Welcome to our dedicated page for Galaxy Payroll Group news (Ticker: GLXG), a resource for investors and traders seeking the latest updates and insights on Galaxy Payroll Group stock.
Galaxy Payroll Group Limited (GLXG) is a Hong Kong-headquartered provider of payroll outsourcing services, employment services, and consultancy and market research services focused on the human capital market in Asian countries. Its news flow reflects both its role in the staffing and employment services industry and its status as a Nasdaq-listed foreign private issuer.
On this page, readers can find coverage of company announcements such as the pricing and closing of its initial public offering of ordinary shares on the Nasdaq Capital Market, as well as the subsequent closing of the underwriter’s over-allotment option. These updates describe how the company has raised capital through its IPO and related share issuances, and how it has outlined intended uses of proceeds for marketing, recruitment, office and service expansion, IT system enhancement and working capital.
Investors and observers can also follow regulatory and capital markets developments reported via Form 6-K filings and related press releases. These include notices from the Nasdaq Stock Market regarding compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2), the granting of additional compliance periods, and the company’s later disclosure that it had regained compliance with the minimum bid price requirement.
Additional news items include the company’s entry into a Securities Purchase Agreement and Registration Rights Agreement for a private investment in public equity, as well as a memorandum of understanding for the joint development and promotion of AI-powered HR and payroll solutions, including an “AI HR & Payroll Manager” and an “AI Recruitment Manager.” Together, these updates provide insight into Galaxy Payroll Group Limited’s financing activities, listing status, and product-related initiatives in the payroll and employment services space.
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), a Hong Kong-based payroll outsourcing and employment services provider, has successfully closed its initial public offering on September 13, 2024. The company raised $7 million by offering 1,750,000 ordinary shares at $4.00 per share. GLXG began trading on the Nasdaq Capital Market on September 12, 2024, under the ticker symbol 'GLXG'.
The underwriter, R.F. Lafferty & Co., Inc., has a 45-day option to purchase up to 262,500 additional shares. GLXG plans to use the proceeds for brand promotion, recruitment, office expansion, IT system enhancement, and working capital, allocating 20% to each category.
Galaxy Payroll Group (GLXG) has announced the pricing of its initial public offering (IPO) of 1,750,000 ordinary shares at $4.00 per share, aiming to raise $7,000,000 in gross proceeds. The shares are set to begin trading on the Nasdaq Capital Market on September 12, 2024, under the ticker symbol 'GLXG'. The underwriter, R.F. Lafferty & Co., Inc., has a 45-day option to purchase up to an additional 262,500 shares to cover over-allotments.
The Hong Kong-based company plans to use the proceeds for brand promotion (20%), recruitment (20%), office expansion (20%), IT system enhancement (20%), and general working capital (20%). The offering is expected to close on September 13, 2024, subject to customary conditions.