Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 265

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 19
Chunk 265
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 Group may be subject to certain legal proceedings, claims, and disputes that arise from the business operations. Although
the outcomes of these legal proceedings cannot be predicted, the Group does not believe these actions, in the aggregate, will have a material
adverse impact on its financial position, results of operations or liquidity. As of June 30, 2025, the Group had no outstanding lawsuits
nor claims.

Note 14 - Subsequent events

The Group evaluated all events
and transactions that occurred after June 30, 2025 up through the date the Group issued the consolidated financial statements. Except
for the events described below, there were no other subsequent events occurred that would require recognition or disclosure in the Group’s
consolidated financial statements.

On July 11, 2025, the Group
has entered into a Securities Purchase Agreement (“ SPA”) with certain entities named therein (each an “ Investor,”
and collectively, the “ Investors”), pursuant to which the Investors agreed to subscribe, and the Group agreed to issue and
sell an aggregate of15,000,000Class A ordinary shares, each with a par value of US$0.000625, (“ PIPE Shares”) through a private
investment in public equity (“ PIPE”), at a price of US$0.33per Class A Ordinary Share. Concurrently with the signing of the
SPA, the Group also entered into a Registration Rights Agreement (“ RRA”) with the Investors, pursuant to which the Group agrees
to provide certain registration rights with respect to the PIPE Shares. The closing of the PIPE is subject to the satisfaction of certain
customary closing conditions as stipulated in the SPA.

On September 8, 2025, the
Group has been unanimously approved a consolidation of all issued and unissued ordinary shares at a ratio of ten (10) shares to one (1)
share of the same class (the “ Share Consolidation”) and the Share Consolidation was effective. The Share Consolidation applied
to both Class A and Class B ordinary shares, with the par value per share increasing from US$0.000625to US$0.00625following the consolidation.
The Share Consolidation reduced the number of outstanding ordinary shares of the Group from21,615,000to approximately2,161,500. No
fractional shares were issued in connection with the Share Consolidation. Instead, the Group issued one full post-Share Consolidation
ordinary share to any shareholder at a participant level who would have been entitled to receive a