Thunder Power, an Innovative Manufacturer of Premium EVs, Going Public via Business Combination with Feutune Light Acquisition Corporation - Seite 2

About Thunder Power

Thunder Power offers premium passenger EVs positioned to gain market share based on competitive design, quality, comfort, range, and price. The Company intends to showcase the potential of its proprietary technologies through the manufacture and sale of four classes of EVs, with distribution targeted throughout the U.S., Europe, and Asia. Those four classes are expected to include the following:

-      Limited Edition Coupe
-      Compact City Car
-      Long-range Sedan
-      Long-range SUV

Key characteristics demonstrated throughout the Thunder Power family of vehicles includes a longer driving range on a single charge, shorter charge times, and lighter weight relative to some of TPH’s principal competitors, based on testing data of Thunder Power’s vehicle prototypes. The relative high efficiency of Thunder Power’s vehicles will also contribute to a lower cost of ownership.

Thunder Power’s management has significant experience in the development of electric vehicle technology as well as the broader automotive industry. They have engaged the leading Italian automotive design house, Zagato, to design and develop prototypes and intend to leverage established partnerships with European and Chinese suppliers to establish an advantage for sourcing lower-cost raw materials. The Company employs a modular design approach based on its unique chassis that enables modularized reuse of components and systems, further reducing weight and costs and boosting scalability.

“We are proud of our team for helping us to reach such a pivotal moment as a company,” said Wellen Sham, Chief Executive Officer of Thunder Power. “Through the business combination with Feutune Light, we look forward to advancing our vision to the commercial market and helping to redefine luxury and performance for the eco-conscious consumer. As the industry evolves, Thunder Power’s focus on differentiated technology and lower cost will help enable and inspire future innovations.”

Summary of the Transaction

Under the terms of the business combination agreement, Thunder Power will be merged with and into a wholly owned Delaware subsidiary (“Merger Sub”) of Feutune Light that was formed for the purpose of a business combination of FLFV (the “Merger”) , with Merger Sub surviving the Merger as a direct wholly owned subsidiary of Feutune Light. At the effective time of the Merger, shareholders of Thunder Power immediately prior to the effective time will receive shares of common stock of Feutune Light based on an implied pro forma enterprise value of approximately $400 million, at a price of $10.00 per share. In addition, 20,000,000 shares of common stock of Feutune Light are to be set aside in escrow as earnout shares at the closing of the Transaction, subject to the vesting schedule set forth in the business combination agreement. The earnout shares are to be vested and released to shareholders of Thunder Power, contingent on the satisfaction of certain performance conditions during the fiscal years ending December 31, 2023 to December 31, 2026. Upon completion of the Transaction, Thunder Power expects to have up to $53 million in cash on its balance sheet (assuming no redemptions by Feutune Light’s stockholders and before payment of Transaction expenses and deferred underwriting fees), including existing cash brought over from Thunder Power’s balance sheet, any capital raised, and expected cash proceeds from Feutune Light’s trust account, which is expected to be used to support Thunder Power’s R&D enhancements, establishing the supply chain structure, and the go-to-market strategy for manufacturing the Limited Edition Coupe and the City Car in 2025.