Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 1792

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 9A
Chunk 1792
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 21, 2022, Fly-E Group and Fly
E-Bike entered into a Share Exchange Agreement, pursuant to which Fly-E Group acquired all of the issued and outstanding shares of Fly
E-Bike by issuing its shares to the stockholders of Fly E-Bike on a one-for-one basis (the “Share Exchange”). As a result
of the Share Exchange, Fly E-Bike became a wholly owned subsidiary of Fly-E Group.

As a result of the Merger and the Share Exchange,
Fly E-Bike and its subsidiaries are under common control of Fly-E Group, resulting in the consolidation of Fly E-Bike and its subsidiaries,
which was accounted as a reorganization of entities under common control at carrying value. The consolidated financial statements are
prepared on the basis as if the reorganization became effective as of the beginning of the first period presented in the consolidated
financial statements of Fly-E Group.

On June 7, 2024, the Company issued 450,000 shares
of common stock, at a price of $20.00 per share in its initial public offering (“IPO”). The gross proceeds of the offering
were $9.0 million, prior to deducting the underwriting discounts, commissions and offering expenses payable by the 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