Feutune Light Acquisition filed a proxy and prospectus for the issuance of 60 million shares to merger partner Thunder Power. The deal also includes up to 20 million earnout shares that would vest in two tranches if certain financial thresholds are reached over the next two years.
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 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.
Feutune originally raised $85 million in a June 2022 IPO. Read more.
