Company: RAYA
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001213900-25-070321
Chunk: 97

Company: Erayak Power Solution Group Inc.
Filing Date: 2025-08-01
Form: 424B5
Chunk 97
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public accounting firm for the fiscal year ended December 31, 2022 and 2021, and Fortune CPA, our independent registered public accounting
firm for the fiscal year ended December 31, 2023, as auditors of companies that are traded publicly in the United States and a firm registered
with the PCAOB, are subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess TPS Thayer
and Fortune CPA’s compliance with applicable professional standards. As of the date of this annual report, neither TPS Thayer nor
Fortune CPA is included in the list of PCAOB Identified Firms in the PCAOB Determination Report issued in December 2021. TPS Thayer is
headquartered in Sugar Land, Texas, and its registration with the PCAOB took effect in September 2020 and it is currently subject to PCAOB
inspections. Fortune CPA is headquartered in Orange, California, and its registration with the PCAOB took effect in April 2022 and it
is currently subject to PCAOB inspections. See “Risk Factors — Risks Related to Doing Business in China — The recent
joint statement by the SEC and PCAOB, proposed rule changes submitted by Nasdaq, and the Holding Foreign Companies Accountable Act all
call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors,
especially the non-U.S. auditors who are not inspected by the PCAOB. These developments could add uncertainties to our offering”
on page 33.

Our management monitors the cash position of each
entity within our organization regularly and prepare budgets on a monthly basis to ensure each entity has the necessary funds to fulfill
its obligation for the foreseeable future and to ensure adequate liquidity. In the event that there is a need for cash or a potential
liquidity issue, it will be reported to our Chief Financial Officer and subject to approval by our board of directors, we will enter into
an intercompany loan for the subsidiary in accordance with the applicable PRC laws and regulations. However, the funds or assets may not
be available to fund operations or for other use outside of the PRC or Hong Kong due to interventions in or the imposition of restrictions
and limitations on the ability of us or our subsidiaries by the PRC government to transfer cash or assets. See “Risk Factors —
Risks Related to Doing Business in China — To the extent cash or assets in the business is in the PRC or Hong Kong or a