Company: RAYA
Filing Date: 2025-07-28
Form Type: 424B5
Source: 0001213900-25-067907
Chunk: 52

Company: Erayak Power Solution Group Inc.
Filing Date: 2025-07-28
Form: 424B5
Chunk 52
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 |     | $      | 46,033,203 |   |     |              | 49,258,203 |   |

Notes:

| (1) | Additional paid-in capital reflects the sale of Class A Ordinary Shares in this offering at a public                            
 offering price of $0.098 per share, and after deducting the estimated offering expenses payable by us. The pro forma as further 
 adjusted information is illustrative only. We estimate that such net proceeds will be approximately $3,045,000, assuming all    
 Pre-funded Warrants and Placement Agent Warrants are exercised ($3,225,000 gross offering proceeds, less the estimated offering 
 expenses payable by us of approximately $180,000).                                                                              |

<div align='center'>S-21

DILUTION</div>

Our net tangible book value on December 31, 2024
was US$20,065,860, or US$0.40 per Class A ordinary share. “Net tangible book value” is total assets minus the sum of liabilities
and intangible assets. “Net tangible book value per share” is net tangible book value divided by the total number of shares
outstanding.

After giving effect to the sale of
32,448,981 Class A Ordinary Shares at the offering price of US$0.098 per Class A Ordinary Share, assuming all Pre-funded Warrants
and Placement Agent Warrants are exercised, and after deducting the estimated offering expenses payable by us in connection with
this offering, our as adjusted net tangible book value as December 31, 2024 would have been US$23,110,860, or US$0.28 per Class A
Ordinary Share. This represents an immediate decrease in net tangible book value of US$0.12 per Class A Ordinary Share to our
existing shareholders and an immediate increase in net tangible book value of US$0.18 per Class A Ordinary Share to the investor
participating in this offering.

The following table illustrates the net tangible
book value dilution per Class A Ordinary Share to shareholders after the issuance of the Class A Ordinary Share in this offering:

| Public offering price per Class A Ordinary Share                                               |     | US $ | 0.098 |   |
| Net tangible book value per Class A Ordinary Share as of December 31, 2024                     |     | US $ |  0.40 |   |
| Decrease per Class A Ordinary Share attributable to investors under this prospectus supplement |     |