---
title: "Top Financial issues 360,534,431 shares in unregistered warrant exercise"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/293255936.md"
description: "Top Financial Group issued 360,534,431 Class A ordinary shares on July 20 via a cashless exercise of amended warrants. The warrants covered up to 428,862,444 shares under agreements with non-U.S. investors. The unregistered issuance relied on Securities Act exemptions, and the shares are subject to a six-month lockup restriction."
datetime: "2026-07-20T21:15:53.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/293255936.md)
  - [en](https://longbridge.com/en/news/293255936.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/293255936.md)
generator: "portal-rs"
---

# Top Financial issues 360,534,431 shares in unregistered warrant exercise

-   Top Financial Group issued 360,534,431 Class A ordinary shares on July 20 from a cashless exercise of amended warrants. \* The warrants covered up to 428,862,444 shares under securities purchase agreements with non-U.S. investors dated March 25, 2026. \* The unregistered issuance relied on Securities Act exemptions under Section 3(a)(9) and Section 4(a)(2). \* The shares carry a six-month lockup restricting sales, transfers, pledges, or other dispositions. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Top Financial Group Ltd. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001213900-26-079696), on July 20, 2026, and is solely responsible for the information contained therein. © Copyright 2026 - Public Technologies (PUBT) Original Document: here

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**