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Fly-E Group, Inc. (NASDAQ:FLYE) announced that its shareholders approved a proposal authorizing the company’s board of directors to implement a reverse stock split of its common stock at a ratio ranging from 1-for-2 to 1-for-20. The approval was granted at a special meeting of shareholders held Monday, following an adjournment from the original meeting date in September in order to achieve a quorum. The record date for the meeting was updated to October 2, 2025. The company’s financial health score is currently rated as WEAK by InvestingPro, with negative EBITDA of $5.18 million in the last twelve months.
According to the company’s statement, the board of directors now has the discretion to determine the specific ratio and timing of the reverse stock split, which may be enacted at any point within one year after the conclusion of the special meeting.
The voting results showed 17,313,674 shares in favor of the proposal, 187,237 shares against, and 4 abstentions. There were no broker non-votes reported.
The reverse stock split, if implemented, would amend the company’s Amended and Restated Certificate of Incorporation to reduce the number of outstanding shares by the approved ratio. The company indicated that the board may choose whether or not to carry out the split and will determine the precise ratio within the authorized range.
Fly-E Group’s common stock is listed on the Nasdaq Stock Market under the symbol FLYE.
This information is based on a press release statement contained in the company’s Form 8-K filing with the Securities and Exchange Commission.
In other recent news, Fly-E Group, Inc. announced the appointment of Lisa Fan as Chief Financial Officer and executive director, succeeding Shiwen Feng, who resigned from his position. Feng’s resignation was confirmed not to be due to any disagreements over accounting or operational practices. Additionally, Fly-E Group’s CEO, Zhou Ou, has temporarily taken on the role of interim CFO. The company also marked a significant milestone by opening its first retail store in Mexico City in collaboration with local distributor TECHNOLOGIES E-SOLOMO. This partnership aims to enhance Fly-E’s presence in the Mexican market, with E-Solomo assisting in sales network access and supply chain support while Fly-E shares its proprietary technologies. Furthermore, Fly-E Group has regained compliance with Nasdaq’s minimum bid price requirement, maintaining a minimum closing bid price of $1.00 for at least 10 consecutive business days. These developments reflect Fly-E Group’s strategic moves to strengthen its leadership team and expand its market presence.
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