SPAC Feutune Light Acquisition enters merger agreement with EV maker Thunder Power in $600M deal

Thunder Power Holdings, Inc.

Initial consideration: 40M PubCo shares valued at $400M ($10/share) to Thunder Power shareholders.
Earnout: up to 20M additional shares contingent on $42.2M revenue by 2025 (5M shares) or $415M by 2026 (15M shares).
Closing conditions include Nasdaq listing approval, minimum $5M available cash, and stockholder approval.
Lock-up agreements: insiders and certain shareholders subject to lock-up periods of up to six months.
Issued $100K promissory note to Thunder Power for monthly extension to November 21, 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Thunder Power Holdings, Inc. entered into Agreement and Plan of Merger with Thunder Power Holdings Limited and Feutune Light Merger Sub, Inc. (effective 2023-10-26).

Action: entry
Agreement: merger
Counterparty: Thunder Power Holdings Limited and Feutune Light Merger Sub, Inc.
Effective: 2023-10-26

Exact text from the filing

On October 26, 2023, Feutune Light Acquisition Corporation (“ FLFV ”, or “ PubCo ” upon and following the Merger) entered into an Agreement and Plan of Merger (as the same may be amended, restated or supplemented, the “ Merger Agreement ”) with Thunder Power Holdings Limited, a British Virgin Islands company (the “ Company ”) and Feutune Light Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of FLFV (“ Merger Sub ”).

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Thunder Power Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001013762-23-007036

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