Galaxy Payroll Group Limited (Nasdaq: GLXG) has announced that its Board of Directors 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, with the Company's ordinary shares beginning to trade on the Nasdaq Capital Market on a consolidation-adjusted basis at the opening of market on that date. The shares will continue trading under the symbol "GLXY" but will adopt a new CUSIP number: G37692 111. For additional details about the company's operations, investors can visit www.galaxyapac.com.
The 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. This strategic move will reduce the number of outstanding ordinary shares from 21,615,000 to approximately 2,161,500, significantly streamlining the company's share structure. No fractional shares will be issued in connection with the Share Consolidation, with the Company instead issuing one full post-consolidation ordinary share to any shareholder at a participant level who would have been entitled to receive a fractional share.
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 it positions for future growth opportunities. This action will maintain the proportional rights and economic interests of all shareholders while creating a more efficient capital structure that could potentially make the stock more attractive to institutional investors and improve trading liquidity.
The implications of this consolidation extend beyond mere numerical adjustments. For current shareholders, the consolidation maintains their proportional ownership while potentially increasing the per-share price, which may improve the stock's marketability. For the payroll industry, this move signals Galaxy Payroll Group's strategic positioning for expansion and potential acquisitions, reflecting confidence in the company's growth trajectory within the competitive global payroll services market.
The company's memorandum and articles of association will be amended to reflect these structural changes, ensuring compliance with regulatory requirements while implementing this significant corporate action. The original announcement can be viewed at www.newmediawire.com for those seeking the complete press release details.
