Galaxy Payroll Group Limited Announces Closing of $7 Million Initial Public Offering
13 Septiembre 2024 - 3:30PM
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 closing of its initial public offering (the
"Offering") of 1,750,000 ordinary shares (the "Ordinary Shares") at
an initial 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 Offering closed on September 13, 2024,
and the Ordinary Shares began trading on Nasdaq Capital Market 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 was conducted on a firm commitment
basis. R.F. Lafferty & Co., Inc., acted as the sole underwriter
(the “Underwriter”) for the Offering. Pryor Cashman LLP acted as
U.S. counsel to the Company, and VCL Law LLP acted 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”), has been 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 offerings@rflafferty.com 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 at www.sec.gov.
Before you invest, you should read the
prospectus and other documents the Company has filed or will file
with the SEC for more information about the Company and the
Offering. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation, or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Payroll Group Limited
Galaxy Payroll Group Limited is a Hong
Kong-headquartered company with decades of experience and
understanding in the payroll outsourcing service, employment
service industry and human capital market in Asian countries.
Through its operating entities and in-country partners, the Company
provides payroll outsourcing service, employment service and
consultancy and market research service to customers from China
mainland, Hong Kong, Taiwan, Macau, Japan, Australia and other
Asian countries, which are mainly categorized as (i) channels which
are global human resources service providers engaged by
companies/organizations to handle payroll and/or employment-related
matters for their branch offices in different regions; (ii)
end-users which are mainly multinational companies/organizations
that outsource their payroll and/or employment functions to the
Company directly; and (iii) end-users consulting the Company for
their future expansion worldwide. For more information please
visit: http://investors.galaxy-hk.com/.
Forward-Looking Statement
This press release contains forward-looking
statements. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements that
are other than statements of historical facts. When the Company
uses words such as "may, "will, "intend," "should," "believe,"
"expect," "anticipate," "project," "estimate" or similar
expressions that do not relate solely to historical matters, it is
making forward-looking statements. These forward-looking statements
include, without limitation, the Company's statements regarding the
expected trading of its Ordinary Shares on the Nasdaq Capital
Market and the closing of the Offering. Forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties that may cause actual results to differ materially
from the Company's expectations discussed in the forward-looking
statements. These forward-looking statements are subject to
uncertainties and risks including, but not limited to, the
uncertainties related to market conditions and the completion of
the initial public offering on the anticipated terms or at all, and
other factors discussed in the “Risk Factors” section of the
registration statement filed with the SEC. For these reasons, among
others, investors are cautioned not to place undue reliance upon
any forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
For more information, please contact:
UnderwriterR. F. Lafferty & Co., Inc.40
Wall Street, 27th FloorNew York, NY 10005(212)
293-9090offerings@rflafferty.com
Investor RelationsWFS Investor Relations
Inc.Janice Wang, Managing PartnerEmail:
services@wealthfsllc.comPhone: +86 13811768599+1 628 283 9214
Galaxy Payroll (NASDAQ:GLXG)
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