Metuchen, NJ, March 19, 2024 (GLOBE NEWSWIRE) -- Feutune Light Acquisition Corporation (NASDAQ: FLFV) ("FLFV"), a blank check company incorporated in Delaware, today announced it held a special meeting of the stockholders (the "Special Meeting") and obtained the stockholders' approval for the proposals to extend the time (the "Combination Deadline") it has to complete an initial business combination. In addition, FLFV agreed with Thunder Power Holdings Limited ("TPH") to amend Agreement and Plan of Merger ("Merger Agreement") to confirm that TPH will continue to provide extension payments for the FLFV to extend its Combination Deadline.
Special Meeting Results
At the Special Meeting, the stockholders of FLFV approved to amend FLFV's Amended and Restated Certificate of Incorporation (the "Current Charter") to allow FLFV until March 21, 2024 to consummate an initial business combination and may elect to extend the Combination Deadline up to nine times, each by an additional one-month period (each a "Monthly Extension"), for a total of up to nine months to December 21, 2024, by depositing to FLFV's trust account (the "Trust Account") the lesser of (i) $60,000 for all public shares and (ii) $0.035 for each public share for each one-month extension (each such deposit, a "Monthly Extension Payment"). The Special Meeting is the second such meeting since July 2023 to extend the Combination Deadline.
Pursuant to FLFV's certificate of amendment to the Current Charter to be filed on March 18, 2024, FLFV may extend on monthly basis from March 21, 2024 until December 21, 2024 or such an earlier date as may be determined by its board to complete a business combination by depositing the Monthly Extension Payment for each month into the Trust Account.
Merger Agreement Amendment
Pursuant the current Merger Agreement, TPH agreed to provide loans to FLFV to be deposited into the Trust Account as monthly extension payments to extend the deadline for completing the Business Combination under the Current Charter until March 21, 2024.
To afford more time and flexibility to consummate the Business Combination, on March 19, 2024, FLFV and TPH entered into an amendment to the Merger Agreement, pursuant to which TPH will continue to provide loans to FLFV to be deposited into the Trust Account as Monthly Extension Payments for each Monthly Extension FLFV seeks to consummate the Business Combination, up to June 21, 2024.
In order to extend the Combination Deadline from March 21, 2024 to April 21, 2024, an aggregate of $60,000 Monthly Extension Payment was deposited into the Trust Account on March 19, 2024.