HONG KONG, Nov. 12, 2024 – Prestige Wealth Inc. (NASDAQ: PWM), a Hong Kong-based wealth and asset management services provider, announced today that it has entered into a definitive agreement to acquire all shares of Tokyo Bay Management Inc. (“Tokyo Bay”), a British Virgin Islands incorporated company. The total purchase price is US$1,500,000, subject to customary closing adjustments, to be paid in the form of 2,500,000 newly issued Class B ordinary shares of the Company at US$0.60 per share to Tokyo Bay’s seller and key employees. PWM will also grant warrants to purchase 1,875,000 Class A ordinary shares at US$0.72 per share to the seller parties. These warrants become exercisable after six months and expire five years from the date of exercise. Key employees of Tokyo Bay will be retained and continue their employment after the transaction’s closing. The agreement also includes a three-year non-competition and non-solicitation covenant from the seller parties. Upon completion of the acquisition, the business development and marketing agreement between PWM and Tokyo Bay dated June 24, 2024, will be terminated. The acquisition of Tokyo Bay is expected to close in the fourth quarter of 2024 and will enhance PWM’s strategy and growth in the Asian wealth management industry.

About Prestige Wealth Inc.

Prestige Wealth Inc., based in Hong Kong, provides wealth and asset management services, assisting clients in identifying and acquiring suitable wealth management and global asset management products. The Company’s focus on quality service has cultivated a loyal customer base comprised of high-net-worth and ultra-high-net-worth clients in Asia. Through its wealth management service, the Company introduces clients to customized wealth management products and provides tailored value-added services. The Company offers asset management services through its investment funds, as well as discretionary account management services and asset management-related advisory services to clients. For more information, visit the Company’s website: http://ir.prestigewm.hk.

About Tokyo Bay

Tokyo Bay is a Tokyo, Japan-based company. Founded by experienced professionals, the Tokyo Bay team has built a strong foundation of premium client resources and local market knowledge over the years, providing wealth management, family affairs, lifestyle management, and related value-added services to high-net-worth clients in Japan.

Forward-Looking Statements

This announcement includes forward-looking statements. These statements involve known and unknown risks and uncertainties, and are based on the Company’s current expectations and projections about future events that it believes may affect its financial condition, results of operations, business strategy and financial needs. Forward-looking statements can be identified by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. They include statements about the Company’s plans for the business of InnoSphere Tech and Tokyo Bay; anticipated financial and other results from the acquisition of InnoSphere Tech and Tokyo Bay and its integration into PWM; expectations regarding revenue and cost synergies resulting from the acquisition; discussion of other strategic initiatives and related actions; and beliefs, expectations, intentions and strategies. These statements are based on management’s current beliefs, expectations and assumptions and involve a number of known and unknown risks and uncertainties, many of which are beyond PWM’s control.

The Company does not undertake any obligation to update or revise publicly any forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law. While the Company believes the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will prove to be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s filings with the U.S. Securities and Exchange Commission.

CONTACT: For more information, please contact:

Prestige Wealth Inc.

Investor Relations Department

Email: ir@prestigefh.com