Feutune Light Acquisition laid out the terms of its proposed merger with Thunder Power in a proxy filing. A date for the shareholder vote has not yet been published.
Terms call for closing merger consideration of $400 million in stock, plus $200 million in earnout shares, subject to a vesting timetable.
The target is a manufacturer of premium electric vehicles.
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 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.
Feutune raised $85 million in a June 2022 IPO. The proxy filing on the Thunder Power deal does not disclose the current balance of the SPAC's trust.