Feutune Light Acquisition Corporation
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WILMINGTON, Del., Sept. 4, 2024 /PRNewswire/ -- Thunder Power Holdings, Inc. (Nasdaq: AIEV) ("Thunder Power" or the "Company"), a technology innovator and a developer of premium passenger EVs, today announced its unaudited financial results for the three months ended June 30, 2024 ("Second Quarter 2024").
Second Quarter 2024 Financial Highlights
Revenues were nil, consistent with the same period in 2023.Operating expenses were approximately $1.3 million, compared to $0.7 million in the prior year. This increase was mainly due to a one-time share-based compensation expense of about $1.0 million from issuing shares to three independent directors of Feutune Light Acquisition Corporation ("FLFV") as part of the Company's recent business combination. This rise was partially offset by a decrease of around $0.5 million in share-based settlement expenses compared to the same quarter last year, when shares were issued to its controlling shareholder to settle liabilities.As a result, net loss was approximately $1.3 million, compared to $0.7 million for the same period in 2023.WILMINGTON, Del., Aug. 21, 2024 /PRNewswire/ -- Thunder Power Holdings, Inc. (Nasdaq: AIEV) ("Thunder Power" or the "Company"), a technology innovator and a developer of premium passenger EVs, today announced that it has entered into a Common Stock Purchase Agreement (the "Purchase Agreement") for a $100.0 million committed equity facility (the "Facility").
Transaction Overview
Pursuant to the Purchase Agreement, the Company, in its sole discretion, will have the right, but not the obligation, to issue and sell up to $100.0 million in newly issued shares of the Company's common stock (the "Shares") over a 36-month period subject to certain conditions, including that a registration statement covering the resale of the Shares is filed and declared effective by the Securities and Exchange Commission ("SEC"). The Company is not required to utilize the Facility, and controls the timing and amount of any drawdown on the Facility, subject to certain restrictions under the Facility. The Company intends to use the net proceeds from the Facility, if any, for working capital and general corporate purposes.
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