Company: RAYA
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001213900-25-070321
Chunk: 78

Company: Erayak Power Solution Group Inc.
Filing Date: 2025-08-01
Form: 424B5
Chunk 78
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 The purpose of the Pre-funded Warrants is to enable investors that
may have restrictions on their ability to beneficially own more than 4.99% (or, upon election of the holder, 9.99%) of our outstanding
Class A Ordinary Shares following the consummation of this offering the opportunity to make an investment in the Company without triggering
their ownership restrictions, by receiving Pre-funded Warrants in lieu of our Class A Ordinary Shares which would result in such ownership
of more than 4.99% (or 9.99%), and receive the ability to exercise their option to purchase the shares underlying the Pre-funded Warrants
at such nominal price at a later date.

<div align='center'>S-38</div>

Exercise of Warrants

Each Pre-funded Warrant is exercisable for one
share of our Class A Ordinary Shares, with an exercise price equal to $0.0001 per share, at any time that the Pre-funded Warrant is outstanding.
The Pre-funded Warrants will be exercisable immediately after issuance and will expire when exercised in full. The holder of a Pre-funded
Warrant will not be deemed a holder of our underlying Class A Ordinary Shares until the Pre-funded Warrant is exercised.

Subject to limited exceptions, a holder of Pre-funded
Warrants will not have the right to exercise any portion of its Pre-funded Warrants if the holder (together with such holder’s affiliates,
and any persons acting as a group together with such holder or any of such holder’s affiliates) would beneficially own a number
of Class A Ordinary Shares in excess of 4.99% (or, at the election of the purchaser prior to the date of issuance, 9.99%) of our Class
A Ordinary Shares then outstanding after giving effect to such exercise.

The exercise price and the number of shares issuable
upon exercise of the Pre-funded Warrants is subject to appropriate adjustment in the event of recapitalization events, stock dividends,
stock splits, stock combinations, reclassifications, reorganizations or similar events affecting our Class A Ordinary Shares. The Pre-funded
Warrant holders must pay the exercise price in cash upon exercise of the Pre-funded Warrants, unless such Pre-funded Warrant holders are
utilizing the cashless exercise provision of the Pre-funded Warrants.

Upon the holder’s exercise of a Pre-funded
Warrant, we will issue Class A Ordinary Shares issuable upon exercise of the Pre-funded Warrant within two trading days following our
receipt of