Fly-E Group, Inc. (Nasdaq: FLYE) (“FLYE”) today announced the pricing of its initial public offering of 2,250,000 shares of its common stock, par value $0.01 per share, 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 offering is expected to close on June 7, 2024, subject to customary closing conditions.
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 is the sole book-running manager for the offering.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission and became effective on May 14, 2024. The proposed offering will be made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from The Benchmark Company, LLC, 150 East 58th Street, 17th Floor, New York, NY 10155, by telephone: (212) 312-6700, or by email at prospectus@benchmarkcompany.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.