04:25 AM EDT, 06/06/2024 (MT Newswires) -- Fly-E Group (FLYE) said late Wednesday it has priced an initial public offering of around 2.3 million shares at $4 per share.

The electric-bike maker said it granted underwriters a 30-day option to purchase up to 337,500 additional shares.

The shares are expected to begin trading Thursday on the Nasdaq Capital Market under the symbol "FLYE." The offering is expected to close on Friday.

Fly-E intends to use net proceeds from the $9 million offering to pay production costs, expand its stores, for research and development initiatives, and for general corporate purposes.