Company: FLYE
Filing Date: 2025-04-22
Form Type: S-1
Source: 0001213900-25-034233
Chunk: 11

Company: Fly-E Group, Inc.
Filing Date: 2025-04-22
Form: S-1
Chunk 11
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 late charge of 5% on any payments not made within five days of the due date. Upon an event of default,
the Lender may terminate the Revolving Credit, declare the Borrower’s obligations immediately due and payable, and exercise rights
under the UCC and other applicable laws, including taking possession of the collateral and selling it.

Rental Program

We
launched a rental program to meet the increasing market demand for safe, UL-certified e-bikes in compliance with New York State regulations
in October 2024. The rental service, now available in New York City and Los Angeles via the Go Fly rental service mobile app and select
Fly E-Bike stores, provides users with a flexible and affordable e-bike rental option. As part of FLY-E’s growth strategy, we plan
to expand the rental service to Miami and Toronto shortly.

Trade-in Program

In
January 2025, the New York City Department of Transportation (“NYC DOT”) launched a $2 million trade-in program, allowing
eligible food delivery workers to replace their unsafe e-bikes, e-mobility devices, and batteries with high-quality versions. Our Fly-11
PRO was chosen as the official model of NYC DOT and participates in this program. We have also been actively cooperating with the
government to provide information and promote the model.

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Increase in Authorized Shares

In
March 2025, we amended our amended and restated certificate of incorporation to increase the authorized shares of Common Stock from 100,000,000
shares to 300,000,000 shares.

UL Litigation

On or about March 12, 2025, UL LLC (“UL”) filed a complaint
against the Company, along with the Company’s certain subsidiaries and certain individuals, in the Eastern District of New York
(the “Complaint”). The 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