Company: FLYE
Filing Date: 2025-04-22
Form Type: S-1
Source: 0001213900-25-034233
Chunk: 31

Company: Fly-E Group, Inc.
Filing Date: 2025-04-22
Form: S-1
Chunk 31
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 may
be diluted immediately to the extent of the difference between the offering price per share of Common Stock and accompanying Warrants
you will pay in this offering and the as adjusted net tangible book value per share of our Common Stock after this offering. Net tangible
book value per share represents our total tangible assets less total liabilities, divided by the number of shares of our Common Stock
outstanding.

As of December 31, 2024, our net tangible book
value as of December 31, 2024, was approximately $12.6 million, or $0.51 per share of Common Stock.

After giving effect to the sale by us of 109,090,908 shares of Common Stock (including Common Stock underlying Warrants) at an assumed offering price of $0.22 per share of Common Stock, and after deducting the Placement Agent’s discounts and commissions and other offering expenses, our as adjusted net tangible book value as of December 31, 2024, would have been approximately $19.6 million, or $0.32 per share. This represents an immediate decrease in pro forma net tangible book value of approximately $0.19 per share to our existing stockholders, and an immediate dilution of approximately $0.10 per share to purchasers of shares in this offering, as illustrated in the following table:

The following table illustrates
this dilution on a per share basis to new investors:

| Assumed offering price per share of Common Stock                                                          
 Net tangible book value per share as of December 31, 2024                                                 |     | Offering with  
 no exercise of 
 overallotment  
 option         |  0.22 
  0.51 |   |
|:----------------------------------------------------------------------------------------------------------|:----|:---------------|------:|:--|
| Decrease  in net tangible book value per share to the existing stockholders attributable to this offering |     |                | (0.19 | ) |
| Pro forma net tangible book value per share after giving effect to this offering                          |     |                |  0.32 |   |
| Dilution in net tangible book value per share to new investors                                            |     | $              | (0.10 | ) |

<div align='center'>16</div>

The following tables set forth,
as of December 31, 2024, the number of shares of Common Stock purchased from us, the total consideration paid to us and the average
price per share paid by the existing holders of our Common Stock and