WASHINGTON (dpa-AFX) - Fly-E Group Inc. (FLYE) announced the pricing of its initial public offering of about 2.25 million 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.
The company 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.
The company noted that the gross proceeds 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.
The company said it plans 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.
Fly-E Group Inc. is an electric vehicle company that is principally engaged in designing, installing and selling smart electric motorcycles, electric bikes, electric scooters and related accessories under the brand 'Fly E-Bike.'
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