Thunder Power Holdings, Inc. a technology innovator and a developer of premium passenger EVs, today announced that it has entered into a Common Stock Purchase Agreement for a $100.0 million committed equity facility.

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 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").

Thunder Power was founded in 2011, and originally started out in Taiwan. they are currently based in Hong Kong. In 2017, they finished their production plant in Guangzhou. They also have plants built in Catalonia, Spain, Hangzhou, China, and Ganzhou City, China.The design of Thunder Power's vehicles was penned by noted Italian design firm Zagato, and they have won the German Design Award in 2019.

Their first production vehicle was the EV, also called the TP. A Limited Edition of the vehicle was launched, and only 488 were produced. The car was designed by Dallara in Italy. Its dimensions are 4967 mm/1920 mm/1458 mm, a wheelbase is 2994 mm, and a weight of 1900 kg.

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.

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.

 

Source: .prnewswire.com

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