Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common
Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our common stock commenced trading on the Nasdaq
Capital Market on June 6, 2024 under the symbol FLYE.
Stockholders
As of June 27, 2024, we had 12 stockholders of record.
Transfer Agent
VStock
Transfer, LLC, 18 Lafayette Place, Woodmere, New York 11598, is the transfer agent for our common stock.
Dividends
We have never declared or paid any cash or other
dividends or distributions on our capital stock. We currently intend to retain earnings, if any, to finance the growth and development
of our business. We do not expect to pay any cash dividends on our common stock in the foreseeable future. Payment of future dividends,
if any, will be at the discretion of our board of directors and will depend on our financial condition, results of operations, capital
requirements, restrictions contained in any financing instruments, provisions of applicable law and other factors the board deems relevant.
Use of Proceeds from Our Initial Public Offering
On June 7, 2024, we closed our IPO of 2,250,000 shares of our common
stock at the price of $4.00 per share, resulting in net proceeds to us of $7.9 million after deducting underwriting discounts and commissions
and offering expenses. On June 25, 2024, we sold an additional 337,500 shares of common stock to the underwriters of our IPO for gross
proceeds of $1.4 million upon full exercise of the underwriters’ over-allotment option. All of the shares issued and sold in our
IPO were registered under the Securities Act pursuant to a registration statement on Form S-1, as amended (File No. 333-276830), which
was declared effective by the Securities and Exchange Commission on May 14, 2024. The Benchmark Company, LLC acted as representative of
the underwriters. We paid the underwriters in aggregate approximately $0.7 million in underwriting commissions and incurred offering expenses
of approximately $0.3 million. No payments for such expenses were made to our directors or officers or their associates, holders
of 10% or more of any class of our equity securities, or to our affiliates. There has been no material change in the planned use of proceeds
from our IPO from those disclosed in the Final Prospectus. No proceeds were used for the year ended March 31, 2024. As of June 27, 2024,
we used approximately $4.2 million, $0.2 million, and $1.1 million for purchase of inventory and production costs, software development,
and working capital, respectively. The balance is being held in short-term interest-bearing deposits and securities.
Item 6. [Reserved]
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