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WENZHOU, China - Erayak Power Solution Group Inc. (NASDAQ:RAYA), a manufacturer of power supply products with a market capitalization of $6.48 million, announced Thursday it has entered into a securities purchase agreement with institutional investors for approximately $7 million. According to InvestingPro data, the company has seen its stock decline by over 90% year-to-date, while operating with significant debt obligations.
The registered direct offering consists of 107,692,307 Class A ordinary shares (or pre-funded warrants in lieu thereof) at $0.065 per share. The pre-funded warrants will have the same purchase price minus the $0.0001 per share exercise price.
Craft Capital Management is serving as the sole placement agent for the transaction, which is expected to close around August 1, 2025, subject to customary closing conditions.
The offering is being conducted under a shelf registration statement on Form F-3 previously filed with and declared effective by the U.S. Securities and Exchange Commission on May 16, 2024.
Erayak specializes in manufacturing power solution products including sine wave inverters, off-grid inverters, generators, battery chargers and custom-designed products. The company’s products are primarily used in agricultural and industrial vehicles, recreational vehicles, electrical appliances, and outdoor living products.
The announcement was made in a press release issued by the company.
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