Galaxy Payroll Group Limited (Nasdaq: GLXG), a leading global payroll provider, announced that its Board of Directors has unanimously approved a consolidation of all issued and unissued ordinary shares at a ratio of ten shares to one share of the same class. The Share Consolidation was approved pursuant to the British Virgin Islands Business Companies Act and the Company's amended and restated memorandum and articles of association.
The Share Consolidation will be effective at 12:01 a.m. (ET) on September 8, 2025 and the Company's ordinary shares will begin trading on the Nasdaq Capital Market on a consolidation-adjusted basis at the opening of market on September 8, 2025. The Company's ordinary shares will continue to trade on the Nasdaq Capital Market under the trading symbol GLXY but will trade under a new CUSIP number: G37692 111.
The Share Consolidation will apply to both Class A and Class B ordinary shares, with the par value per share increasing from US$0.000625 to US$0.00625 following the consolidation. The Share Consolidation will reduce the number of outstanding ordinary shares of the Company from 21,615,000 to approximately 2,161,500. No fractional shares will be issued in connection with the Share Consolidation. Instead, the Company will issue one full post-Share Consolidation ordinary share to any shareholder at a participant level who would have been entitled to receive a fractional share as a result of the process.
Mr. Wai Hong Lao, Chairman and Chief Executive Officer of Galaxy Payroll Group, stated that the share consolidation represents an important step in optimizing the Company's capital structure as they position for future growth opportunities. This action will streamline the share structure while maintaining the proportional rights and economic interests of all shareholders. The Company's memorandum and articles of association will be amended to reflect these changes. For more information, please visit Galaxy Payroll Group's website at https://www.galaxyapac.com.
