Business
Galaxy Payroll Group Limited Announces Pricing of Its Initial Public Offering
Hong Kong, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Galaxy Payroll Group Limited (the “Company” or “GLXG”), a reputable payroll outsourcing service, employment
About this update from Galaxy Payroll Group Limited
[{"type":"text","content":"Hong Kong, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Galaxy Payroll Group Limited (the “Company” or “GLXG”), a reputable payroll outsourcing service, employment service and consultancy and market research service provider based in Hong Kong, today announced the pricing of its initial public offering (the \"Offering\") of 1,750,000 ordinary shares (the \"Ordinary Shares\") at a public offering price of $4.00 per share for total gross proceeds of $7,000,000, before deducting underwriting discounts and other offering expenses. The Ordinary Shares have been approved for listing on the Nasdaq Capital Market and are expected to begin trading on September 12, 2024, under the ticker symbol \"GLXG\". The Company has granted the underwriter an option, exercisable within 45 days from the effective date of certain Registration Statement (as defined below), to purchase up to an additional 262,500 Ordinary Shares at the initial public offering price, less underwriting discounts, to cover over-allotments, if any. The Offering is expected to close on September 13, 2024, subject to the satisfaction of customary closing conditions. The Offering is being conducted on a firm commitment basis. R.F. Lafferty & Co., Inc., acted as the sole underwriter (the “Underwriter”) for the Offering. Pryor Cashman LLP is acting as U.S. counsel to the Company, and VCL Law LLP is acting as U.S. counsel to the Underwriter in connection with the Offering. The Company intends to use the proceeds from this Offering for 1) brand promotion and marketing (20%); 2) recruitment of talented personnel (20%); 3) expansion of new offices and servicing scope (20%); 4) enhancement of IT systems (20%) and 5) general working capital (20%). A registration statement on Form F-1 (File No. 333-269043) relating to the Offering, as amended (the “Registration Statement”), was filed with the U.S. Securities and Exchange Commission (the \"SEC\") and was declared effective by the SEC on September 10, 2024. The Offering is being made only by means of a prospectus. Copies of the final prospectus related to the Offering may be obtained, when available, from R. F. Lafferty & Co., Inc by email at [email protected] or via standard mail to R. F. Lafferty & Co., Inc, 40 Wall Street, 27th Floor, New York, NY10005. In addition, a copy of the final prospectus can also be obtained via the SEC's website ...