Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 141

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1
Chunk 141
---
450,000 shares of common stock, at a price of $20.00 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, the Company
granted the underwriters a 30-day option to purchase an additional 67,500 shares of common stock at the initial public offering price,
less underwriting discounts and commissions, to cover over-allotments. On June 25, 2024, the Company issued an additional 67,500 shares
of common stock to the underwriters for gross proceeds of $1.4 million upon full exercise of the underwriters’ over-allotment option.
Net proceeds received by the Company from the initial public offering, including the exercise 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