Erayak Power Solution Group Inc Closing of $3 Million Registered Direct Offering

Core Viewpoint - Erayak Power Solution Group Inc. has successfully closed a registered direct offering, raising approximately $3 million through the sale of 30,612,246 Class A ordinary shares at a price of $0.098 per share [1][2]. Group 1: Offering Details - The offering involved the sale of 30,612,246 Class A ordinary shares at a purchase price of $0.098 per share, with the gross proceeds estimated at around $3 million before fees and expenses [1][2]. - Craft Capital Management LLC served as the sole placement agent for the offering, while Ortoli Rosenstadt LLP and Sichenzia Ross Ference Carmel LLP acted as legal counsel for the company and the placement agent, respectively [2]. Group 2: Regulatory Information - The securities were offered under a "shelf" registration statement on Form F-3, which was filed with the U.S. Securities and Exchange Commission (SEC) and declared effective on May 16, 2024 [3]. - The offering was conducted via a prospectus supplement, which has been filed with the SEC and is available for public access [4]. Group 3: Company Overview - Erayak specializes in manufacturing, research and development, and wholesale and retail of power solution products, including sine wave and off-grid inverters, generators, and smart chargers [6]. - The company's products are primarily utilized in agricultural and industrial vehicles, recreational vehicles, electrical appliances, and outdoor living products, aiming to establish itself as a premier power solutions brand [6].