Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 74

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 14
Chunk 74
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 with the SEC on June 30, 2023 and declared effective on September 29, 2023. We sold and issued 2,000,000 Class A Ordinary
Shares, and warrants to purchase up to an aggregate of 2,000,000 Class A Ordinary Shares at $2.75 per share, subject to adjustments thereunder,
including a reduction in the exercise price, in the event of a subsequent offering at a price less than the then current exercise price,
to the same price as the price in such offering (the “ Warrants”) at a purchase price of $2.50 per Ordinary Share and accompanying
Warrant. The Warrants were exercisable immediately upon issuance and expired three (3) months from the date of issuance, at an initial
offering price of US$5.00 per Ordinary Share. Univest Securities, LLC acted as the placement agent of this Offering. The registered direct
offering was closed on February 14, 2024.

In connection with the
issuance and distribution of the Class A Ordinary Shares and Warrantsin the registered
direct offering, our expenses incurred and paid to others totaled approximately US$610,000, which included US$500,000 for placement
agent’s commissions and expense reimbursement. None of the transaction expenses included direct or indirect payments to directors
or officers of our company or their associates, persons owning more than 10% or more of our equity securities or our affiliates or others.
We received an aggregate net proceeds of approximately US$4.39 million from the registered
direct offering.

As of the date of this
annual report, we reserved US$4,500,000 of the net proceeds received from the registered direct
offeringfor the development of OTC derivatives business. We still intend to use the remainder of the proceeds from the registered
direct offeringas disclosed in prospectus supplement dated February 11, 2024.

Item
15. Controls and Procedures