Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 67

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 4
Chunk 67
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 cure the deficiency,
or if the Company is otherwise not eligible, Nasdaq will provide notice that the Company’s securities will be subject to delisting.

The Company is currently evaluating options to
regain compliance and intends to timely regain compliance with Nasdaq’s continued listing requirement. Although the Company will
use all reasonable efforts to achieve compliance with Rule 5550(a)(2), there can be no assurance that the Company will be able to regain
compliance with that rule or will otherwise be in compliance with other Nasdaq continued listing requirement.

On September 22, 2025, the
Company received formal notification from Nasdaq, that the Company has regained compliance with the Nasdaq Minimum Bid Price Requirement.
Nasdaq made this determination of compliance after the closing bid price of the Company’s ordinary shares was at $1.00 per share
or greater for the last 10 consecutive business days from September 8 to September 19, 2025. Accordingly, the Company has regained compliance
with Nasdaq Listing Rule 5550(a)(2), and the prior bid price deficiency matter is now closed.

Reclassification of Class A and Class B ordinary Shares

Pursuant to and in accordance
with the provisions of British Virgin Islands laws and the then effective memorandum and articles of association of the Company, the Board
of Directors of the Company approved certain corporate actions (the “ Corporate Actions”) as described herein at a meeting
of the Board of Directors (the “ Meeting”). The majority shareholders of the Company (the “ Majority Shareholders”)
further approved the Corporate Actions by written resolution of the shareholders on March 19, 2025.

At the close of business
on March 19, 2025, the record date for the determination of shareholders entitled to vote on the Corporate Actions, there were 18,012,500
ordinary shares outstanding, each share being entitled to one vote, constituting all of the outstanding voting securities of the Company.
The Majority Shareholders approved the Corporate Actions, representing 59.51% of the total outstanding shares of the Company.

Pursuant to the Board and
shareholder resolutions, the Company adopted the following resolutions regarding the Corporate Actions:

1. The re-designation and
re-classification of its ordinary shares into two classes each with a par value of US$0.000625 (issued and unissued) (the “ Ordinary
Shares”) that (a) all the issued 18,012,500 Ordinary Shares be and are re-designated into