Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 1904

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 9B
Chunk 1904
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5, the Company issued 5,719,111
shares of common stock, at a price of $1.2140 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 ($1.4565 per share) and expires on the fifth anniversary of the issuance date, subject to certain
adjustments.

On July 3, 2025, the Company implemented a 1-for-5
reverse stock split of its issued and outstanding shares of common stock. 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 24,587,500 to 4,917,500 as of March 31, 2025. The par value per share remained unchanged at $0.01.

The reverse stock split was accounted for retrospectively
in the accompanying 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.

F-7

The consolidated financial statements include
the financial statements of the Company and each of the following subsidiaries as of March 31, 2025.

  Name   Background   Ownership  FLY-E GROUP, INC.    ● A Delaware corporation ● Incorporated on November 1, 2022 ● A holding company   Parent Company             FLY EV, INC.    ● A Delaware corporation ● Incorporated on November 1, 2022 ● A holding Company   100% owned by Fly-E Group, Inc.             FLY E-BIKE, INC.    ● A Delaware Company ● Incorporated on August 22, 2022 ● A holding Company   100% owned by Fly-E Group, Inc.             UNIVERSE KING CORP    ● A New York corporation ● Incorporated on November 19, 2018 ● A retail store   100% owned by Fly E-Bike, Inc.             UFOTS CORP.    ● A New