Company: RAYA
Filing Date: 2025-07-28
Form Type: 424B5
Source: 0001213900-25-067907
Chunk: 73

Company: Erayak Power Solution Group Inc.
Filing Date: 2025-07-28
Form: 424B5
Chunk 73
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 approves either
the business combination or the transaction, resulting in the person becoming an interested shareholder. This encourages any potential
acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target’s board of directors.

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The Companies Act has no comparable statute. As
a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although
the Companies Act does not regulate transactions between a company and its significant shareholders, the directors of the Company are
required to comply with fiduciary duties which they owe to the Company under Cayman Islands laws, including the duty to ensure that, in
their opinion, any such transactions must be entered into bona fide in the best interests of the company, and are entered into for a proper
corporate purpose and not with the effect of constituting a fraud on the minority shareholders.

Dissolution; Winding Up

Under the Delaware General Corporation Law, unless
the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting
power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the
corporation’s outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority
voting requirement in connection with dissolutions initiated by the board of directors.

Under the Companies Act and our articles, the
Company may be wound up by a special resolution of our shareholders, or if our company is unable to pay its debts as they fall due, by
an ordinary resolution of our members. In addition, a company may be wound up by an order of the courts of the Cayman Islands. The court
has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and
equitable to do so.

Variation of Rights of Shares

Under the Delaware General Corporation Law, a
corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the
certificate of incorporation provides otherwise. Under the Companies Act and our articles, if our share capital is divided into different
classes of shares, the rights attaching to any class of share (unless otherwise provided by the terms of issue of the shares of that class)
may be varied either with the consent in writing of the holders of not