HONG KONG - TOP Financial Group Limited (NASDAQ: TOP), a Hong Kong-based online brokerage firm, has announced a definitive agreement for a registered direct offering, which involves the sale of 2 million ordinary shares and warrants. The transaction is set to generate gross proceeds of approximately $5 million, with the closing expected to take place around February 14, 2024, pending customary closing conditions.
The offering, priced at $2.50 per share and accompanying warrant, will grant the investor warrants exercisable at $2.75. These warrants can be exercised immediately following issuance and will expire three months from the initial exercise date. Univest Securities, LLC is serving as the sole placement agent for the offering.
This financial move comes as part of a strategy to raise capital using the company's shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC).
TOP Financial Group, through its subsidiaries, provides trading platforms for a variety of financial products including equities, futures, and options. These platforms cater to global exchanges such as the Chicago Mercantile Exchange, Hong Kong Futures Exchange, and The New York Mercantile Exchange, among others. The firm is regulated by the Securities and Futures Commission of Hong Kong, holding licenses for dealing in securities and futures, advising on securities and futures, as well as asset management.
The information for this article is based on a press release statement from TOP Financial Group Limited.
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