Feutune Light Acquisition filed a definitive proxy outlining terms of its deal to combine with Thunder Power for $400 million in stock. A date for the shareholder vote has not yet been published. The target is a manufacturer of premium electric vehicles.
Terms also call for placing $200 million in earnout shares into escrow, subject to a vesting timetable.
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.
Source: Feutune Light Files Amended Proxy on 0M Deal with EV Maker Thunder Power