NOTE 32 – SUBSEQUENT EVENTS

As for the date of the issuance of these financial statements, the new long-term borrowings are presented below:

The above bank loans are collateralized by certain assets of the Company. As of December 31, 2025, the collateral consisted of land use rights held by Ruike with a carrying amount of $2,543,916.

On March 25, 2026, the board of directors of ERAYAK Power Solution Group Inc., a Cayman Islands exempted company (the “Company”), approved a reverse stock split of the Company’s Class A ordinary shares and Class B ordinary shares at a ratio of 1-for-10 (the “Reverse Stock Split”), such that (a) every ten (10) issued Class A ordinary shares of a par value of US$0.022 each will be combined into one (1) issued Class A ordinary share of a par value of US$0.22 each, (b) every ten (10) issued Class B ordinary shares of a par value of US$0.022 each will be combined into one (1) issued Class B ordinary share of a par value of US$0.22 each, and (c) any fractional shares will be rounded up to the nearest whole share. As a result, the Company’s authorized share capital will be adjusted to US$220,000,000 divided into 900,000,000 Class A ordinary shares with a par value of US$0.22 each and 100,000,000 Class B ordinary shares with a par value of US$0.22 each.

In March 2026, the Company entered into an at-the-market sales agreement with Craft Capital Management LLC, as sales agent, pursuant to which the Company may offer and sell, from time to time, Class A ordinary shares with aggregate gross sales proceeds of up to US$20.0 million. The Company is not obligated to sell any shares under the agreement.

As of March 31, 2026, the Company had issued an aggregate of 1,247,456 Class A ordinary shares under the at-the-market sales agreement, resulting in gross proceeds of approximately US$0.72 million and net proceeds of approximately US$0.69 million after sales agent commissions and offering expenses.

On April 7, 2026, the Company entered into securities purchase agreements with certain non-U.S. investors, pursuant to which the Company issued and sold 5,000,000 Class A ordinary shares at US$0.08 per share, for total gross proceeds of US$0.4 million. The offering closed on April 7, 2026.

The Company has evaluated subsequent events through April 29, 2026. No other matters were identified affecting the accompanying financial statements or related disclosures.