Erayak Power Solution announces closing of $7M registered direct offering

Erayak Power Solution (RAYA) Group announced the closing of its previously announced registered direct offering with certain institutional investors for the sale and purchase of an aggregate of 107,692,307 of the company’s Class A ordinary shares, par value $0.0001 per share in a registered direct offering at a purchase price of $0.065 per share. The purchase price for the pre-funded warrants was $0.065 to the purchase price for Shares, less the exercise price of $0.0001 per share. The gross proceeds to the company from the registered direct offering are estimated to be approximately $7M, before deducting the placement agent’s fees and other estimated offering expenses. Craft Capital Management LLC acted as the sole placement agent for the offering. Ortoli Rosenstadt LLP acted as counsel to the Company and Sichenzia Ross Ference Carmel LLP acted as counsel to Craft Capital Management LLC.