Company: FLYE
Filing Date: 2025-04-22
Form Type: S-1
Source: 0001213900-25-034233
Chunk: 12

Company: Fly-E Group, Inc.
Filing Date: 2025-04-22
Form: S-1
Chunk 12
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 against the lawsuit.

Our History and Corporate Structure

We initially started our business
in 2018 as Ctate Inc. (“Ctate”), a New York corporation. Our business has experienced rapid growth since then and we
opened multiple retail stores within a short period of time. In the interest of efficient management, each retail store was managed by
a separate company wholly owned by Ctate.

Fly E-Bike was a wholly owned
subsidiary of Ctate incorporated on August 22, 2022. On September 12, 2022, Ctate and Fly E-Bike entered into an Agreement and
Plan of Merger, pursuant to which Ctate merged into and with Fly E-Bike, with Fly E-Bike being the surviving corporation.

Fly-E Group, Inc. (“Fly-E
Group”), a Delaware corporation, was incorporated on November 1, 2022. On December 21, 2022, Fly E-Bike, the stockholders
of Fly E-Bike and Fly-E Group 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. Fly-E Group has no substantive operations
other than holding all of the issued and outstanding shares of Fly E-Bike and Fly EV, Inc. Our business is primarily conducted through
Fly E-Bike and its subsidiaries. Fly EV, Inc. is a Delaware corporation incorporated on November 1, 2022 and currently has no substantive
operations.

Our Industry

The EV industry has been experiencing
significant growth and innovation in recent years. With the advancement of technology and the increasing demand for environmentally
friendly transportation options, E-bikes, E-motorcycles and E-scooters have become popular choices for commuting, leisure and sports.
As the demand for sustainable transportation options continues to grow, the EV industry is poised for further growth and development.

Some of the major trends driving
the growth of the EV industry include the increasing demand for sustainable transportation options, advancements in battery and motor
technology, and the growing popularity of E-bike sharing services. Government incentives and regulations, such as tax credits and subsidies
for the purchase of EVs, are also driving the growth of the industry.

City bikes and city E-bikes