Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 9

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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 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 of its IPO for gross proceeds of $1.4 million upon full exercise of the underwriters’
over-allotment option. Net proceeds received by the Company from its initial public offering, including the exercise of the over-allotment
option, were approximately $9.2 million. The Company also issued to The Benchmark Company, LLC (“Benchmark”), the representative
of the underwriters warrants to purchase 25,875 shares.

On June 4, 2025, the Company issued 5,719,111 shares of common stock, at a price of $1.2140
per share in its second public offering. The gross proceeds of the offering were $6.9 million, prior to deducting the placement agent’s
fees and offering expenses payable by the Company. Each share of common stock was sold together with two warrants, with each warrant
to purchase one share of common stock. Each warrant is exercisable immediately with an exercise price equal to 120% of the offering price
($1.4565 per share) and expires on the fifth anniversary of the issuance date, subject to certain adjustments.

On July 3, 2025, the Company implemented a 1-for-5 reverse stock split of its issued and
outstanding shares of common stock. As a result, all share and per share information has been retroactively adjusted to reflect the reverse
stock split for all periods presented. The reverse stock split reduced the number of shares of common stock issued and outstanding from
53,183,053 to 10,636,611 as of June 30, 2025. The par value per share remained unchanged at $0.01.

The reverse stock split was accounted for retrospectively in the accompanying unaudited
condensed 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.

5

The unaudited condensed consolidated financial statements include the financial statements
of the Company and each of the following subsidiaries as of June 30, 2025.

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