Feutune Light Acquisition said shareholders approved a deadline extension up to Dec. 21 for monthly deposits of $60,000. Merger partner Thunder Power will provide the funds for the extension, according to a filing.
The target is a manufacturer of premium electric vehicles. The deal was announced last October.
If approved, upon completion Thunder Power expects to have up to $53 million in cash on its balance sheet (assuming no redemptions by Feutune Light stockholders, and before payment of expenses and deferred underwriting fees). This includes existing cash brought over from Thunder Power’s balance sheet, any capital raised and expected cash proceeds from Feutune Light’s trust.
Terms also call for placing $200 million in earnout shares into escrow, subject to a vesting timetable.
Feutune originally raised $85 million in a June 2022 IPO. Read more.
