The Firm is acting as U.S. legal counsel to Thunder Power Holdings Ltd. in its proposed merger with Feutune Light Acquisition Corp., a special purpose acquisition company (SPAC), that will take the electric vehicle manufacturer public.
The deal, announced on Oct. 27, values Hong Kong-based Thunder Power at $400 million, with potential to increase up to $600 million if certain conditions are satisfied following closing. The transaction is expected to close in 2024.
“We are proud of our team for helping us to reach such a pivotal moment as a company,” said Thunder Power CEO Wellen Sham. “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.”
Thunder Power’s technology offers a highly competitive, long-range drive on a single charge of approximately 466 miles, along with many other proprietary solutions. Thunder Power intends to target EV markets in the U.S., Europe, and Asia via a phased rollout.
Thunder Power, which was founded in 2011, has 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.
Feutune Light is a blank check company formed as a Delaware corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
Andrew Sherman leads the team, which includes Rod Moss, Karen Ramdhanie, Shirin Shahidi, Nicole Bouchard, Blair Rinne, Ivan Chaykovskiy, Isabelle Jacobs and Richard Jean-Baptiste.
