Company: RAYA
Filing Date: 2025-07-28
Form Type: 424B5
Source: 0001213900-25-067907
Chunk: 67

Company: Erayak Power Solution Group Inc.
Filing Date: 2025-07-28
Form: 424B5
Chunk 67
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 Islands
Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman Islands parent company
and its Cayman Islands subsidiary or subsidiaries does not require authorization by a resolution of shareholders. For this purpose a subsidiary
is a company of which at least 90% of the issued shares entitled to vote are owned by the parent company.

The consent of each holder of a fixed or floating
security interest of a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Except in certain limited circumstances, a dissenting
shareholder of a Cayman Islands constituent company is entitled to payment of the fair value of his or her shares upon dissenting from
a merger or consolidation. The exercise of such dissenter rights will preclude the exercise by the dissenting shareholder of any other
rights to which he or she might otherwise be entitled by virtue of holding shares, except for the right to seek relief on the grounds
that the merger or consolidation is void or unlawful.

In addition, there are statutory provisions that
facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved by (i) 75% in value of the shareholders
or class of shareholders or (ii) a majority in number representing 75% in value of the creditors or class of creditors, in each case depending
on the circumstances, as are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The
convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting
shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to
approve the arrangement if it determines that:

| (a) | the statutory provisions as to the required majority vote 
 have been met;                                            |

| (b) | the shareholders have been fairly represented at the meeting                                                                          
 in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of 
 the class;                                                                                                                            |

| (c) | the arrangement is such that may be reasonably approved by                         
 an intelligent and honest man of that class acting in respect of his interest; and |

| (d) | the arrangement is not one that would more properly be sanctioned 
 under some other provision of the Companies Act.                  |

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