Harneys advises Thunder Power Holdings Limited on de-SPAC merger
Harneys acted as British Virgin Islands legal counsel to Thunder Power Holdings Limited, a technology innovator and manufacturer of premium electric vehicles incorporated in the British Virgin Islands, on its de-SPAC business combination with Feutune Light Acquisition Corporation, a Delaware special purpose acquisition company. The transaction, approved by the board of directors of both companies, is expected to close in 2024.
Subject to satisfaction of various customary conditions precedent, on completion Thunder Power's estimated enterprise valuation will be approximated US$400 million, with a potential addition of US$200 million in earnout shares, subject to specific performance conditions being met by the end of 2026.
Headquartered in Hong Kong, Thunder Power creates electric vehicles that deliver a premium driving experience combined with a high degree of personalisation. Its technology offers a highly competitive, long-range drive on a single charge of approximately 750km. On completion of the transaction, Thunder Power intends to accelerate research and development and fund the first manufacturing run of the limited-edition Coupe.
The Harneys team was led by Partner Raymond Ng. Commenting on the transaction, Raymond said: "We are delighted to have advised Thunder Power on achieving this milestone. The development of electric vehicles as an eco-friendly alternative to gas continues to grow, and we are proud to support innovative companies in this sector. We wish Thunder Power all the best in their plans to target EV markets in the US, Europe, and Asia."
The Corporate team at Harneys has a leading Equity Capital Markets (ECM) practice with substantial experience in all aspects of capital raising by offshore companies, including IPOs and secondary offerings, rights issues, equity linked securities, including convertible and exchangeable bonds, SPACs, and business combinations, as well as private placements, take-privates, takeovers and spin-offs. The firm’s ECM expertise lies in advising entities listed or listing on all major stock exchanges, including the New York Stock Exchange, NASDAQ, the London Stock Exchange, AIM, the Hong Kong Stock Exchange, the Shanghai Stock Exchange and the Luxembourg Stock Exchange.