Company: TOP
Filing Date: 2025-03-14
Form Type: POS AM
Source: 0001213900-25-024160
Chunk: 39

Company: TOP Financial Group Ltd
Filing Date: 2025-03-14
Form: POS AM
Chunk 39
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 to influence the outcome of important transactions, including a change in control.

Under our amended and restated memorandum
and articles of association, we are authorized to issue 990,000,000 Class A ordinary shares of $0.001 par value per share and 10,000,000
Class B ordinary shares of $0.001 par value per share. As of the date of this prospectus, there are 37,044,475 Class A ordinary
shares and no Class B ordinary shares issued and outstanding. Each of our Class B ordinary shares has fifty (50) votes per share,
and each of our Class A ordinary shares has one (1) vote per share. We may issue Class B ordinary shares in the future. Because of the
fifty-to-one voting ratio between our Class B ordinary shares and Class A ordinary shares, future holders of our Class B ordinary shares
may collectively control a majority of the combined voting power of our ordinary shares and therefore be able to control all matters
submitted to our shareholders for approval even when the shares of Class B ordinary shares represent a minority of all outstanding shares
of our Class A ordinary shares and Class B ordinary shares. These holders of our Class B ordinary shares may also have interests that
differ from yours and may vote in a way with which you disagree and which may be adverse to your interests. The potentially concentrated
control may have the effect of delaying, preventing or deterring a change in control of our company, could deprive our shareholders of
an opportunity to receive a premium for their ordinary shares as part of a sales of our company and might ultimately affect the market
price of our Class A Ordinary Shares.

The trading price of our Class A ordinary shares experienced substantial price fluctuations in April and May 2023. On May 11, 2023 the SEC ordered a 10-day trading suspension of our Class A ordinary shares. A repeat suspension could occur. Because our Class A ordinary shares has at times been thinly traded, our Class A ordinary shares may continue to experience price volatility and low liquidity, which could result in substantial losses to investors.

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 “