Company: FLYE
Filing Date: 2025-12-18
Form Type: 10-Q
Source: 0001213900-25-123281
Chunk: 167

Company: Fly-E Group, Inc.
Filing Date: 2025-12-18
Form: 10-Q
Item: Item 8
Chunk 167
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 proceeds received by the Company from the initial public offering, including the exercise of over-allotment option, were approximately
$9.2 million. On September 18, 2025, the Company entered into a securities purchase agreement with third-party individuals offering of
687,500 shares of the common stock at the price of $16.0 per share for a total consideration of $11,000,000. During the Six months ended
September 30, 2025, the Company received net proceeds of $3,400,000 from the investors. The remaining net proceeds of $7,596,558 were
all received in October and November 2025.

2025 Reverse Stock Split

On July 3, 2025, the Company implemented a 1-for-5
reverse stock split of its issued and outstanding shares of common stock. The par value per share remained unchanged at $0.01.

On November 4, 2025, the Company implemented a
1-for-20 reverse stock split of its issued and outstanding shares of common stock. The par value per share remained unchanged at $0.01.

The reverse stock splits were accounted for retrospectively
in the accompanying unaudited condensed consolidated financial statements and notes for all periods presented. All references to the number
of shares of common stock, including per share amounts, have been adjusted to reflect the reverse stock split. As of September 30, 2025
and March 31, 2025, the number of issued and outstanding shares of common stock was 1,632,351 and 245,875, respectively.

Representative’s Warrants

Upon the closing of IPO offering in June 2024,
the Company issued to Benchmark the representative of the underwriters warrants to purchase 1,294 shares of common stock. The Representative’s
Warrants have an exercise price equal to $400.00 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 according to ASC:815-40, the Representative’s
Warrants are classified as equity.  None of the Representative’s Warrants were exercised as of September 30, 2025.

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The fair value of the warrant, using the Black-Scho