Company: FLYE
Filing Date: 2025-12-18
Form Type: 10-Q
Source: 0001213900-25-123281
Chunk: 12

Company: Fly-E Group, Inc.
Filing Date: 2025-12-18
Form: 10-Q
Item: Item 1
Chunk 12
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-allotment option. Net proceeds received by the Company from its initial public offering, including the exercise of the over-allotment
option, were approximately $9.2 million. The Company also issued to The Benchmark Company, LLC (“Benchmark”), the representative
of the underwriters warrants to purchase 1,294 shares.

On June 4, 2025, the Company issued 285,956 shares
of common stock, at a price of $24.28 per share in its second public offering. The gross proceeds of the offering were $6.9 million,
prior to deducting the placement agent’s fees and offering expenses payable by the Company. Each share of common stock was sold
together with two warrants, with each warrant to purchase one share of common stock. Each warrant is exercisable immediately with an
exercise price equal to 120% of the offering price ($29.13 per share) and expires on the fifth anniversary of the issuance date, subject
to certain adjustments.

On September 18, 2025, the Company entered into a securities purchase
agreement with third-party individuals offering of 687,500 shares of the common stock at the price of $16.0 per share for a total consideration
of $11,000,000. In September 2025, the Company received net proceeds of $3,400,000 from the investors. The remaining net proceeds of $7,596,558
were held on escrow as of September 30, 2025, and were all received in October and November 2025.

6

On July 3, 2025 and November 4, 2025, the Company
implemented a 1-for-5 and 1-for-20 reverse stock split of its issued and outstanding shares of common stock, respectively. As a result,
all share and per share information has been retroactively adjusted to reflect the reverse stock split for all periods presented. The
reverse stock split reduced the number of shares of common stock issued and outstanding from 32,647,030 to 1,632,351 as of September
30, 2025. The par value per share remained unchanged at $0.01, respectively.

The reverse stock split was accounted for retrospectively
in the accompanying unaudited condensed consolidated financial statements and notes for all periods presented. All references to the
number of shares of common stock, including per share amounts, have been adjusted to reflect the reverse stock split.

The unaudited condensed consolidated