Fly-E Group (FLYE) said late Wednesday that it closed a $6.9 million public offering of shares and warrants to purchase shares.
The company sold 28.6 million shares and 57.2 million warrants to buy common shares at $0.2428 per share, along with two accompanying warrants.
Warrants can be exercised immediately at an exercise price of $0.2913 per share, the company said.
Net proceeds will be used for purchase of inventory, vehicle production costs and working capital, the company added.
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