Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 30

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 4A
Chunk 30
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, 2023. the Company sold and issued 2,000,000 Ordinary Shares, and warrants to purchase up to an aggregate of 2,000,000
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 Company collected net proceeds of $4,389,992 from the registered
direct offering. 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. As of the expiry date, the Warrants were not exercised.

As of March 31, 2025, we had US$15.2 million in
cash, cash equivalents and restricted cash, out of which US$10.5 million was held in U. S. dollars and the rest was held in Hong Kong dollars
and other currencies. Our cash, cash equivalents and restricted cash primarily consist of general bank balances and segregated clients’
bank account balances.

We believe that our current cash, cash equivalents
and restricted cash and our anticipated cash flows from operations will be sufficient to meet our cash needs for general corporate purposes
for at least the next 12 months. We may decide in the future to enhance our liquidity position or increase our cash reserve for future
operations and investments through additional financing. The issuance and sale of additional equity would result in further dilution to
our shareholders. The incurrence of indebtedness would result in increasing fixed obligations and could result in operating covenants
that would restrict our operations.

Regulatory Capital Requirements

Subject to certain exemptions specified under
the Securities and Futures (Financial Resources) Rules of Hong Kong (the “ HK Financial Resources Rules”), two of our Hong
Kong subsidiaries, ZYSL and ZYCL, are securities dealers and asset management companies registered with the Securities and Futures Commission
of Hong Kong (the “ HKSFC”), an independent statutory body set up in accordance with the Securities and Futures Ordinance of
the law of Hong Kong, and thus are required to maintain minimum paid-up share capital and required liquid capital in accordance with the
HK Financial Resources Rules. The following table sets forth a summary of the key requirements