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Fly-E Group, Inc. (NASDAQ:FLYE) announced several leadership changes this week, according to a statement filed with the U.S. Securities and Exchange Commission. The company, which generated revenue of $22.88 million in the last twelve months, is currently trading below its InvestingPro Fair Value estimate.
On August 20, Shiwen Feng resigned as Chief Financial Officer, effective the same day. The company stated that Feng’s resignation was not due to any disagreement regarding accounting, operations, policies, or practices.
Effective Tuesday, the Board appointed Zhou Ou, the company’s current Chief Executive Officer and Chairman of the Board, as interim Chief Financial Officer. Ou will serve in both roles while Fly-E Group searches for a permanent CFO.
Additionally, on August 21, Lun Feng and Zanfeng Zhang resigned from the Board of Directors, effective immediately. Both directors were members of the Board’s Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee. Lun Feng was Chair of the Compensation Committee, and Zanfeng Zhang was Chair of the Nominating and Corporate Governance Committee. The company said their resignations were not due to any disagreement with the company on accounting, operations, policies, or practices.
The Board has decided to leave the two independent director positions vacant while it seeks qualified candidates. Fly-E Group stated it intends to make the necessary appointments in due course and will act to ensure compliance with Nasdaq listing standards and other relevant regulations.
The information in this article is based on a press release statement filed with the SEC. InvestingPro subscribers have access to 12 additional key insights about Fly-E Group, including detailed financial health metrics and valuation analysis. Get the complete picture with real-time data and expert analysis.
In other recent news, Fly-E Group has announced the pricing of its latest public offering, aiming to raise approximately $6.94 million in gross proceeds. This offering includes 28,595,553 shares of common stock and accompanying warrants, with each share priced at $0.2428. The warrants are exercisable at $0.2913 per share and will expire five years from the issue date. Additionally, Fly-E Group has regained compliance with Nasdaq’s minimum bid price requirement, having maintained a closing bid price of $1.00 or more for at least 10 consecutive business days. The company also announced a one-for-five reverse stock split, effective July 7, 2025, to maintain its Nasdaq listing. In efforts to expand its market presence, Fly-E Group opened its first retail store in Mexico City through a strategic partnership with TECHNOLOGIES E-SOLOMO. This agreement will enable Fly-E to leverage E-Solomo’s sales network and supply chain assistance while sharing its proprietary technologies. These developments reflect Fly-E Group’s ongoing strategies to strengthen its market position and comply with regulatory requirements.
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