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Fly-E Group, Inc. Announces Closing of its $9 Million Initial Public Offering

Fly-E Group, Inc. (Nasdaq: FLYE) announced the pricing of its initial public offering of 2,250,000 shares of its common stock at an initial public offering price to the public of $4.00 per share. FLYE has granted the underwriters a 30-day overallotment option to purchase up to an additional 337,500 shares of common stock from FLYE at the initial public offering price, less underwriting discounts and commissions.

FLYE’s shares of common stock have been approved for listing and are expected to begin trading on the Nasdaq Capital Market under the symbol “FLYE” on June 6, 2024.

The gross proceeds to FLYE from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, will be $9.0 million (or $10.35 million if the underwriters’ option to purchase additional shares of common stock from us is exercised in full). FLYE intends to use the net proceeds from this offering to cover the purchase of inventory and production costs of its vehicles, the expansion of its retail stores, its technology, research and development initiatives, and for general corporate purposes.

The Benchmark Company, LLC (“Benchmark”) was the sole book-running manager for the offering. Hogan Lovells US LLP acted as counsel to FLYE and Lucosky Brookman LLP acted as counsel to Benchmark in connection with the offering.