Company: FLYE
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001213900-25-039419
Chunk: 76

Company: Fly-E Group, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 76
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400 to 44,000,000 and from 40 to 4,400,000, respectively. The issued and outstanding Common Stock and preferred stock increased at a split ratio of 1-for-110,000. The share number and related data in this prospectus has been updated to reflect the stock split referenced above. IPO On June 7, 2024, we consummated our IPO and sold 2,250,000 shares of Common Stock, at a price of $4.00 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, we granted the underwriters a 30-day option to purchase an additional 337,500 shares of Common Stock at the initial public offering price, less underwriting discounts and commissions, to cover over-allotments. On June 25, 2024, we sold an additional 337,500 shares of Common Stock to the underwriters of our IPO for gross proceeds of $1.4 million upon full exercise of the underwriters’ over-allotment option. Net proceeds received by us from our initial public offering, including the exercise of the over-allotment option, were approximately $9.2 million. We also issued to The Benchmark Company, LLC, IPO Representative warrants to purchase 129,375 shares. None of such warrants were exercised as of the date of this prospectus. Loan and Security Agreement On August 5, 2024, the Borrower entered into the Loan Agreement with the Lender. Pursuant to the Loan Agreement, the Lender made available to the Borrower a $5 million Revolving Credit, which the Borrower will use periodically for operating needs and to help facilitate acquisitions. The Loan Agreement has a one-year term. The principal balance of the loan under the Revolving Credit bears interest at a per annum rate equal to the term SOFR plus a spread of 3.50%, with a floor of 5.50%. The Borrower will make interest-only payments quarterly, starting on November 1, 2024. The entire amount of outstanding principal and interest is due on August 31, 2025. As security for the payment of the loan, the Borrower granted the Lender a continuing lien on and security interest in all assets of the Borrower, including accounts, chattel paper, documents, instruments, inventory, general intangibles, equipment, fixtures, deposit accounts,