Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 58

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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After the 2025 Reverse Stock Split, every five
(5) shares of the Company’s issued and outstanding common stock have been automatically converted into one share of common stock,
without any change in the par value per share. In addition, (i) a proportionate adjustment has been made to the per share exercise price
and the number of shares issuable upon the exercise of all outstanding warrants to purchase shares of common stock, and (ii) the number
of shares reserved for issuance pursuant to the Company’s stock incentive plan has been reduced proportionately. Any fraction of
a share of common stock created as a result of the 2025 Reverse Stock Split was rounded up to the nearest whole share. The Company’s
common stock continues to trade on the Nasdaq Capital Market under the symbol “FLYE.”

Unless otherwise noted, the share and per share
information in this report reflects the 2025 Reverse Stock Split.

Registered Direct Offering

On June 2, 2025, we closed our registered direct offering of an aggregate
of (i) 5,719,111 shares of our common stock, par value $0.01 and (ii) 11,438,222 warrants (the “Warrants”) to purchase 11,438,222
shares of common stock at a combined purchase price per share and accompanying Warrants of $1.2140, resulting in net proceeds to
us of $6.24 million after deducting placement agent fees and offering expenses. All of the shares (including shares underlying the Warrants)
were registered under the Securities Act pursuant to a registration statement on Form S-1, as amended (File No. 333-286678), which was
declared effective by the Securities and Exchange Commission on May 15, 2025. American Trust Investment Services, Inc. (“ATIS”)
acted as the exclusive placement agent for the offering. We paid ATIS aggregate commissions of $219,430 and incurred offering expenses
of $178,625.

Disposal of Certain Subsidiaries

During the three months ended June 30, 2025 and from July to August
2025, the Company disposed several subsidiaries as part of a disposal plan aimed at simplifying its legal and operational structure and
improving administrative efficiency. The divestitures were not intended to be a strategic withdrawal from any specific geographic region
or industry, but rather a measure to streamline the Company’s corporate structure and reduce complexity in financial reporting.
Between April and