Company: RAYA
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001185185-25-001296
Chunk: 21

Company: Erayak Power Solution Group Inc.
Filing Date: 2025-09-29
Form: 424B5
Chunk 21
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 make adjustments. The production department will create
samples that will undergo inspection by the quality inspection department for quality and material warranty. The sales department will
submit the prototype, inspection report, quality assurance, and quote to the customer for verification. After confirmation by the customer,
our procurement department will purchase the raw materials, and the production department will fulfill the order. Finally, our inspection
department will inspect and issue a report affirming the quality before the production department pack and deliver the final product to
the customer.

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Recent Developments

Initial Public Offering

On December 19, 2022, the Company completed its
initial public offering. In the initial public offering, the Company issued 3,000,000 Ordinary Shares at a price of US$4.00 per share.
The Company received gross proceeds in the amount of US$12 million before deducting any underwriting discounts or expenses. The Ordinary
Shares began trading on December 14, 2022 on the Nasdaq Capital Market under the ticker symbol “RAYA.”

Change of Independent Public Accountant

On October 12, 2023, the Company notified its
independent registered public accounting firm, TPS Thayer, its decision to dismiss TPS Thayer as the Company’s auditor. On the same
day, the Audit Committee and the Board of Directors of the Company appointed Fortune CPA Inc as its new independent registered public
accounting firm to audit the Company’s financial statements.

Change of Director

On November 30, 2023, Ms. Peiling Cheng tendered her
resignation as independent director of the Company, effective November 30, 2023. On November 30, 2023, approved by the Board of Directors,
the Nominating Committee and the Compensation Committee, Mr. Tsang Sheung was appointed as independent director and chair of compensation
committee of the Company, effective November 30, 2023.

Regulatory Compliance

On November 15, 2023, the Company received a letter from the Nasdaq Listing Qualifications, indicating that the Company is not in compliance with the minimum bid price requirement for continued listing set forth in Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share.

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted a 180-calendar day compliance period, or until May 13,