Board of Directors Determines Not to Proceed with Proposed Combination; Company Continues to Evaluate Strategic Alternatives

HONG KONG, Sept. 14, 2026 (GLOBE NEWSWIRE) -- 707 Cayman Holdings Limited (NASDAQ:JEM) ("707" or the "Company"), a Hong Kong-based company that sells quality apparel products and provides supply chain management solutions, today announced that its Board of Directors has determined not to proceed with the previously announced proposed acquisition of Crucial Innovation Inc. ("CINV").

The Board reached its determination following further review and evaluation of the proposed transaction. The term sheet signed on 17 August, 2026 was non-binding in all material respects, and no definitive agreements with respect to the proposed transaction were entered into by the Company. The Company has notified CINV of the termination, and neither party has any continuing obligation to pursue the proposed combination.

The Company’s Board of Directors and management remain committed to pursuing opportunities that they believe are in the best interests of the Company and its shareholders, and the Company continues to evaluate strategic alternatives to enhance long-term shareholder value. The Company will provide further information as and when required by applicable law and the rules of the Nasdaq Stock Market.