Feutune Light Acquisition in an 8-K said amended terms of its merger agreement with Thunder Power now call for the five-member board of the combined company to consist of three directors nominated by Thunder Power, one nominated by the SPAc and one nominated by both parties.
Feutune Light shareholders last month approved extending the SPAC’s completion deadline up to Dec. 21 for monthly deposits of $60,000. Thunder Power will provide the funds for the extension.
The target is a manufacturer of premium electric vehicles. The deal was announced last October.
If approved, upon deal 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.
