Company: RAYA
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001213900-25-070321
Chunk: 34

Company: Erayak Power Solution Group Inc.
Filing Date: 2025-08-01
Form: 424B5
Chunk 34
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 in the foreseeable future as it intends to use the earnings for research and development, to develop new products and to expand its operations. During the fiscal years ended December 31, 2024 and 2023, cash transfers and/or transfers of other assets between our Company and our subsidiaries were as follows:

None.

| For the Year Ended December 31, 2023 |     |                                  |     |                                         |     |             |           |     |            |
|:-------------------------------------|:----|:---------------------------------|:----|:----------------------------------------|:----|:------------|----------:|:----|:-----------|
| No.                                  |     | Transfer From                    |     | Transfer To                             |     | Approximate 
 Value ($)   |           |     | Purpose    |
| 1                                    |     | Erayak Power Solution Group Inc. |     | Erayak Power Solution Hong Kong Limited |     |             | 3,900,000 |     | Investment |

Implications of Holding Foreign Company Accountable Act (“HFCAA”) U.S. laws and regulations, including the Holding Foreign Companies Accountable Act, or HFCAA, may restrict or eliminate our ability to complete a business combination with certain companies, particularly those acquisition candidates with substantial operations in China. On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements of the HFCAA. An identified issuer will be required to comply with these rules if the SEC identifies it as having a “non-inspection” year under a process to be subsequently established by the SEC. On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, and on December 29, 2022, legislation entitled “Consolidated Appropriations Act, 2023” (the “Consolidated Appropriations Act”) was signed into law by President Biden, which contained, among other things, an identical provision to the Accelerating Holding Foreign Companies Accountable Act and amended the HFCAA by requiring the SEC to prohibit an issuer’s securities from trading on any U.S stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time period for triggering the prohibition on trading. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the PCAOB