New York, June 6, 2024 / PRNewswire / - Fly-E Group, Inc. (Nasdaq: FLYE) (hereinafter referred to as 'FLYE') announced today the pricing of its initial public offering (IPO) of 2,250,000 common stock at a price of $4.00 per share with a par value of $0.01 per share. FLYE has granted the underwriter an over-allotment option to purchase up to an additional 337,500 shares of common stock at the public offering price (less the underwriting discount and commissions) over a period of 30 days.
FLYE's common stock has been approved for trading on the Nasdaq Capital Markets and is expected to begin trading publicly on Nasdaq on June 6, 2024, Eastern Time, under the symbol 'FLYE'.
Under customary closing conditions, the offering is expected to settle on June 7, 2024, Eastern Time.
Before deducting underwriting discounts and offering expenses, the Company expects to raise a total of $9 million from this offering ($10.35 million if the underwriter exercises its full over-allotment option). The proceeds from this offering will be used to purchase inventory and pay for vehicle production costs, expand retail stores, carry out technology research and development, and provide general operating funds.
The Benchmark Company, LLC serves as the sole book-running manager for the offering.
The prospectus for the offering has been filed with the United States Securities and Exchange Commission ('SEC') and became effective on May 14, 2024. This offering will be made only by means of a written prospectus. An electronic copy of the final prospectus relating to this offering may be obtained from The Benchmark Company, LLC at 150 East 58th St., 17th floor, New York, NY 10155, by calling +1 (212) 312-6700, or by emailing prospectus@benchmarkcompany.com.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About JSKN003: Fly-E Group, Inc.
Fly-E Group, Inc. is an electric vehicle company that mainly engages in the design, installation and sales of intelligent electric motorcycles, electric bicycles, electric skateboards and related accessories. The flagship product brand is 'Fly E-Bike'. Our mission is to encourage people to integrate environmentally friendly transportation into their positive lifestyles and ultimately contribute to a more eco-friendly future. For more information, please visit the company website:
Cautionary statement regarding forward-looking statements.
This press release and statements made by FLYE management in this press release or in connection with the events described contain or may contain 'forward-looking statements' within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements generally can be identified by the use of forward-looking terminology such as 'anticipate,' 'believe,' 'expect,' 'intend,' 'plan,' 'potential,' 'may,' 'should,' 'will,' 'would,' or similar expressions. These forward-looking statements (including statements regarding the commencement of trading of our common stock and the completion of the offering described in this release) are based on information available to us as of the date of this press release and represent our management's current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, that may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. In evaluating these forward-looking statements, you should consider various factors, including our ability to raise additional funds to market our vehicles and develop new products, our ability to produce sufficient quantities and quality of vehicles to meet customer demand, our primary suppliers' ability to deliver necessary vehicle components at acceptable prices and quantities, our primary suppliers' ability to control quality of our products, our ability to obtain adequate intellectual property protection for our brands and technology, our vehicles' ability to perform as expected, our exposure to product warranty claims or recalls, our risk of adverse judgments in important product liability claims, customer acceptance of electric vehicles, the development of alternative technologies that could have an adverse effect on our business, the continued impact of COVID-19 on our business, increased governmental regulation of our industry, and tariffs and exchange rates. Investors are cautioned not to rely too heavily on forward-looking statements, which speak only as of the date of this press release. These factors are not exhaustive of all factors that may cause actual results to differ materially from any such forward-looking statements. Notwithstanding any legal or other requirement, we undertake no obligation to publicly update or revise any forward-looking statements to reflect new information, future events or circumstances, or otherwise.
For more information, please contact:
Fly-E Group, Inc.
Investor Relations Department
Email: ir@flyebike.com
Ascent Investor Relations, LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com