Feutune Light Acquisition Postpones Thunder Power Deal Vote 

Feutune Light Acquisition said today's shareholder meeting to vote on a proposed merger with Thunder Power has been adjourned until June 17 at 9 a.m. Eastern. As a result, the new redemption deadline is June 13. Redemptions can be reversed prior to the meeting.

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.

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.

Source: Feutune Light Acquisition Postpones Thunder Power Deal Vote