Stock Markets
Feutune Light Acquisition Corp to merge with Thunder Power
WILMINGTON, DE – Feutune Light Acquisition Corporation (NASDAQ:FLFV), a special purpose acquisition company, has announced supplemental disclosures to its previously filed proxy statement regarding its impending business combination with Thunder Power Holdings Limited, an electric vehicle manufacturer.
The merger, which is set to bring together Feutune Light and Thunder Power, is expected to close following a special meeting of Feutune Light’s stockholders scheduled for Monday.
The supplemental disclosures, as filed with the Securities and Exchange Commission (SEC) on Thursday, relate to the additional definitive proxy solicitation materials and provide updated information on the redemption rights of Feutune Light stockholders.
According to the SEC filing, as of Wednesday, a significant majority of public shareholders, approximately 97.26%, have elected to redeem their shares for a pro rata portion of the funds in the trust account, with an estimated per share redemption price of approximately $11.09.
The business combination, initially announced on October 26, 2023, is subject to approval by Feutune Light’s stockholders. If the transaction is not completed by December 21, 2024, public stockholders may receive only about $11.04 per share from the trust account, and any warrants will expire worthless.
The merger is intended to enhance Feutune Light’s product offerings and market position in the electric vehicle industry. The combined entity aims to capitalize on Thunder Power’s manufacturing capabilities and Feutune Light’s strategic positioning to drive growth and innovation in the sector.
Investors are encouraged to read the Form S-4 and other relevant materials filed with the SEC, including the proxy statement/prospectus, for a more comprehensive understanding of the business combination and its implications.
The information provided in this article is based on a press release statement filed with the SEC.
In other recent news, Feutune Light Acquisition Corp has made significant strides in the automotive sector. Following the announcement of its merger with Thunder Power Holdings Limited, the company has now entered into a forward purchase agreement with Meteora Capital Partners, LP, Meteora Select Trading Opportunities Master, LP, and Meteora Strategic Capital, LLC.
This agreement outlines Meteora’s intention to purchase up to 4,900,000 shares of Feutune Light Acquisition Corp’s Class A common stock, less any shares acquired through open market transactions.
The transaction is structured with a reset price initially set at $10.00, with provisions for weekly adjustments post-merger closure. In addition, Feutune Light Acquisition Corp has entered into a subscription agreement with Meteora, agreeing to issue and sell up to 4,900,000 shares, less those acquired through open market transactions, at the initial price per share before the valuation date.
These recent developments are expected to provide substantial capital and support to Feutune Light Acquisition Corp as it continues its integration with Thunder Power Holdings Limited. The company has also disclosed that a significant percentage of its public shares have been redeemed for cash upon the closure of the business combination, estimated at approximately $11.09 per share. These actions highlight the company’s innovative financial mechanisms and potential impact on its market position.
InvestingPro Insights
As Feutune Light Acquisition Corporation (NASDAQ:FLFV) approaches its pivotal merger with Thunder Power, investors are evaluating the company’s financial health and future potential. According to real-time data from InvestingPro, FLFVU has a market capitalization of $62.24 million and is trading at a high earnings multiple with a P/E ratio of 135.92, which adjusts to 88.0 for the last twelve months as of Q1 2024.
Despite some financial challenges indicated by a negative PEG ratio of -4.44 and operating income at -$1.6 million for the same period, the company has been profitable over the last twelve months, with a basic and diluted EPS from continuing operations at $0.08.
InvestingPro Tips suggest caution as the RSI indicates that the stock is in overbought territory, and the company is trading near its 52-week low. Moreover, the firm’s short-term obligations currently exceed its liquid assets, which could pose liquidity risks. Still, investors may find solace in the company’s recent price performance, boasting a one-week price total return of 19.52% and a year-to-date return of 13.9%. For those interested in a deeper analysis, there are more InvestingPro Tips available that could shed light on FLFVU’s investment profile.
Investors considering a stake in Feutune Light as it embarks on this merger can take advantage of a special offer: use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes further insightful tips to guide investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Stock Markets
BioAge Labs (BIOA) Azelaprag Trial Halt Raises Questions About Pre-IPO Disclosures – Hagens Berman
San Francisco, California–(Newsfile Corp. – December 25, 2024) – On December 9, 2024, just months after conducting an initial public offering in September 2024, BioAge Labs, Inc. (NASDAQ: BIOA) made the startling announcement that it was discontinuing a Phase 2 study for its lead product, azelaprag, intended to treat metabolic diseases such as obesity.
Hagens Berman has opened an investigation and urges investors in BioAge who purchased shares in the company’s IPO or on the open market and suffered substantial losses to submit your losses now.
Visit: www.hbsslaw.com/investor-fraud/bioa
Contact the Firm Now: BIOA@hbsslaw.com
844-916-0895
BioAge Labs, Inc. (BIOA) Investigation:
The investigation is focused on the propriety of BioAge’s disclosures about the safety data and other matters related to azelaprag, which the company said in its IPO documents has been “well-tolerated in 265 individuals across eight Phase 1 clinical trials.”
BioAge’s disclosures came into question after the market closed on December 6, 2024, when the company announced the discontinuation of the STRIDES Phase 2 clinical trial evaluating azelaprag in combination with tirzepatide for the treatment of obesity. BioAge said that liver transaminitis was observed in patients receiving azelaprag.
This news drove the price of BioAge shares down almost 80% on December 9, 2024.
“We’re focused on whether BioAge was transparent to investors about the azelaprag safety profile before the December 6 announcement,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in BioAge and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the BioAge investigation, read more »
Whistleblowers: Persons with non-public information regarding BioAge should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email BIOA@hbsslaw.com.
# # #
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235182
Stock Markets
Celsius Holdings (CELH) Hit with Investor Class Action Amid Accusations of Oversold Inventory to Pepsi- Hagens Berman
CELH Investors with Losses Encouraged to Contact the Firm
San Francisco, California–(Newsfile Corp. – December 25, 2024) – Celsius Holdings (NASDAQ:), Inc. (NASDAQ: CELH) and certain of its C-Suite officers are embroiled in a securities class action lawsuit, claiming they misrepresented and concealed crucial information about the company’s financial performance, especially concerning its key customer, PepsiCo (NASDAQ:).
Hagens Berman is investigating the allegations and urges investors in Celsius who purchased shares and suffered substantial losses to submit your losses now.
Class Period: Feb. 29, 2024 – Sept. 4, 2024
Lead Plaintiff Deadline: Jan. 21, 2025
Visit: www.hbsslaw.com/investor-fraud/celh
Contact the Firm Now: CELH@hbsslaw.com
844-916-0895
Celsius Holdings, Inc. (CELH) Securities Class Action (WA:):
The lawsuit alleges that during the Class Period, Celsius failed to disclose to investors several critical points:
- Oversold Inventory: Celsius significantly oversold inventory to Pepsi beyond demand, leading to a potential drastic reduction in future purchases.
- Declining Sales: As Pepsi depleted its overstock, Celsius’ sales were projected to decline, impacting its financial health and outlook.
- Unsustainable Sales Rates: The sales rates to Pepsi were unsustainable and created a misleading impression of the company’s performance.
- Misleading Metrics: Consequently, Celsius’ business metrics and financial prospects were overstated
The situation came to light on May 28, 2024, when Celsius’ stock price plummeted nearly 13% following reports from Nielsen indicating slowed sales growth. Analysts highlighted the possibility of significantly reduced sales as Pepsi cut back its inventory.
The stock took another hit on September 4, 2024, dropping over 11% after a company presentation revealed a shortfall of $100 million to $120 million in Pepsi orders compared to the previous year. It was also disclosed that Pepsi had held several million excess cases over the last 18 months.
These revelations have led shareholder rights firm Hagens Berman to investigate the allegations.
“We’re investigating whether Celsius deliberately painted an overly optimistic picture of its relationship with Pepsi, misleading investors about the true state of its financial health and sales sustainability,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Celsius and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Celsius case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding Celsius Holdings should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email CELH@hbsslaw.com.
# # #
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235180
By Ank Kuipers
PARAMARIBO (Reuters) -Suriname’s fugitive former President Desi Bouterse has died aged 79, the country’s government said on Wednesday, almost a year after he fled authorities to avoid jail following his conviction over the murder of 15 political activists in 1982.
“The government has been informed through the family and its own investigations of the passing of Mr. D. Bouterse, ex-President of the Republic of Suriname,” Foreign Minister Albert Ramdin told Reuters.
The former leader died on Tuesday, the government said, without confirming where, or even in which country. Last week Surinamese authorities raided his home – where supporters gathered to pay their respects on Wednesday morning – but did not find him.
Surinamese President Chan Santokhi, who investigated the case as a police commissioner and later as justice minister, expressed condolences to Bouterse’s family and urged calm in a statement.
“In the spirit of the holiday season and year-end, the president calls on all to remain dignified and calm, maintain peace and order and engage in prayer in the spirit of these special days,” the statement said.
Bouterse dominated politics in the tiny South American country for decades, leading a coup in 1980 and finally leaving office in 2020.
In 2019 he and six others were convicted for their role in the 1982 murders of 15 leading government critics – including lawyers, journalists, union leaders, soldiers and university professors – for which Bouterse received a 20-year prison sentence.
Bouterse had claimed the murdered men were connected to a planned invasion of the former Dutch colony.
Following years of legal back and forth, Bouterse was ordered to report to prison in January but he did not show up on the appointed date.
Though Bouterse avoided prison by going on the run, Reed Brody, a U.S. war crimes prosecutor who monitored the case for the International Commission of Jurists, said justice had caught up with the convicted former president before he died.
“Thanks to the victims’ relatives and their supporters who never gave up, Bouterse will go down in history as a convicted murderer,” Brody said.
The former president’s family will make a statement later on Wednesday, members of his political party told journalists.
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