Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 134

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 134
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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 June 30, 2025.

The fair value of the warrant, using the Black-Scholes Model on the date of issuance was
$274,472. The key inputs into the Black-Scholes Model variables were as follows at measurement date:

    June 7, 2024 
  
    Stock price 
    $20.00 
  
    Risk-free interest rate 
     4.46%
  
    Volatility 
     56.52%
  
    Exercise price 
    $20.00 
  
    Dividend yield 
    $— 

The stock price and exercise prices stated herein have been retroactively adjusted to reflect
the reverse stock split that occurred in July 2025.

Registered Direct Offering Warrants

On June 4, 2025, the Company closed its public
offering of 5,719,111 shares of common stock and 11,438,222 warrants (“2025 Warrants”) to purchase common stock (including
shares of common stock underlying warrants) at a public offering price of $1.214. Each share of common stock was sold together with two
2025 Warrants, with each Existing Warrant to purchase one share of common stock. Each Existing Warrant is exercisable immediately upon
issuance, have an exercise price equal to $1.4565, which is 120% of the offering price and will expire five years from the date of
issuance. Each Existing Warrant is exercisable for one share of common stock, subject to adjustment in the event of stock dividends, stock
splits, stock combinations, reclassifications, reorganizations or similar events affecting the Company’s common stock. A holder
may not exercise any portion of an Existing Warrant to the extent that the holder, together with its affiliates and any other person or
entity acting as a group, would own more than 4.99% of the Company’s outstanding shares of common stock after exercise, as such
ownership percentage is determined in accordance with the terms of the 2025