---
title: "TOP Financial Group Enables Cashless Warrant Exercise, Issues 360.5M Shares Under 6-Month Lockup"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/293256703.md"
description: "TOP Financial Group amended warrant agreements to allow cashless exercise, resulting in the issuance of 360.5 million Class A shares on July 20, 2026. These shares are subject to a six-month lockup and were exempt from registration. The move streamlines settlement and supports capital structure objectives."
datetime: "2026-07-20T21:23:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/293256703.md)
  - [en](https://longbridge.com/en/news/293256703.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/293256703.md)
---

# TOP Financial Group Enables Cashless Warrant Exercise, Issues 360.5M Shares Under 6-Month Lockup

TOP Financial Group entered into Warrant Amendment Agreements with holders of certain warrants on Jul 19 2026 to permit cashless exercise based on a defined formula. Following the amendment, all holders exercised in full via cashless exercise, and the company issued 360,534,431 Class A shares on Jul 20 2026. The newly issued shares were exempt from registration under Sections 3(a)(9) and 4(a)(2) and are subject to a six-month lockup. The move streamlines warrant settlement and supports capital structure objectives.

**Agreement details:**

-   **Agreement type**: Warrant Amendment Agreements enabling cashless exercise
-   **Counterparty**: Holders of certain warrants (non-U.S. investors)
-   **Signed / Effective**: Jul 19 2026 / same
-   **Duration / Termination**: At will
-   **Reason**: Facilitate immediate cashless exercise and share issuance

Original SEC Filing: TOP Financial Group Ltd \[ TOP \] - 8-K - Jul. 20, 2026

**Disclaimer**

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.

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