Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 4

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1
Chunk 4
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 July 15, 2025, the Company paid $350,000 to UL.

2

The Settlement Agreement fully
resolves all pending litigation between UL and the Company, and each party fully releases the other party from any and all past or present
claims, demands, causes of action, obligations, damages, liabilities, expenses, or compensation of whatever kind or nature, that were
or could have been asserted in connection with the Company’s sales of products with a UL Mark which were not tested and certified
by UL.

2025 Reverse Stock Split 

On March 10, 2025, the Company
held a special meeting of stockholders. At the special meeting, the stockholders approved a proposal to amend the Company’s amended
and restated certificate of incorporation to effect a reverse stock split of the Company’s issued and outstanding shares of common
stock, par value $0.01 per share, by a ratio in the range of 1-for-2 to 1-for-15, with such ratio to be determined in the discretion of
the board of directors of the Company and with such action to be effected at such time and date, if at all, as determined by the board
of directors within one year after the conclusion of the special meeting.

On June 16, 2025, the board
of directors approved a one-for-five (1:5) reverse stock split of the Company’s issued and outstanding shares of common stock (the
“2025 Reverse Stock Split”). On July 2, 2025, the Company filed with the Secretary of State of the State of Delaware the Second
Certificate of Amendment to its Certificate of Incorporation (the “Certificate of Amendment”) to effect the 2025 Reverse Stock
Split. The 2025 Reverse Stock Split became effective as of 5:00 p.m., Eastern Time, on July 3, 2025, and the Company’s common stock
began trading on the Nasdaq Stock Market on a split-adjusted basis on July 7, 2025.

After the 2025 Reverse Stock Split, every five (5)
shares of the Company’s issued and outstanding common stock have been automatically converted into one share of common stock, without
any change in the par value per share. In addition, (i) a proportionate adjustment has been made to the per share exercise price and the
number of shares issuable upon the exercise of all outstanding warrants to purchase shares of common stock, and (ii) the number