05:32 PM EDT, 06/04/2025 (MT Newswires) -- Fly-E Group ( FLYE ) said late Wednesday that it closed a $6.9 million public offering of shares and warrants to purchase shares.

The company sold 28.6 million shares and 57.2 million warrants to buy common shares at $0.2428 per share, along with two accompanying warrants.

Warrants can be exercised immediately at an exercise price of $0.2913 per share, the company said.

Net proceeds will be used for purchase of inventory, vehicle production costs and working capital, the company added.