Feutune Light Acquisition and merger partner Thunder Power in an 8-K said they signed a forward purchase agreement with Meteora Capital Partners covering a PIPE of 4.9 million shares.
This news follows the disclosure that 97.26% of the SPAC’s outstanding shares have been redeemed ahead of the merger vote on EV maker Thunder Power. Yesterday’s shareholder meeting to vote on the deal was postponed until June 17.
Thunder Power manufactures 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. Read more.
