Company: RAYA
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001213900-25-070321
Chunk: 22

Company: Erayak Power Solution Group Inc.
Filing Date: 2025-08-01
Form: 424B5
Chunk 22
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 a supplier for many international
companies, including Einhell Germany AG, Canadian Tire Corporation Limited, Steren Electronics International, LLC, etc.

Zhejiang Leiya’s products are customized
and built to order, or BOT. The BOT business model maximizes our flexibility in production scheduling, material procurement, and delivery
to meet our customers’ unique demands. We have adopted a multi-step, full-service system to ensure quality and client satisfaction.
Customers can choose from within our product portfolio and communicate specified requirements to the sales department. Our technical department
will evaluate the request’s feasibility and coordinate with the customer to make adjustments. The production department will create
samples that will undergo inspection by the quality inspection department for quality and material warranty. The sales department will
submit the prototype, inspection report, quality assurance, and quote to the customer for verification. After confirmation by the customer,
our procurement department will purchase the raw materials, and the production department will fulfill the order. Finally, our inspection
department will inspect and issue a report affirming the quality before the production department pack and deliver the final product to
the customer.

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Recent Developments

Initial Public Offering

On December 19, 2022, the Company completed its
initial public offering. In the initial public offering, the Company issued 3,000,000 Ordinary Shares at a price of US$4.00 per share.
The Company received gross proceeds in the amount of US$12 million before deducting any underwriting discounts or expenses. The Ordinary
Shares began trading on December 14, 2022 on the Nasdaq Capital Market under the ticker symbol “RAYA.”

Change of Independent Public Accountant

On October 12, 2023, the Company notified its
independent registered public accounting firm, TPS Thayer, its decision to dismiss TPS Thayer as the Company’s auditor. On the same
day, the Audit Committee and the Board of Directors of the Company appointed Fortune CPA Inc as its new independent registered public
accounting firm to audit the Company’s financial statements.

Change of Director

On November 30, 2023, Ms. Peiling Cheng tendered
her resignation as independent director of the Conpany, effective November 30, 2023. On November 30, 2023, approved by the Board of Directors,
the Nominating Committee and the Compensation Committee, Mr. Tsang Sheung was appointed as independent director and chair of compensation
committee of