Company: FLYE
Filing Date: 2025-06-02
Form Type: 424B4
Source: 0001213900-25-050035
Chunk: 76

Company: Fly-E Group, Inc.
Filing Date: 2025-06-02
Form: 424B4
Chunk 76
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 Complaint alleges that the Company improperly used UL’s trademark by claiming certain products were certified by UL. The Complaint seeks $2,000,000 for each instance an allegedly counterfeit UL mark was used and asserts claims for federal trademark infringement and counterfeiting, unfair competition and false designations of the origin and false and misleading representations, common law unfair competition, common law unjust enrichment, and unlawful deceptive acts and practices. The response to the Complaint is due on May 8, 2025. The Company and UL are in the process of discussing settlement. If settlement efforts are unsuccessful, the Company intends to defend itself against the lawsuit. 48 On May 21, 2025, Company, along with the Company’s certain subsidiaries and certain individuals, and UL entered into a settlement and release agreement (the “Settlement Agreement”) on mutually acceptable settlement terms. Pursuant to the Settlement Agreement, the Company and the other defendants agreed to pay UL an aggregate amount of $1,000,000 before November 30, 2025, and entered into a Consent Judgment and Permanent Injunction pursuant to which the Company and the other defendants agreed not to offer for sale, sell, or distribute products with UL Marks that were not tested and certified by UL. The Settlement Agreement fully resolves all pending litigation between UL and the Company, and each party fully releases the other party from any and all past or present claims, demands, causes of action, obligations, damages, liabilities, expenses, or compensation of whatever kind or nature, that were or could have been asserted in connection with the Company’s sales of products with a UL Mark which were not tested and certified by UL. Approved Reverse Split and Financing On March 10, 2025, the Company held a special meeting of stockholders. At the special meeting, among other proposals, the Company’s stockholders approved an amendment to the amended and restated certificate of incorporation to effect a reverse stock split of the Company’s issued and outstanding shares of common stock by a ratio in a range of 1 -for-2to 1 -for-15, with such ratio to be determined in the discretion of the board of directors of the Company and with such action to be effected at such time and date, if at all, as determined by the board of directors of the Company within one year after the conclusion of the special meeting. On April 2, 2025, Nasdaq notified us that, although the Company has not regained compliance with the minimum bid price requirement, the Company is eligible to receive an