Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 66

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 4
Chunk 66
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.00 per share. The Company’s Registration Statement on Form F-1 (File No. 333-269043)
for the IPO, originally filed with the U. S. Securities and Exchange Commission (the “ Commission”) on December 28, 2022 (as
amended, the “ Registration Statement”) was declared effective by the Commission on September 10, 2024.

On September 11, 2024, the
Company and listed its Ordinary Shares on the Nasdaq Capital Market under the symbol “ GLXG”.

Pursuant to the underwriting
agreement with L. F. Lafferty & Co., Inc., there is an option for a period of 45 days from the effective date of the Registration
Statement to purchase up to an aggregate of 15% of the total number of Ordinary Shares.

On October 15, 2024, L. F.
Lafferty & Co., Inc. fully exercised the over-allotment option for the IPO, acquiring 262,500 Ordinary Shares at a price of $4.00
per share and the Company completed the exercise of over-allotment option.

Nasdaq Deficiency

On March 17, 2025, the Company received a letter
from the Listing Qualifications staff of The Nasdaq Stock Market (“ Nasdaq”) notifying the Company that based on the closing
bid price of the Company for the period from January 31, 2025 to March 14, 2025, the Company no longer meets the continued listing requirement
of Nasdaq under Nasdaq Listing Rules 5550(a)(2), to maintain a minimum bid price of $1 per share.

The notification has no immediate effect on the
listing of the Company’s ordinary shares. Nasdaq has provided the Company with a 180 calendar days compliance period, or until September
15, 2025, in which to regain compliance with Nasdaq continued listing requirement. In the event that the Company does not regain compliance
in the compliance period, the Company may be eligible for an additional 180 calendar days, should the Company meet the continued listing
requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception
of the bid price requirement, and is able to provide written notice of its intention to cure the deficiency during the second compliance
period, by effecting a reverse stock split, if necessary. However, if it appears that the Company will not be able to