Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 47

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1
Chunk 47
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requirements will require that it incur substantial accounting and related expenses and expend significant management efforts. We will
need to hire additional accounting and financial staff to comply with public company regulations. The costs of hiring such staff may
be material and there can be no assurance that such staff will be immediately available to us.

Moreover, because we have
identified deficiencies in our internal control over financial reporting that are deemed to be material weaknesses, investors could lose
confidence in the accuracy and completeness of our financial reports, the market price of our common stock could decline and we could
be subject to sanctions or investigations by Nasdaq, the SEC or other regulatory authorities.

There can be no assurance that we will
be able to comply with the continued listing standards of Nasdaq.

Our eligibility for listing
on Nasdaq depends on our ability to comply with Nasdaq’s continued listing requirements. On October 2, 2024, we received written
notice from Nasdaq indicating that the bid price for our common stock for the last 31 consecutive business days, had closed below
the minimum $1.00 per share and, as a result, we are not in compliance with the $1.00 minimum bid price requirement for the continued
listing on Nasdaq, as set forth in Nasdaq Listing Rule 5550(a)(2).

In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), we have a period of 180 calendar days, or until March 31, 2025, to regain compliance with
the minimum bid price requirement. To regain compliance, the closing bid price of our common stock must meet or exceed $1.00 per share
for a minimum of 10 consecutive business days during this 180 day period. On April 2, 2025, Nasdaq notified us that, although
the Company has not regained compliance with the minimum bid price requirement, the Company is eligible to receive an additional 180
calendar day period or until September 29, 2025, to regain compliance with the minimum bid price requirement, pursuant to Nasdaq
Listing Rule 5810(c)(3)(A). We will monitor the closing bid price of our common stock and may, if appropriate, consider implementing
available options, including, but not limited to, implementing a reverse share split of our common stock, to regain compliance with the
minimum bid price requirement under the Nasdaq Listing Rules. On June 16, 2025, our board of directors approved a one-for-five