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.
Wellen Sham, Founder of Thunder
Power, commented, "Our mission is to power the future of
sustainable transportation by creating stylish, innovative and
cost-efficient premium EVs centered around differentiated designs
and solutions tailored for every lifestyle. With our recent
business combination and a forward stock purchase facility set up
in August as summarized below and reported in a current report on
Form 8-K filed with the Securities and Exchange Commission (the
"SEC") on August 21, 2024, we
endeavor to leverage our proprietary technologies and modular
designs. This may enable us to be able to produce eco-friendly EVs
that prioritize quality, comfort, and performance, allowing us to
capture meaningful market share in the growing EV sector in the
foreseeable future."
Recent Developments
On June 21, 2024, the Company
successfully completed its business combination with FLFV, marking
a significant milestone in its growth strategy. Following the
merger, its common stock began trading on the Nasdaq Global Market
under the symbol "AIEV."
On August 20, 2024, the Company entered into certain Common
Stock Purchase Agreement with Westwood Capital Group LLC, allowing
the Company to issue and sell up to $100
million in newly issued shares of common stock over a
36-month period, subject to specific conditions, including the
filing and effectiveness of a resale registration statement with
the SEC.
About Thunder Power Holdings, Inc.
Thunder Power is a technology innovator and a developer of
premium electric vehicles ("EVs"). The Company has developed
several proprietary technologies, which are the building blocks of
the Thunder Power family of EVs. The Company is focused on design
and development of high-performance EVs, targeting the EV markets
in the U.S., Europe and
Asia.
Safe Harbor Statement
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminologies such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
final proxy statement/prospectus pursuant to rule 424(b)(3) filed
with the SEC on May 17, 2024 and the
subsequent periodic reports that are filed with the SEC and
available on the SEC's website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these risk factors. Other than as required under the applicable
securities laws, the Company does not assume a duty to update these
forward-looking statements, except as required by the applicable
law, regulations or rules.
|
THUNDER POWER
HOLDINGS, INC.
|
|
(f/k/a Feutune Light
Acquisition Corporation)
|
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
As of June 30, 2024
and December 31, 2023
|
|
(Expressed in
U.S. dollar, except for the number of shares)
|
|
|
|
|
|
|
|
|
|
|
June 30,
2024
|
|
|
December 31,
2023
|
|
|
|
|
|
|
(Audited)
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
Cash
|
|
$
|
921,349
|
|
|
$
|
196,907
|
|
|
Deferred offering
costs
|
|
|
—
|
|
|
|
429,750
|
|
|
Prepaid expenses for
forward purchase contract
|
|
|
13,264,964
|
|
|
|
—
|
|
|
Other current
assets
|
|
|
359,175
|
|
|
|
623,221
|
|
|
Total Current
Assets
|
|
|
14,545,488
|
|
|
|
1,249,878
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
Assets
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
860
|
|
|
|
1,974
|
|
|
Right of use
assets
|
|
|
18,109
|
|
|
|
5,740
|
|
|
Total Non-current
Assets
|
|
|
18,969
|
|
|
|
7,714
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
14,564,457
|
|
|
$
|
1,257,592
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
|
Advance of subscription
fees from shareholders
|
|
$
|
—
|
|
|
$
|
590,000
|
|
|
Amount due to related
parties
|
|
|
978,021
|
|
|
|
68,992
|
|
|
Other payable and
accrued expenses
|
|
|
2,644,518
|
|
|
|
97,297
|
|
|
Lease
liabilities
|
|
|
16,956
|
|
|
|
—
|
|
|
Deferred underwriter's
discount
|
|
|
3,421,250
|
|
|
|
—
|
|
|
Total Current
Liabilities
|
|
|
7,060,745
|
|
|
|
756,289
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
7,060,745
|
|
|
|
756,289
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies (Note 11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Common stock ($0.0001
par value, 1,000,000,000 shares authorized; 46,859,633 and
37,488,807 shares issued and outstanding at June 30, 2024 and
December 31,
2023, respectively)*
|
|
|
4,686
|
|
|
|
3,749
|
|
|
Additional paid-in
capital*
|
|
|
43,490,860
|
|
|
|
34,927,449
|
|
|
Accumulated
loss
|
|
|
(35,991,834)
|
|
|
|
(34,429,895)
|
|
|
Total Shareholders'
Equity
|
|
|
7,503,712
|
|
|
|
501,303
|
|
|
Total Liabilities
and Shareholders' Equity
|
|
$
|
14,564,457
|
|
|
$
|
1,257,592
|
|
|
*
|
The share information
and additional paid-in capital are presented on a retroactive basis
to reflect the reverse recapitalization on June 21, 2024 (see the
discussion under the heading "Reverse Recapitalization" in
"Note 1 – Organization and Business Description" of the
filed 10-Q).
|
The accompanying notes in the filed 10-Q are an
integral part of the unaudited consolidated financial
statements.
|
THUNDER POWER
HOLDINGS, INC.
|
|
(f/k/a Feutune Light
Acquisition Corporation)
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
|
|
For the Three and
Six Months Ended June 30, 2024 and 2023
|
|
(Expressed in
U.S. dollar, except for the number of shares and loss per
share)
|
|
|
|
For the Three
Months Ended
June 30,
|
|
|
For the Six
Months Ended
June 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
Revenues
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses
|
|
|
(1,347,897)
|
|
|
|
(738,442)
|
|
|
|
(1,561,729)
|
|
|
|
(948,577)
|
|
|
Total operating
expenses
|
|
|
(1,347,897)
|
|
|
|
(738,442)
|
|
|
|
(1,561,729)
|
|
|
|
(948,577)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expenses), net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
exchange gain (loss)
|
|
|
1
|
|
|
|
(1)
|
|
|
|
(210)
|
|
|
|
(1)
|
|
|
Total other income
(expenses), net
|
|
|
1
|
|
|
|
(1)
|
|
|
|
(210)
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
|
|
(1,347,896)
|
|
|
|
(738,443)
|
|
|
|
(1,561,939)
|
|
|
|
(948,578)
|
|
|
Income tax
expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Net loss and
comprehensive loss
|
|
$
|
(1,347,896)
|
|
|
$
|
(738,443)
|
|
|
$
|
(1,561,939)
|
|
|
$
|
(948,578)
|
|
|
Loss per
share – basic and diluted*
|
|
$
|
(0.03)
|
|
|
$
|
(0.02)
|
|
|
$
|
(0.04)
|
|
|
|
(0.03)
|
|
|
Weighted average
shares – basic and diluted*
|
|
|
39,628,798
|
|
|
|
33,182,622
|
|
|
$
|
38,774,859
|
|
|
$
|
32,656,465
|
|
|
*
|
The shares and per
share information are presented on a retroactive basis to reflect
the reverse recapitalization on June 21, 2024 (see the discussion
under the heading "Reverse Recapitalization" in "Note 1 -
Organization and Business Description" of the filed
10-Q).
|
The accompanying notes in the filed 10-Q are an
integral part of the unaudited condensed consolidated financial
statements.
View original
content:https://www.prnewswire.com/news-releases/thunder-power-reports-unaudited-second-quarter-2024-financial-results-302238314.html
SOURCE Thunder Power Holdings, Inc.