Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 262

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 19
Chunk 262
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 not the Group is in liquidation,
with the consent in writing of or by a resolution passed at a meeting by the holders of not less than50percent of the issued
Shares in that class. The rights conferred upon the holders of the shares of any class shall not, unless otherwise expressly
provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares
ranking pari passu therewith.

Consummation of IPO

On September 13, 2024, the
Group closed its IPO of1,750,000ordinary shares at the initial public offering price of US$4.00per share for total gross proceeds of
US$7,000,000, before deducting underwriting discounts and other offering expenses. On October 15, 2024, the Group closed the sales of
an additional262,500ordinary shares, representing full exercise of the underwriter’s over-allotment option granted in connection
with the Group’s IPO, at the offering price of US$4.00per share. As a result, the Group has raised gross proceeds of $1,050,000in
addition to the previously announced IPO gross proceeds of $7,000,000, before deducting underwriting discounts and offering expenses.

Re-classification and re-designation of ordinary shares

On March 19, 2025, the re-designation
and re-classification of its ordinary shares into two classes each with a par value of US$0.000625that (a) all the issued18,012,500Ordinary Shares be and are re-designated into14,412,500Class A Ordinary Shares each with a par value of US$0.000625withonevote per
share but with all rights and restrictions remaining identical to the Ordinary Shares (the “ Class A Ordinary Shares”) on a
one-for-one basis and3,600,000Class B Ordinary Shares each with a par value of US$0.000625withfiftyvotes per share but with all rights
and restrictions remaining identical to the Ordinary Shares (the “ Class B Ordinary Shares”) on a one-for-one basis, (b) the
remaining authorized but unissued Ordinary Shares be and are re-designated into (i) an unlimited number of Class A Ordinary Shares and
(ii) an unlimited number of Class B Ordinary Shares on a one-for-one basis and (c) such that the Group will be authorized to issue an
unlimited