New York, June 8, 2024 / PRNewswire / - Fly-E Group, Inc. (Nasdaq: FLYE) (hereinafter referred to as "FLYE") announced today that its initial public offering has been completed. It issued 2,250,000 common shares at a price of $4.00 per share, with a par value of $0.01 per share. FLYE has authorized the underwriter an over-allotment option for 30 days, allowing it to purchase an additional 337,500 common shares at the public offering price (excluding underwriting discounts and commissions).

FLYE's common stock began trading on Nasdaq on June 6, 2024, Eastern Time under the symbol "FLYE".

The company raised a total of $9 million in this offering before deducting underwriters' discounts and other related offering expenses. The proceeds of this offering will be used for purchasing inventory and paying vehicle production costs, expanding retail stores, conducting research and development, and general working capital purposes.

The Benchmark Company, LLC ("Benchmark") served as the exclusive book-running manager for this offering. Hogan Lovells US LLP acted as legal counsel for the issuer, and Lucosky Brookman LLP acted as legal counsel for Benchmark.

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's management in this press release or in connection with a related event may contain "forward-looking statements" within the meaning of the amended Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements may be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "potential," "should," "may," "will" and similar expressions. These forward-looking statements are based on the information available to us as of the date of this press release and represent our management's views and assumptions as of such date. These forward-looking statements are not guarantees of future performance, events or results, and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When evaluating these forward-looking statements, you should consider various factors, including our ability to obtain additional funds to market our vehicles and develop new products, our ability to manufacture sufficient quantities of quality vehicles to meet customer demand, our major suppliers' ability to deliver necessary vehicle components at acceptable prices and quantities, our major suppliers' ability to control the quality of our products, our ability to secure sufficient intellectual property protection for our brand and technology, the ability of our vehicles to perform as expected, our potential exposure to warranty claims or recalls of our products, our risk of adverse judgments in major product liability claims, the degree of customer acceptance of electric vehicles, the development of alternative technologies that may adversely affect our business, the ongoing impact of COVID-19 on our business, increased government regulation of our industry, tariffs and exchange rates, and other factors beyond our control. Investors are cautioned not to place undue reliance on these forward-looking statements, which only apply as of the date of this press release. These factors may not be exhaustive in their importance in explaining the differences between actual results and any forward-looking statements discussed. Therefore, forward-looking statements should not be interpreted as predictions of actual results. Except as required by law, we undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.

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