Fly-E Group, Inc. filed a Form 8-K on November 4, 2026, disclosing that Peapack Private Bank & Trust submitted a complaint to the Supreme Court of the State of New York, County of Queens, on October 30, 2026, seeking at least $3.9 million in outstanding principal plus interest, fees, and costs related to the company's revolving credit facility.

Key Highlights

  • Complaint filed: Peapack Private Bank & Trust submitted the complaint on October 30, 2026, against Fly-E Group, Inc., two subsidiaries as co-borrowers, certain corporate guarantors, and two individual guarantors.
  • Credit facility amount: The Revolving Credit Note carried a maximum principal amount of $5,000,000, dated August 5, 2024.
  • Amount sought: The complaint seeks recovery of at least $3.9 million in outstanding principal, plus accrued interest, late charges, and attorneys' fees, costs, and expenses.
  • Post-forbearance interest rate: The complaint specifies accrued interest at a post-forbearance rate of 15.375% per annum, plus default interest.
  • Forbearance history: The credit facility matured on August 31, 2025; a Forbearance Agreement dated November 7, 2025, as amended May 28, 2026, extended forbearance through June 30, 2026.
  • Collateral demand: The lender issued a demand on October 20, 2026, that the borrowers assemble and turn over collateral securing the obligations.
  • Individual guarantors: Zhou Ou, the company's Chief Executive Officer, and Ke Zhang are named as individual guarantors under the credit facility.

Peapack Private Bank Complaint Against Fly-E Group and Subsidiaries

According to the filing, Peapack Private Bank & Trust, formerly known as Peapack-Gladstone Bank, filed a complaint in the Supreme Court of the State of New York, County of Queens, on October 30, 2026, against Fly-E Group, Inc. (NASDAQ:FLYE), subsidiaries Fly E-Bike, Inc. and Fly EV, Inc. as co-borrowers, certain corporate guarantors, and individual guarantors Zhou Ou and Ke Zhang. The complaint relates to a Revolving Credit Note with a maximum principal amount of $5,000,000 and a Loan and Security Agreement, each dated August 5, 2024.

The filing states that the obligations under the Credit Facility are "secured by substantially all of the personal property of the borrowers and certain other subsidiaries of the Company." The credit facility matured on August 31, 2025. The lender subsequently agreed, under a Forbearance Agreement dated November 7, 2025, as amended on May 28, 2026, to forbear from exercising certain remedies through June 30, 2026, according to the filing.

The complaint, as described in the filing, "alleges, among other things, breaches of the Credit Facility and the related guaranties, and seeks recovery from the defendants, jointly and severally, of at least $3.9 million in outstanding principal, together with accrued interest (including at a post-forbearance rate of 15.375% per annum and default interest), late charges, and attorneys' fees, costs and expenses." The complaint also seeks possession of the collateral following the lender's October 20, 2026 demand. The company disclosed that it "is reviewing the Complaint and evaluating its defenses and other available responses."

What Was Disclosed

Fly-E Group, Inc. reported a triggering event under Item 2.04, disclosing that its lender filed a court complaint on October 30, 2026, seeking at least $3.9 million in principal plus interest and fees related to a $5,000,000 revolving credit facility that matured August 31, 2025.