Company: TOP
Filing Date: 2025-04-04
Form Type: POS AM
Source: 0001213900-25-029013
Chunk: 38

Company: TOP Financial Group Ltd
Filing Date: 2025-04-04
Form: POS AM
Chunk 38
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 these risks might cause you to lose all or part of your investment. Additional risks not presently known to us or that we currently believe are immaterial may also significantly impair our business operations. For more information, see “Where You Can Find Additional Information” and “Incorporation of Documents by Reference.”

The dual-class structure of our ordinary shares may have the effect of concentrating voting control with certain shareholders, which will limit your ability 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