Feutune Light Acquisition Corporation Announces Extension of the Deadline for an Initial Business Combination and Issuances of Promissory Notes

Rhea-AI Summary

Feutune Light Acquisition (NASDAQ: FLFV), a blank check company, announced an extension of its deadline to complete an initial business combination. The deadline has been moved from May 21, 2024, to June 21, 2024, following a deposit of $60,000 into the Company's trust account. This extension can be renewed monthly until December 21, 2024, with an additional $60,000 deposit each month. Additionally, on May 22, 2024, the Company issued two promissory notes totaling $150,000 from certain lenders. The funds from these loans are intended to cover general corporate expenses, including costs related to the ongoing business combination.

Positive

• Extension of the deadline allows more time to complete the initial business combination.
• A $60,000 deposit into the Company's trust account ensures financial stability during the extension period.
• Issuance of promissory notes totaling $150,000 provides additional funds for corporate expenses.
• Monthly extensions until December 2024 offer flexibility for the business combination process.

Negative

• Constant need for monthly $60,000 deposits could strain financial resources.
• Dependence on loans for covering corporate expenses may indicate cash flow issues.
• Prolonged extension period suggests potential difficulties in completing the business combination promptly.

Wilmington, DE, May 22, 2024 (GLOBE NEWSWIRE) -- Feutune Light Acquisition Corporation (NASDAQ: FLFV) (the “Company”), a blank check company incorporated as a Delaware corporation, today announced that, in order to extend the date by which the Company must complete its initial business combination from May 21, 2024 to June 21, 2024, an aggregate of $60,000 has been deposited into Company’s trust account (the “Trust Account”).

Pursuant to the Company’s Amended and Restated Certificate of Incorporation currently in effect, the Company 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 $60,000 for each month into the Trust Account.

On May 22, 2024, the Company issued two promissory notes with an aggregate amount of $150,000 to evidence two loans (the “Loans”) from certain lenders. The proceeds of the Loans are expected to be used for payments of the Company’s general corporate expenses, including those related to the consummation of the ongoing business combination.

About Feutune Light Acquisition Corporation

Feutune Light Acquisition Corporation is a blank check company formed as a Delaware corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The Company’s efforts to identify a prospective target business are not limited to a particular industry or geographic region, although the Company is prohibited from undertaking initial business combination with any entity that is based in or have the majority of its operations in China (including Hong Kong and Macau).

Forward-Looking Statements

This press release includes forward looking statements that involve risks and uncertainties. Forward looking statements are subject to numerous conditions, risks and changes in circumstances, many of which are beyond the control of the Company, including those set forth in the prospectus filed on June 17, 2022 relating to Company’s initial public offering, the annual report of the Company on Form 10-K for the fiscal year ended on December 31, 2023, filed on March 6, 2024, and in the S-4, and other documents that the parties may file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact Information:

Feutune Light Acquisition Corporation
Yuanmei Ma
Chief Financial Officer
221 W 9th St #848
Wilmington, Delaware
(909)-214-2482

FAQ

What is Feutune Light Acquisition 's stock symbol?

The stock symbol for Feutune Light Acquisition is NASDAQ: FLFV.

What is the new deadline for Feutune Light Acquisition 's initial business combination?

The new deadline is June 21, 2024.

How much money was deposited into the trust account to extend the deadline?

An aggregate of $60,000 was deposited into the Company's trust account.

What will the funds from the promissory notes be used for?

The $150,000 from the promissory notes will be used for general corporate expenses, including costs related to the ongoing business combination.

How often can Feutune Light Acquisition extend its deadline?

The Company can extend its deadline on a monthly basis until December 21, 2024, by depositing $60,000 each month.