Wed, May 15, 10:19 AM (72 days ago)
Feutune Light Acquisition Corporation (FLFV) is a blank check company, which has not commenced any operations since its inception on January 19, 2022. For the quarter ending March 31, 2024, the company reported a net loss of $18,535, driven by formation and operating costs, and franchise tax expenses. The company's assets were $55.04 million, primarily held in a trust account. Current liabilities surged to $30.08 million due to accrued expenses, taxes payable, and loans from related parties. FLFV's liquidity remains a concern with cash reserves of only $35,622 and a significant working capital deficit. The company is reliant on its sponsor and related parties for loans to fund operations and extend the deadline for its initial business combination. Recent amendments allow FLFV to extend the deadline up to December 21, 2024, with monthly extension payments of $60,000 funded by Thunder Power Holdings Limited (TPH), with whom FLFV has a merger agreement. The company faces substantial uncertainties regarding its ability to complete a business combination within the extended period, raising doubts about its ability to continue as a going concern.