Feutune Light Acquisition announced that it deposited $60,000 into trust for an operating extension to June 21. The SPAC can continue moving back its deadline up to Dec. 21 for the same monthly deposit.
This gives the SPAC more time to Feutune Light Acquisition today filed a definitive proxy and prospectus on its proposed merger with Thunder Power, a manufacturer of premium electric vehicles. The deal was announced last October.
Terms call for the issuance of 60 million shares to Thunder Power, as well as up to 20 million earnout shares that would vest in two tranches if certain financial thresholds are reached over the next two years.
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.
The SPAC said yesterday it issued two promissory notes totalling $150,000 for two loans that would be used to pay general corporate expenses, including those related to the completion of the Thunder Power deal. Read more.
