Company: RAYA
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001185185-25-001296
Chunk: 57

Company: Erayak Power Solution Group Inc.
Filing Date: 2025-09-29
Form: 424B5
Chunk 57
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. “Net tangible book value” is total assets minus the sum of liabilities
and intangible assets. “Net tangible book value per share” is net tangible book value divided by the total number of shares
outstanding.

After giving effect of the sale of 163,934,426 Class
A Ordinary Shares at the offering price of US$0.061 per Class A Ordinary Share, our as adjusted net tangible book value as December 31,
2024 would have been US$29,665,860, or US$0.14 per Class A Ordinary Share. This represents an immediate decrease in net tangible book
value of US$0.24 per Class A Ordinary Share to our existing shareholders and an immediate increase in net tangible book value of US$0.08
per Class A Ordinary Share to the investors participating in this offering.

The following table illustrates the net tangible
book value dilution per Class A Ordinary Share to shareholders after the issuance of the Class A Ordinary Share in this offering:

| Public                                                                                
 offering price per Class A Ordinary Share                                             |     | US 
 $  | 0.061 |   |
| Net                                                                                   
 tangible book value per Class A Ordinary Share as of December 31, 2024                |     | US 
 $  |  0.40 |   |
| Decrease                                                                              
 per Class A Ordinary Share attributable to investors under this prospectus supplement |     | US 
 $  |  0.27 |   |
| As                                                                                    
 adjusted net tangible book value per Class A Ordinary Share after this offering       |     | US 
 $  |  0.14 |   |
| Net                                                                                   
 tangible book value dilution per Class A Ordinary Share to new investors              |     | US 
 $  | (0.08 | ) |

The foregoing table and discussion is based on
49,588,235 Class A Ordinary Shares outstanding as of December 31, 2024.

This discussion of dilution, and the table quantifying
it, has not taken into the effect of the previous registered direct offering consummated on July 28, 2025, and assumes no exercise of
any outstanding options over our ordinary shares.

<div align='center'>S-23

USE OF PROCEEDS</div>

There is no minimum offering amount required as a condition to close this offering, and as a result, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at this time. We