Company: TOP
Filing Date: 2025-04-04
Form Type: POS AM
Source: 0001213900-25-029013
Chunk: 54

Company: TOP Financial Group Ltd
Filing Date: 2025-04-04
Form: POS AM
Chunk 54
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 price 
 or number of securities issuable upon exercise of the warrants;    |

| ● | the dates on which the right to exercise the warrants will commence 
 and expire;                                                         |

| ● | the manner in which the warrant agreement and warrants may be modified; |

| ● | federal income tax consequences of holding or exercising the warrants; |

| ● | the terms of the securities issuable upon exercise of the warrants; 
 and                                                                 |

| ● | any other specific terms, preferences, rights or limitations of or 
 restrictions on the warrants.                                      |

<div align='center'>21</div>

Before exercising their warrants, holders of
warrants will not have any of the rights of holders of the securities purchasable upon such exercise, including:

| ● | in the case of warrants to purchase debt securities, the right to receive                                                           
 payments of principal of, or premium, if any, or interest on, the debt securities purchasable upon exercise or to enforce covenants 
 in the applicable indenture; or                                                                                                     |

| ● | in the case of warrants to purchase our Class A ordinary shares, the                                                              
 right to receive dividends, if any, or, payments upon our liquidation, dissolution or winding up or to exercise voting rights, if 
 any.                                                                                                                              |

Exercise of Warrants

Each warrant will entitle the holder to purchase
the securities that we specify in the applicable prospectus supplement at the exercise price that we describe in the applicable prospectus
supplement. Unless we otherwise specify in the applicable prospectus supplement, holders of the warrants may exercise the warrants at
any time up to the specified time on the expiration date that we set forth in the applicable prospectus supplement. After the close of
business on the expiration date, unexercised warrants will become void.

Holders of the warrants may exercise the warrants
by delivering the warrant certificate representing the warrants to be exercised together with specified information, and paying the required
amount to the warrant agent in immediately available funds, as provided in the applicable prospectus supplement. We will set forth on
the reverse side of the warrant certificate and in the applicable prospectus supplement the information that the holder of the warrant
will be required to deliver to the warrant agent.

Upon receipt of the required payment and the
warrant certificate properly completed and duly executed at the corporate trust office of the warrant agent or any other office indicated
in the applicable prospectus supplement, we will issue and deliver the securities purchasable upon such exercise. If fewer