Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 73

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 14
Chunk 73
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Item
14. Material Modifications to the Rights of Securities Holders and Use of Proceeds

14. A. - 14. D. Material Modifications
to the Rights of Security Holders

See “ Item
10. Additional Information” for a description of the rights of shareholders, which remain unchanged.

14. E. Use of Proceeds

The following
“ Use of Proceeds” information relates to the registration statement on FormF-1(FileNo. 333-259441),
as amended, including the annual report contained therein, which registered 5,000,000 Class A Ordinary Shares and was declared effective
by the SEC on May 31, 2022, for our initial public offering, whichcompleted on June 3, 2022,
at an initial offering price of US$5.00 per Ordinary Share. Univest Securities, LLC was the
representative of the underwriters.

In connection with the
issuance and distribution of the Class A Ordinary Sharesin our initial public offering,
our expenses incurred and paid to others totaled approximately US$2.16 million, which included US$1.75 million for underwriting
discounts and commissions. None of the transaction expenses included direct or indirect payments to directors or officers of our company
or their associates, persons owning more than 10% or more of our equity securities or our affiliates or others. We received an aggregate
net proceeds of approximately US$22.8 million from our initial public offering.

As
of the date of this annual report, we have used US$128,000 of the net proceeds received from our initial public offering for management
and employee incentives and general corporate purposes, $6 million for investment in financial products, $1.9 million for the development
of OTC derivatives business, $5.5 million to facilitate loan business, $4.4 million for capital injection to brokerage business, $0.77
million for company acquisition, and $2.2 million for professional fee, $0.7 million for the development of asset management business.
We still intend to use the remainder of the proceeds from our initial public offering as disclosed in our registration statements on Form F-1.

The following
“ Use of Proceeds” information relates to the registered direct offering registered under the Securities Act of 1933, as amended,
pursuant to a prospectus supplement to the Company’s registration statement on Form F-3 (File No. 333-273066), which was
initially filed