TORONTO, Ontario — February 17, 2026 — Leads & Copy —
Argo Corporation (TSXV: ARGH), (OTCQX: ARGHF), a leader in next-generation transit solutions, announced that co-founders Praveen Arichandran and Qamar Qureshi have entered into voluntary lock-up agreements with the company. This follows the previously announced closing of $5,445,383 in financing arrangements, which included $1,768,200 from Arichandran and Qureshi.
The agreements stipulate that Arichandran and Qureshi will not, with limited exceptions, offer to sell, contract to sell, lend, pledge, or otherwise dispose of any of the 29.47 million shares resulting from the exercise of outstanding common share purchase warrants, or enter into any transaction to that effect, directly or indirectly, until February 8, 2028.
Praveen Arichandran, CEO and co-founder of Argo, stated that the lock-up agreements, in addition to the significant personal investments into Argo by him and Qamar, represent their shared long-term confidence in Argo’s ability to set a new standard in mobility for cities around the world.
Argo announced on February 6, 2026, that it received aggregate gross proceeds of $2,445,383 through the exercise of outstanding common share purchase warrants, issued in connection with the conversion of the Company’s previously outstanding debentures on August 20, 2025, at an exercise price of $0.06 per common share with an expiry date of February 8, 2026. The balance of the Warrants were exercised on a net exercise basis pursuant to the amendment to add the net exercise feature to the Warrants as further described in the Company’s press release dated February 4, 2026. In connection with these exercises, the Company issued an aggregate of 56,212,455 Common Shares. Following the exercise of the Warrants and the closing of the second and final tranche of the Company private placement offering, there are 257,585,455 Common Shares issued and outstanding.
Certain holders of Warrants will file early warning reports in respect of their ownership of Common Shares and securities convertible or exercisable into Common Shares. Copies of the early warning reports will be available on SEDAR+.
As part of the Exercise, Praveen Arichandran exercised Warrants for an aggregate exercise price of $1,091,016.96 and acquired 18,183,616 Common Shares at an exercise price of $0.06 per Common Share. Immediately before the Exercise, Mr. Arichandran, directly or indirectly through Arichandran Investments Inc. (“Investco”), owned 21,632,109 Common Shares, 18,183,616 Warrants and 3,323,616 vested restricted share units (“RSUs”) and 400,000 unvested RSUs, with each RSU convertible into one Common Share in accordance with the amended and restated omnibus long-term incentive plan of Argo, representing approximately 15.51% of the issued and outstanding Common Shares on a partially-diluted basis (assuming exercise or conversion, as applicable, of all of Mr. Arichandran’s vested RSUs and Warrants).
Immediately after the Exercise, Mr. Arichandran, directly or indirectly through Investco, owns 39,815,725 Common Shares, 3,323,616 vested RSUs, 400,000 unvested RSUs and no Warrants, representing approximately 15.65% of the issued and outstanding Common Shares on a partially-diluted basis (assuming conversion of all of Mr. Arichandran’s vested RSUs). The securities of Argo owned by Mr. Arichandran are held for investment purposes. Depending on various factors Mr. Arichandran may deem relevant, including, without limitation, market conditions, general economic and industry conditions, and the business and financial conditions of Argo, Mr. Arichandran may take such actions from time to time with respect to its investment in Argo as he deems appropriate.
Qamar Qureshi exercised Warrants for an aggregate exercise price of $677,182.98 and acquired 11,286,383 Common Shares at an exercise price of $0.06 per Common Share. Immediately before the Exercise, Mr. Qureshi, directly or indirectly through ESG Holdings Inc. (“ESG”) and Quip Ventures Inc. (“Quip”), owned 19,856,874 Common Shares, 11,286,383 Warrants, 3,323,616 vested RSUs and 400,000 unvested RSUs, representing approximately 12.39% of the issued and outstanding Common Shares on a partially-diluted basis (assuming exercise or conversion, as applicable, of all of Mr. Qureshi’s vested RSUs and Warrants).
Immediately after the Exercise, Mr. Qureshi, directly or indirectly through the ESG and/or Quip, owns 31,143,257 Common Shares, 3,323,616 vested RSUs, 400,000 unvested RSUs and no Warrants, representing approximately 12.50% of the issued and outstanding Common Shares on a partially-diluted basis (assuming conversion of all of Mr. Qureshi’s vested RSUs). The securities of Argo owned by Mr. Qureshi are held for investment purposes. Depending on various factors Mr. Qureshi may deem relevant, including, without limitation, market conditions, general economic and industry conditions, and the business and financial conditions of Argo, Mr. Qureshi may take such actions from time to time with respect to its investment in Argo as he deems appropriate.
Argo delivers the first-ever vertically and publicly integrated city transit system, designed to augment public transportation and create a network of intelligently routed vehicles that work together to serve and scale to the needs of entire cities, putting people in control of their mobility.
Source: Argo Corporation
