Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 5

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1
Chunk 5
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 of shares
reserved for issuance pursuant to the Company’s stock incentive plan has been reduced proportionately. Any fraction of a share of
common stock created as a result of the 2025 Reverse Stock Split was rounded up to the nearest whole share. 

The Company’s common
stock continues to trade on the Nasdaq Capital Market under the symbol “FLYE.” The new CUSIP number for common stock following
the 2025 Reverse Stock Split is 343927208.

Unless otherwise noted,
the share and per share information in this annual report reflects the 2024 Stock Split and the 2025 Reverse Stock Split .

Registered Direct Offering

On June 2, 2025, we closed
our registered direct offering of an aggregate of (i) 5,719,111 shares of our common stock, par value $0.01 and (ii) 11,438,222 warrants
(the “Warrants”) to purchase 11,438,222 shares of common stock at a combined purchase price per share and accompanying
Warrants of $1.2140, resulting in net proceeds to us of $6.24 million after deducting placement agent fees and offering expenses. All of
the shares (including shares underlying the Warrants) were registered under the Securities Act pursuant to a registration statement on
Form S-1, as amended (File No. 333-286678), which was declared effective by the Securities and Exchange Commission on May 15, 2025. American
Trust Investment Services, Inc. (“ATIS”) acted as the exclusive placement agent for the offering. We paid ATIS aggregate commissions
of $219,430 and incurred offering expenses of $178,625.

Disposal of Certain Subsidiaries

During the year ended March
31, 2025 and from April to July 2025, the Company disposed several subsidiaries as part of an disposal plan aimed at simplifying its legal
and operational structure and improving administrative efficiency. The divestitures were not intended to be a strategic withdrawal from
any specific geographic region or industry, but rather a measure to streamline the Company’s corporate structure and reduce complexity
in financial reporting. Between December 2024 and July 2025, the Company sold 15 subsidiaries to third-party individuals in multiple transactions,
for an aggregated cash consideration of approximately $1.3 million, of which $133,000 has been collected as of July 15, 2025.  See
“Note 14—