Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 138

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 4A
Chunk 138
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US$7,000,000, before deducting underwriting discounts and other offering expenses. On October 15, 2024, the Group closed the sales of
an additional 262,500 ordinary 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 per share. As a result, the Group has raised gross proceeds of $1,050,000 in
addition to the previously announced IPO gross proceeds of $7,000,000, before deducting underwriting discounts and offering expenses.

REDESIGNATION AND RECLASSIFICATION OF ORDINANRY 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$0.000625 that (a) all the issued 18,012,500
Ordinary Shares be and are re-designated into 14,412,500 Class A Ordinary Shares each with a par value of US$0.000625 with one vote 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 and 3,600,000 Class B Ordinary Shares each with a par value of US$0.000625 with fifty votes 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 number of shares each with a par value of US$0.000625 divided into (i) an unlimited number of Class A Ordinary Shares and (ii)
an unlimited number of Class B Ordinary Shares.

ISSUANCE UNDER EMPLOYEE SHARE OWNERSHIP PLAN

On February 26, 2025, the
Group had reserved an aggregate of 3,602,500 Class A Ordinary Shares for issuance under its Employee Share Ownership Plan (“ ESOP”),
which is designed to attract, retain and incentivize employees through equity-based compensation. Class A Ordinary Shares issued upon
exercise or vesting of such awards rank pari passu with all other outstanding Class A Ordinary Shares