Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 118

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 118
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000,000,000 900,000,000 100,000,000

On
June 3, 2022, the Company completed its IPO on NASDAQ. In this offering, 5,000,000 5.00 2,507,160 22,492,840

On
June 17, 2022, the Company issued 50,000 200,000 200,000 50,000 200,000

F-26

TOP
Financial Group Limited

Notes
to Consolidated Financial Statements

For
the Years Ended March 31, 2025, 2024 and 2023

11.
Equity (Continued)

Ordinary
shares (cont’d)

On
February 11, 2024, the Company entered into a securities purchase agreement (“ Private Placement”) with an investor providing
for the issuance and sale of (i) 2,000,000 0.001 2,000,000 2.75 4,389,992

For
the years ended March 31, 2025, 2024 and 2023, the Company issued an aggregation of 28,668 11,172 4,365

As
of March 31, 2025 and 2024, the Company had 37,044,475 37,015,807

Registered
Warrants

In
connection with the Private Placement on February 11, 2024, the Company issued Registered Warrants to purchase up to an aggregate of 2,000,000 2.75 2.50

As
the warrants meet the criteria for equity classification under ASC 815-40, therefore, the warrants are classified as equity.

Repurchase
of warrants

In
connection with the IPO, the Company also agreed to sell warrants (the “ Underwriters’ Warrants”) to the underwriters,
for a nominal consideration of US$ 0.01 6 120 three years

In
February 2023, the Company and the underwriter entered into an agreement, pursuant to which the underwriter agreed to cancel all 300,000 300,000 300,000

As
of March 31, 2025 and 2024, the Company had no

F-27

TOP
Financial Group Limited

Notes
to Consolidated Financial Statements

For
the Years Ended March 31, 2025, 2024 and 202