Galaxy Payroll Group Limited Announces Closing of the Underwriter’s Over-Allotment Option in Connection with its Initial Public Offering
Galaxy Payroll Group (GLXG) announced the closing of its underwriter's over-allotment option in connection with its Initial Public Offering (IPO). The company sold an additional 262,500 ordinary shares at the IPO price of $4 per share, raising gross proceeds of $1,050,000. This is in addition to the previously announced IPO gross proceeds of $7,000,000.
The total offering, conducted on a firm commitment basis, raised $8,050,000 before deducting underwriting discounts and offering expenses. R.F. Lafferty & Co., Inc. acted as the sole underwriter for the offering. The IPO was registered with the SEC under File No. 333-269043 and declared effective on September 10, 2024.
Galaxy Payroll Group (GLXG) ha annunciato la chiusura dell'opzione di sovrallocazione del suo sottoscrittore in relazione alla sua Offerta Pubblica Iniziale (IPO). L'azienda ha venduto ulteriori 262.500 azioni ordinarie al prezzo di IPO di $4 per azione, raggiungendo un ricavato lordo di $1.050.000. Questo si aggiunge ai ricavi lordi dell'IPO precedentemente annunciati di $7.000.000.
La raccolta totale, condotta su base di impegno fermo, ha raggiunto $8.050.000 prima della deduzione degli sconti di sottoscrizione e delle spese di offerta. R.F. Lafferty & Co., Inc. ha agito come unico sottoscrittore per l'offerta. L'IPO è stata registrata presso la SEC con il numero di file 333-269043 ed è stata dichiarata efficace il 10 settembre 2024.
Galaxy Payroll Group (GLXG) anunció el cierre de la opción de sobreasignación de su suscriptor en relación con su Oferta Pública Inicial (IPO). La empresa vendió 262,500 acciones ordinarias adicionales al precio de IPO de $4 por acción, recaudando ingresos brutos de $1,050,000. Esto se suma a los ingresos brutos de IPO previamente anunciados de $7,000,000.
La oferta total, realizada sobre una base de compromiso firme, recaudó $8,050,000 antes de deducir los descuentos de suscripción y los gastos de la oferta. R.F. Lafferty & Co., Inc. actuó como el único suscriptor para la oferta. La IPO fue registrada en la SEC bajo el número de archivo 333-269043 y fue declarada efectiva el 10 de septiembre de 2024.
Galaxy Payroll Group (GLXG)는 공개 모집(IPO)과 관련하여 주관사의 초과 할당 옵션 종료를 발표했습니다. 회사는 IPO 가격인 $4에 262,500주 일반 주식을 추가로 판매하여 총 $1,050,000의 수익을 올렸습니다. 이는 기존에 발표된 $7,000,000의 IPO 총 수익에 추가되는 것입니다.
이 고정 약정 기반의 총 제공액은 수수료 할인 및 제공 비용 공제를 전후로 $8,050,000을 모금했습니다. R.F. Lafferty & Co., Inc.는 해당 제공의 단독 주관사로 활동했습니다. IPO는 파일 번호 333-269043으로 SEC에 등록되었으며 2024년 9월 10일에 유효하다고 선언되었습니다.
Galaxy Payroll Group (GLXG) a annoncé la clôture de l'option de surallocation de son souscripteur en relation avec son Offre Publique Initiale (IPO). L'entreprise a vendu 262 500 actions ordinaires supplémentaires au prix de l'IPO de 4 $ par action, levant des recettes brutes de 1 050 000 $. Cela s'ajoute aux recettes brutes de l'IPO précédemment annoncées de 7 000 000 $.
L'offre totale, réalisée sur une base d'engagement ferme, a levé 8 050 000 $ avant déduction des remises de souscription et des frais d'offre. R.F. Lafferty & Co., Inc. a agi en tant que seul souscripteur pour l'offre. L'IPO a été enregistrée auprès de la SEC sous le numéro de dossier 333-269043 et déclarée effective le 10 septembre 2024.
Galaxy Payroll Group (GLXG) hat den Abschluss der Überallotment-Option seines Underwriters im Zusammenhang mit seinem Börsengang (IPO) bekannt gegeben. Das Unternehmen verkaufte zusätzlich 262.500 Stammaktien zum IPO-Preis von 4 $ pro Aktie und erzielte einen Bruttoerlös von 1.050.000 $. Dies kommt zu den zuvor angekündigten Bruttoerlösen von 7.000.000 $ hinzu.
Das gesamte Angebot, das auf einer festen Verpflichtungsbasis durchgeführt wurde, erzielte 8.050.000 $, bevor die Underwriting-Rabatte und die Angebotskosten abgezogen wurden. R.F. Lafferty & Co., Inc. fungierte als alleiniger Underwriter für das Angebot. Der IPO wurde bei der SEC unter der Aktennummer 333-269043 registriert und am 10. September 2024 für wirksam erklärt.
- Successfully raised additional $1,050,000 through full exercise of over-allotment option
- Total gross proceeds from IPO increased to $8,050,000
- Firm commitment underwriting by R.F. Lafferty & Co., Inc.
- Potential dilution of existing shareholders due to additional share issuance
Insights
The full exercise of the over-allotment option in Galaxy Payroll Group 's IPO is a positive development, indicating strong investor demand. The additional
However, it's important to note that this is a relatively small IPO, with a market cap of about
The firm commitment underwriting by R.F. Lafferty & Co. suggests confidence in the offering, but as with any newly public company, there may be volatility and uncertainty in the short term as the market assesses GLXG's performance and potential.
Hong Kong, Oct. 15, 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 that it closed the sales of an additional 262,500 ordinary shares of the Company, representing full exercise of the underwriter’s over-allotment option granted in connection with the Company’s initial public offering (“IPO”, together with such over-allotment closing, the “Offering”), at the IPO price of
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.
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 Galaxy 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:
Underwriter
R. F. Lafferty & Co., Inc.
40 Wall Street, 27th Floor
New York, NY 10005
(212) 293-9090
offerings@rflafferty.com
Investor Relations
WFS Investor Relations Inc.
Janice Wang, Managing Partner
Email: services@wealthfsllc.com
Phone: +86 13811768599
+1 628 283 9214
FAQ
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