Company: RAYA
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001213900-25-070321
Chunk: 23

Company: Erayak Power Solution Group Inc.
Filing Date: 2025-08-01
Form: 424B5
Chunk 23
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 the Company, effective November 30, 2023.

Regulatory Compliance

On November 15, 2023, the Company received a letter from the Nasdaq Listing Qualifications, indicating that the Company is not in compliance with the minimum bid price requirement for continued listing set forth in Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share.

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted a 180-calendar day compliance period, or until May 13, 2024, to regain compliance with the minimum bid price requirement. On May 14, 2023, the Company received a written notice from Nasdaq granting the Company an additional 180 calendar day period, or until November 11, 2024, to regain compliance with Nasdaq Listing Rule 5550(a)(2).

On November 4, 2024, the Company received a letter
from Nasdaq confirming that the Company regained compliance with the minimum bid price requirement set forth in Rule 5550(a)(2) of the
Nasdaq Listing Rules. For ten consecutive business days, beginning from October 21, 2024 to November 1, 2024, the closing bid price of
the Company’s Class A Ordinary Shares has been at $1.00 per share or greater, and therefore the Company has regained compliance
with the minimum bid price requirement.

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Follow-on Offerings

Private Placement

On May 20, 2024, the Company into securities purchase
agreements with certain purchasers in connection with the issuance and sale (the “Private Placement”) of (i) an aggregate
of 16,000,000 Class A ordinary shares, par value US$0.0001 per share, of the Company and (ii) warrants to purchase an aggregate of 32,000,000
Class A Ordinary Shares at an exercise price of $0.50 per share, subject to adjustment as provided therein, for an aggregate of purchase
price of $8,000,000. The Warrants will become exercisable for cash or on a cashless basis upon issuance and will expire three years after
the issuance date. Subsequently, all the shares and warrant share were issued, and the resulting Class A ordinary shares had been registered
on a resale registration statement on form F-3, which was declared effective on August