Company: RAYA
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001185185-25-001296
Chunk: 186

Company: Erayak Power Solution Group Inc.
Filing Date: 2025-09-29
Form: 424B5
Chunk 186
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 for three years following the date that such
person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or
more of the target’s outstanding voting stock or who or which is an affiliate or associate of the corporation and owned 15% or more
of the corporation’s outstanding voting stock within the past three years. This has the effect of limiting the ability of a potential
acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if,
among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either
the business combination or the transaction, resulting in the person becoming an interested shareholder. This encourages any potential
acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target’s board of directors.

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The Cayman Islands Companies Act has no comparable
statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However,
although the Cayman Islands Companies Act does not regulate transactions between a company and its significant shareholders, under Cayman
Islands law such transactions must be entered into bona fide in the best interests of the company and for a proper corporate purpose and
not with the effect of constituting a fraud on the minority shareholders.

Dissolution; Winding Up

Under the Delaware General Corporation Law, unless
the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting
power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the
corporation’s outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority
voting requirement in connection with dissolutions initiated by the board of directors.

Under the Cayman Islands Companies Act and our
articles, the Company may be wound up by a special resolution of our shareholders, or if our company is unable to pay its debts as they
fall due, by an ordinary resolution of our members. In addition, a company may be wound up by an order of the courts of the Cayman Islands.
The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court,
just and equitable to do so.

Variation of Rights of