Fly-E Group, Inc. is currently embroiled in a legal dispute with Peapack Private Bank concerning a revolving credit facility. The bank has filed a complaint demanding payment of outstanding amounts, which could have significant implications for the company and its operations.

On November 4, 2026, Fly-E Group disclosed in a filing that Peapack Private Bank had submitted a complaint to the Supreme Court of the State of New York against the company and two of its subsidiaries. The complaint relates to a Revolving Credit Note amounting to $5 million and highlights breaches of the Credit Facility.

Background

Fly-E Group, Inc., classified under the SIC code 3711, operates in the motor vehicles and passenger car bodies sector. The company is listed on the Nasdaq under the ticker symbol FLYE. Fly-E has been active in the market, with recent filings indicating ongoing business activities and regulatory compliance.

What the Filing Says

The filing states, "On October 30, 2026, Peapack Private Bank & Trust...submitted a complaint...against Fly-E Group, Inc., two of the Company’s subsidiaries as co-borrowers...demanding payment of all amounts outstanding under the Company’s revolving credit facility with the Lender." The complaint alleges breaches of the Credit Facility and seeks recovery of at least $3.9 million in outstanding principal, along with accrued interest and other costs.

Impact

This legal action may affect Fly-E Group's financial standing and operational capabilities. The complaint also names Zhou Ou, the company's CEO, among the guarantors, which could have personal implications for leadership. The outcome of this dispute may influence investor confidence and the company's ability to secure future financing.

What's Next

The company is currently reviewing the complaint and evaluating its defenses and other available responses. Further updates may be provided in subsequent filings as the situation develops.