Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 116

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 116
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 of Fly E-Bike and subsequently effectively controlled the combined entity.

On December 21, 2022, Fly-E Group and Fly
E-Bike entered into a Share Exchange Agreement, pursuant to which Fly-E Group acquired all of the issued and outstanding shares of Fly
E-Bike by issuing its shares to the stockholders of Fly E-Bike on a one-for-one basis (the “Share Exchange”). As a result
of the Share Exchange, Fly E-Bike became a wholly owned subsidiary of Fly-E Group.

As a result of the Merger and the Share Exchange,
Fly E-Bike and its subsidiaries are under common control of Fly-E Group, resulting in the consolidation of Fly E-Bike and its subsidiaries,
which was accounted as a reorganization of entities under common control at carrying value. The unaudited condensed consolidated financial
statements are prepared on the basis as if the reorganization became effective as of the beginning of the first period presented in the
unaudited condensed consolidated financial statements of Fly-E Group.

On June 7, 2024, the Company issued 2,250,000
shares of common stock, at a price of $4.00 per share in its initial public offering (“IPO”). The gross proceeds of the offering
were $9.0 million, prior to deducting the underwriting discounts, commissions and offering expenses payable by the Company. In addition,
the Company granted the underwriters a 30-day option to purchase an additional 337,500 shares of common stock at the initial public offering
price, less underwriting discounts and commissions, to cover over-allotments. On June 25, 2024, the Company issued an additional 337,500
shares of common stock to the underwriters of its IPO for gross proceeds of $1.4 million upon full exercise of the underwriters’
over-allotment option. Net proceeds received by the Company from its initial public offering, including the exercise of the over-allotment
option, were approximately $9.2 million. The Company also issued to The Benchmark Company, LLC (“Benchmark”), the representative
of the underwriters warrants to purchase 129,375 shares.

The unaudited condensed consolidated financial
statements include the financial statements of the Company and each of the following subsidiaries as of December 31, 2024.

  Name   Background   Ownership  FLY-E GROUP, INC.    ●    A Delaware corporation ●    Incorporated on November 1