to provide market making services in accordance with TSXV policies pursuant to a market making services agreement dated April 24, 2020 (the “ITG Agreement”). ITG traded securities of the Company on the TSXV with the objective of maintaining an orderly market of the Company’s securities. In consideration of the services provided by ITG, the Company paid ITG a monthly fee of $6,500, plus applicable taxes. There were no performance-based factors in the compensation. ITG did not receive shares or options as compensation, however, ITG and its clients may have, or may acquire, a direct interest in the securities of the Company from time to time in the ordinary course and in compliance with applicable laws and TSXV policies. ITG and the Company are arm’s length parties to each other. ITG is a member of the Canadian Investment Regulatory Organization. The capital and securities required for any trade undertaken by ITG as principal were provided by ITG. The ITG Agreement was terminated on June 30, 2024, following which all services provided by ITG ceased.

ITG is a Toronto based CIRO dealer-member that specializes in market making, liquidity provision, agency execution, ultra-low latency connectivity, and bespoke algorithmic trading solutions. Established in 1992, with a focus on market structure, execution and trading, ITG has leveraged its own proprietary technology to deliver high quality liquidity provision and execution services to a broad array of public issuers and institutional investors.

The Company also previously engaged DS Market Solutons Inc. (“DSMS”) to provide market making services in accordance with TSXV policies to the Company pursuant to an agreement dated July 2, 2024 (the “DSMS Agreement”). DSMS traded securities of the Company on the TSXV with the objective of providing liquidity and stability and enhancing market depth with respect to the Company’s securities. In consideration of the services provided by DSMS, the Company paid DSMS a monthly fee of $5,000, plus applicable taxes. There were no performance-based factors in the compensation. DSMS did not receive shares or options as compensation, however, DSMS and its clients may have, or may acquire, a direct interest in the securities of the Company from time to time in the ordinary course and in compliance with applicable laws and TSXV policies. DSMS and the Company are arm’s length parties to each other. The capital and securities required for any trade undertaken by DSMS as principal were provided by DSMS. The DSMS Agreement was terminated effective on January 2, 2025, following which all services provided by DSMS ceased.

About Fobi

Fobi AI Inc. (TSXV: FOBI, Pink: FOBIF) is a data and AI technology company that enables digital transformation through real-time data, mobile-wallet engagement, and Web3-ready solutions. By integrating strategy, technical architecture, and execution, Fobi helps clients across retail, sports, healthcare, and regulated industries translate digital initiatives into measurable business results.

For more information, please contact:

Forward Looking Statements/Information:

This news release contains certain statements which constitute forward-looking statements or information, including statements regarding the Company’s annual general meeting, the Company’s ability to attract and retain additional directors to facilitate compliance with applicable securities laws and TSXV policies on board of directors and audit committee composition matters, the Company’s ability to improve its financial reporting and enhance its financial reporting team, the Company’s ability to reduce its working capital deficiency, and other statements characterized by words such as “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be”, “potential” and other similar words, or statements that certain events or conditions “may”, “should” or “will” occur. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company’s control, including, without limitation, market competition, the impact of general economic and industry conditions, competition, stock market volatility, ability to attract and retain talent on economically viable terms, TSX Venture Exchange approval conditions, and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: changes to volatile exchange rates, market conditions, market competition and other economic and market factors. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future plans, operations, and results, levels of activity or achievements.

The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of the Company should be considered highly speculative. There can be no assurance that the Company will be able to achieve all or any of its proposed objectives.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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