TOP Financial Group (TOP) Announces $5 Million Registered Direct Offering of Ordinary Shares, Warrants

February 12, 2024 9:30 AM EST

TOP Financial Group Limited (the "Company") (NASDAQ: TOP), a fast-growing online brokerage firm located in Hong Kong specializing in the trading of local and foreign equities, futures, options products and other financial services, today announced that it has entered into a definitive agreement with certain investor for the purchase and sale of 2,000,000 ordinary shares together with warrants to purchase up to 2,000,000 ordinary shares at a combined purchase price of $2.50 per share and accompanying warrant (together the “Securities”), pursuant to a registered direct offering resulting in total gross proceeds of approximately $5 million before deducting placement agent commissions and other estimated offering expenses. The warrants will have an exercise price of $2.75, will be exercisable immediately after the date of issuance and will expire three months following the initial exercise date. The closing of the offering and sale of the Securities is expected to occur on or about February 14, 2024, subject to the satisfaction of customary closing conditions.

Univest Securities, LLC is acting as the sole placement agent for the offering.

This offering is being made pursuant to an effective shelf registration statement on Form F-3 (File No 333-273066) previously filed with the U.S. Securities and Exchange Commission (the “SEC”). A prospectus supplement describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at Electronic copies of the prospectus supplement may be obtained, when available, from Univest Securities, LLC at [email protected], or by calling +1 (212) 343-8888.

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