Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 199

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 2
Chunk 199
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 and the other defendants agreed to pay UL an
aggregate amount of $1,000,000 before November 30, 2025, and entered into a Consent Judgment and Permanent Injunction pursuant to
which the Company and the other defendants agreed not to offer for sale, sell, or distribute products with UL Marks that were not tested
and certified by UL. From May 28 to July 15, 2025, the Company paid $350,000 to UL.

The Settlement Agreement fully resolves all pending
litigation between UL and the Company, and each party fully releases the other party from any and all past or present claims, demands,
causes of action, obligations, damages, liabilities, expenses, or compensation of whatever kind or nature, that were or could have been
asserted in connection with the Company’s sales of products with a UL Mark which were not tested and certified by UL.

2025 Reverse Stock Split

On March 10, 2025, the Company held a special
meeting of stockholders. At the special meeting, the stockholders approved a proposal to amend the Company’s amended and restated
certificate of incorporation to effect a reverse stock split of the Company’s issued and outstanding shares of common stock, par
value $0.01 per share, by a ratio in the range of 1-for-2 to 1-for-15, with such ratio to be determined in the discretion of the board
of directors of the Company and with such action to be effected at such time and date, if at all, as determined by the board of directors
within one year after the conclusion of the special meeting.

On June 16, 2025, the board of directors approved
a one-for-five (1:5) reverse stock split of the Company’s issued and outstanding shares of common stock (the “2025 Reverse
Stock Split”). On July 2, 2025, the Company filed with the Secretary of State of the State of Delaware the Second Certificate of
Amendment to its Certificate of Incorporation (the “Certificate of Amendment”) to effect the 2025 Reverse Stock Split. The
2025 Reverse Stock Split became effective as of 5:00 p.m., Eastern Time, on July 3, 2025, and the Company’s common stock began trading
on the Nasdaq Stock Market on a split-adjusted basis on July 7, 2025.

After the 2025 Reverse Stock Split, every five
(5) shares of the