Company: FLYE
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001213900-25-039419
Chunk: 198

Company: Fly-E Group, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 198
---
 29, 2024.

For the nine months ended December 31, 2024 and
2023, the total interest expenses on the Company’s outstanding loans amounted to $ and $, respectively.

F-54

9 - STOCKHOLDER’S EQUITY

Prior to the effectiveness of the stock split
discussed below, the Company was authorized to issue shares of common stock having a par value of $ per share and shares of
preferred stock having a par value of $ per share. There were shares of common stock were issued and outstanding prior to the
effectiveness of the stock split.

On March 27, 2024, the Company’s board of
directors approved a stock split of the Company’s capital stock. The stock split became effective on April 2, 2024.
The par value of the Company’s common stock remained unchanged at $ per share, and the number of authorized shares of the Company’s
capital stock was increased from to , with the number of authorized shares of common stock and preferred stock being increased
from to and from to , respectively.

On June 7, 2024, the Company completed its initial
public offering and issued shares of common stock, at a price of $ per share. The gross proceeds of the offering were $
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 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 shares
of common stock to the underwriters for gross proceeds of $ million upon full exercise of the underwriters’ over-allotment option.
Net proceeds received by the Company from the initial public offering, including the exercise of over-allotment option, were approximately
$ million.

Upon the closing of IPO offering in June 2024,
the Company issued to Benchmark the representative of the underwriters warrants to purchase shares of common stock. The Representative’s
Warrants have an exercise price equal to $ per share and are exercisable until the date on June 7, 2029, after the date of commencement
on December 7, 2024. The Representative’s Warrants are also exercisable on a cashless basis. As the Representative’s Warrants
are considered indexed to the Company’s own stock and meet the criteria for equity classification