Erayak Power Solution Group Inc. announced that it has entered into securities purchase agreements with certain purchasers to issue 16,000,000 class A common shares at an issue price of $0.5 per share for the gross proceeds of $8,000,000 and warrants to purchase an aggregate of 32,000,000 Class A Ordinary Shares at an exercise price of $0.50 per share on May 20, 2024. The Warrants will become exercisable for cash or on a cashless basis upon issuance and will expire three years after the issuance date. The foregoing description of the Warrants does not purport to be complete and is qualified in its entirety by the full text of the Warrants.

The Securities Purchase Agreement contains customary representations, warranties and agreements by the Company and the Purchasers, and indemnification obligations of the Company against certain liabilities, including for liabilities under the Securities Act of 1933, as amended (the ?Securities Act?). The provisions of the Securities Purchase Agreement, including the representations and warranties contained therein, are not for the benefit of any party other than the parties to such agreement and are not intended as a document for investors and the public to obtain factual information about the current state of affairs of the Company. The sale of the Securities is being made pursuant to pursuant to the provisions of Regulation S promulgated thereunder.

No placement agent was involved in the Private Placement.