After the preliminary hearing, the defendant is arraigned on what is called an "information". It is the complaint, which may or may not have been amended post preliminary hearing. In most courts, there is a readiness conference after the arraignment on the information, wherein the parties are given another opportunity to reach a plea deal, and to inform the court of their readiness, or lack thereof, to go to trial. The readiness and trial dates are usually determined at the arraignment on the information. It is possible to be released if there is a bail set and the defendant is able to make bail. If there is a failure by the prosecution to convince the judge at the preliminary hearing of the probable cause to believe a crime was commited and the defendant commited the crime, the charge or charges could be dismissed. This is extremely rare. If that were the case however, the defendant would not be arraigned on those charges.
At the arraignment on the information, the defendant will either waive time for tril or have the case set for trial within 60 days. The next probable hearings/court appearances wuld be for any motions, a pretrial conference readiness and , if the case has not been resolved, trial assignment followed by trial..
It is nit possible the person would be released during arraignment for a lack of evidence. The purpose of the preliminary hearing was to determine if there was sufficient evidence to go to trial. Because there is an arraignment on an information, there has been a judicial determination that there is some evidence that the crime(s) charged occurred and that the defendant committed the crime(s).
Now the bail may be reduced or increased depending on what the evidence was and what charges the magistrate held the defendant to answer for.
The above is not intended as legal advice. The response does not constitute the creation of an attorney client relationship as this forum does not provide for a confidential communication.