Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 133

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 133
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 increased 100,000,000 and 10,000,000, respectively. On March 10, 2025, the Company amended and
restated the certificate of incorporation to authorize the Company to increase the authorized shares of common stock of the Company from
100,000,000 shares to 300,000,000 shares. The par value of the Company’s common stock remained unchanged at $0.01 per share.

On June 7, 2024, the Company completed its initial public offering and issued 450,000 shares
of common stock, at a price of $20.00 per share. The gross proceeds of the offering were $9.0 million, prior to deducting the underwriting
discounts, commissions and offering expenses payable by the Company. In addition, the Company granted the underwriters a 30-day option
to purchase an additional 67,500 shares of common stock at the initial public offering price, less underwriting discounts and commissions,
to cover over-allotments. On June 25, 2024, the Company issued an additional 67,500 shares of common stock to the underwriters for gross
proceeds of $1.4 million upon full exercise of the underwriters’ over-allotment option. Net proceeds received by the Company from
the initial public offering, including the exercise of over-allotment option, were approximately $9.2 million.

2025 Reverse Stock Split

On July 3, 2025, the Company implemented a 1-for-5
reverse stock split of its issued and outstanding shares of common stock. The par value per share remained unchanged at $0.01.

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. As of June 30, 2025 and
March 31, 2025, the number of issued and outstanding shares of common stock was 10,636,611 and 4,917,500, respectively.

Representative’s Warrants

Upon the closing of IPO offering in June 2024, the Company issued to Benchmark the representative
of the underwriters warrants to purchase 25,875 shares of common stock. The Representative’s Warrants have an exercise price equal
to $20.00 per share and are exercisable until the date on June