Company: TOP
Filing Date: 2025-04-04
Form Type: POS AM
Source: 0001213900-25-029013
Chunk: 39

Company: TOP Financial Group Ltd
Filing Date: 2025-04-04
Form: POS AM
Chunk 39
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The trading price
of our Class A ordinary shares experienced substantial price fluctuations in April and May 2023, during which time the highest and lowest
closing prices were US$108.21 and US$4.53 per Class A ordinary share, respectively. On May 11, 2023, the SEC ordered a 10-day trading
suspension of the Company’s Class A ordinary shares, due to “recent, unusual, and unexplained market activity raising concerns
regarding the adequacy and accuracy of publicly-available information, in light of disclosures made concerning our financial condition
and scope of operations.” The trading suspension ended on May 26, 2023. In addition, the daily trading volume of our Class A ordinary
shares has at times been relatively low. If this continues to occur in the future, persons buying or selling in relatively small quantities
may easily influence the price of our Class A ordinary shares. This low volume of trades could also cause the price of our Class A ordinary
shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our Class A ordinary
shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading.
Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Class A ordinary
shares. As a result of this volatility, investors may experience losses on their investment in our Class A ordinary shares. Furthermore,
the volatility may confuse the public investors of the value of our stock, distort the market perception of our stock price, our company’s
financial performance, public image, and negatively affect the long-term liquidity of our Class A ordinary shares, regardless of our
actual or expected operating performance. A decline in the market price of our Class A ordinary shares also could adversely affect our
ability to issue additional Class A ordinary shares or other securities and our ability to obtain additional financing in the future.
No assurance can be given that an active market in our Class A ordinary shares will develop or be sustained. If an active market does
not develop, holders of our Class A ordinary shares may be unable to readily sell the shares they hold or may not be able to sell their
shares at all.

The sale of a substantial amount of our Class A ordinary shares and/or securities that are exercisable or convertible into out Class A ordinary shares could adversely affect the prevailing market price of our Class A ordinary shares.

We are registering the
sale of Class