Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 304

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1A
Chunk 304
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 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 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.

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 7, 2029, after the date of commencement
on December 7, 2024. The Representative’s Warrants are also exercisable on a cashless basis. As the Representative’s Warrants
are considered indexed to the Company’s own stock and meet the criteria for equity classification according to ASC:815-40, the Representative’s
Warrants are classified as equity.  None of the Representative’s Warrants were exercised as of March 31, 2025.

The fair value of the warrant, using the Black-Scholes
Model on the date of issuance was $274,472. The key inputs into the Black-Scholes Model variables were as follows at measurement date:

    June 7, 2024 
  
    Stock price 
    $20.00 
  
    Risk-free interest rate 
     4.46%
  
    Volatility 
     56.52%
  
    Exercise price 
    $20.00 
  
    Dividend yield 
    $— 

The stock price and exercise prices stated herein
have been retroactively adjusted to reflect the reverse stock split that occurred in July 2025.

F-24

The following table summarizes the Company’s
activities and status of the Representative’s Warrants:

     Number of Warrant   Weighted Average Exercise Price   Weighted Average Remaining Term (Years)   Outstanding as of March 31, 2024