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NEW YORK - Electric vehicle company Fly-E Group, Inc. (NASDAQ:FLYE) has regained compliance with Nasdaq’s minimum bid price requirement, the company announced Monday. The stock, currently trading at $5.39, has shown significant recovery from its 52-week low of $1.65.
Fly-E received notification from Nasdaq’s Listing Qualifications Department on July 22 that it had successfully met the exchange’s requirement to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive business days.
The company’s common stock maintained a closing bid price at or above $1.00 per share for 11 consecutive business days from July 7 through July 21, satisfying the Nasdaq Marketplace Rule 5550(a)(2) requirement.
With this compliance issue resolved, Nasdaq has closed the matter, according to the company’s press release statement.
Fly-E Group specializes in designing, installing, selling, and renting electric motorcycles, bikes, and scooters under the "Fly E-Bike" brand. The company focuses on promoting eco-friendly transportation options.
The company filed its most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2025, with the Securities and Exchange Commission on July 15.
In other recent news, Fly-E Group, Inc. announced a one-for-five reverse stock split to maintain its Nasdaq listing. This move, approved by both stockholders and the board of directors, will consolidate every five pre-split shares into one share of common stock. Additionally, Fly-E Group has set the pricing for its latest public offering, which includes 28,595,553 shares of common stock and accompanying warrants. The company aims to raise approximately $6.94 million in gross proceeds from this offering. Each share is priced at $0.2428, and the warrants, which are immediately exercisable, are set at a 120% premium to the offering price. The warrants will expire five years from the issue date. The offering is expected to close around June 3, 2025, pending customary closing conditions. These developments indicate Fly-E Group’s strategic efforts to strengthen its financial position.
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