Progress on Taiwan Share Exchange and Strategic Partnerships WILMINGTON, Del. , Sept. 22, 2025 /PRNewswire/ -- Thunder Power Holdings, Inc. (OTCQB: AIEV)Â ("Thunder Power" or the "Company"), a technology innovator and developer of premium passenger Electric Vehicles (EVs), today announced several important operational updates and strategic developments to expand its position in clean energy markets and support its long-term growth objectives. ...

Group 1 - The five Chinese concept stocks with the largest closing declines are Sentage down 29.28%, Kaixin Auto down 25.35%, Zhongyang Financial Group down 21.62%, AieV Auto down 21.20%, and Chuangzhi Global Technology down 18.20% [1][1][1] - Sentage's latest price is 2.850 with a decline of 1.180 and a trading volume of 1.7891 million [1][1] - Kaixin Auto's latest price is 0.799 with a decline of 0.271 and a trading volume of 743,400 [1][1] - Zhongyang Financial Group's latest price is 1.450 with a decline of 0.400 and a trading volume of 2.6265 million [1][1] - AieV Auto's latest price is 0.0788 with a decline of 0.0212 and a trading volume of 3,981.87 [1][1] - Chuangzhi Global Technology's latest price is 0.6945 with a decline of 0.1545 and a trading volume of 1.4339 million [1][1]

Group 1 - The top five gaining Chinese concept stocks at the close were: Senmiao Technology up 61.25%, Roma Green Finance up 38.83%, Four Seasons Education up 29.18%, Nature Forestry up 23.3%, and Changwei Automotive up 20.75% [1] - Senmiao Technology (AIHS) closed at 3.870 with a gain of 61.25%, increasing by 1.470, and had a trading volume of 1.025 billion [1] - Roma Green Finance (ROMA) closed at 2.485 with a gain of 38.83%, increasing by 0.695, and had a trading volume of 307.6 thousand [1] - Four Seasons Education (FEDU) closed at 14.210 with a gain of 29.18%, increasing by 3.210, and had a trading volume of 427.2 thousand [1] - Nature Forestry (NWGL) closed at 1.270 with a gain of 23.30%, increasing by 0.240, and had a trading volume of 192.34 thousand [1] - Changwei Automotive (AIEV) closed at 0.1100 with a gain of 20.75%, increasing by 0.0189, and had a trading volume of 8.188 thousand [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41424 Thunder Power Holdings, Inc. (Exact name of registrant as specified in its charter) | Delaware | 87-4620515 | | --- | --- | | (State ...

Core Viewpoint - Thunder Power Holdings, Inc. has received shareholder approval for a Share Exchange Agreement to acquire approximately 30.8% of Electric Power Technology Limited (TW Company), facilitating its expansion into Taiwan's renewable energy sector and enhancing its clean energy capabilities [1][2][3] Group 1: Acquisition and Strategic Expansion - The acquisition of TW Company is a significant step in Thunder Power's growth strategy, allowing the company to diversify its revenue streams and establish a scalable model for sustainable mobility [2][3] - This transaction provides Thunder Power with access to solar generation capacity and manufacturing resources, strengthening its position in the renewable energy sector [3][6] Group 2: Future Growth Initiatives - Thunder Power's strategy includes expanding its clean energy platform through the TW Company investment, aligning with Taiwan's national renewable energy targets [6] - The company aims to leverage relationships and manufacturing resources in Taiwan to advance its proprietary EV technologies, focusing on scaling in Asian and European markets [6][7] Group 3: Portfolio Diversification and Technology Development - The company will pursue opportunities in renewable energy and storage to complement its core EV business, broadening its revenue base and evaluating additional international transactions [7] - Thunder Power plans to utilize Taiwan's manufacturing resources to advance the development and launch of its proprietary EVs, integrating its EV platforms with renewable energy and storage assets to meet evolving global mobility and energy needs [7][8]

Core Viewpoint - Thunder Power Holdings, Inc. has received approval to trade on the OTCQB Venture Market, marking a significant step in its growth strategy and collaboration with Electric Power Technology [1][3][6] Company Updates - The company's common shares began trading on the OTCQB under the ticker "AIEV" effective June 5, 2025, which is recognized by the SEC as an established public market [3][6] - Thunder Power plans to hold its Annual Meeting of Stockholders to approve a Share Exchange Agreement with Electric Power Technology Limited, aiming to acquire approximately 30.8% of TW Company's total issued shares [5][6] - A proposed reverse stock split is intended to enhance the company's visibility, improve liquidity, and attract a broader base of institutional and retail investors [4][6][9] Strategic Initiatives - The partnership with Electric Power Technology is expected to open new opportunities across the electric vehicle value chain, leveraging complementary strengths for mutual growth [3][8] - The company aims to strengthen its capital base and accelerate growth initiatives by issuing additional shares as part of the Share Exchange Agreement [9][10] - Thunder Power is focused on expanding its footprint in the renewable energy sector, with the Taiwanese government targeting 15% of electricity from renewable sources by 2025 [7][8] Market Context - The company is positioned to capitalize on emerging opportunities in both the electric vehicle and clean energy markets, with solar generation in Taiwan representing 5% of the electricity market in 2024 [6][7] - The strategic acquisition of assets and technologies in Taiwan is expected to support Thunder Power's long-term growth and global expansion strategy [8][10]

Revenue Generation - The company has not generated any revenue from EV sales and expects to generate revenue from the sale of its EV models, technology licensing, and R&D services [157]. - The company did not meet the sales/revenue condition for the year 2024, which was set at no less than $42.2 million for the first tranche of Earnout Shares [178]. - The Earnout Shares include 5 million shares for the first tranche and 15 million shares for the second tranche, contingent on achieving specific revenue targets by December 31, 2025 [176]. Financial Performance - For the three months ended March 31, 2025, the company incurred a net loss of approximately $0.8 million, compared to a net loss of $0.2 million for the same period in 2024 [165]. - The company has incurred significant operating losses since inception and continues to face challenges in generating sufficient revenue to cover operational costs [166]. - For the three months ended March 31, 2025, the net cash used in operating activities was approximately $0.6 million, compared to $0.2 million for the same period in 2024, indicating a significant increase in cash outflow [170]. Expenses - General and administrative expenses increased to approximately $0.8 million for the three months ended March 31, 2025, primarily due to a $0.4 million rise in professional expenses related to being a publicly traded company [164]. - Minimal research and development expenses were incurred for the three months ended March 31, 2025, and 2024, recorded under general and administrative expenses [180]. Cash and Liquidity - The company’s cash balance as of March 31, 2025, was $19,812, highlighting liquidity challenges [166]. - The cash at the end of the period for March 31, 2025, was $19,812, a decrease from $28,466 at the end of March 31, 2024 [169]. - The company’s cash at the beginning of the period for March 31, 2025, was $52,616, down from $196,907 at the beginning of March 31, 2024 [169]. Business Developments - The company completed a business combination with Feutune Light Acquisition Corporation on June 21, 2024, resulting in the issuance of 40 million shares of common stock and potential earn-out payments of up to 20 million shares based on revenue performance targets [144]. - The company plans to acquire approximately 30.8% of Electric Power Technology Limited through a share exchange agreement, which is subject to regulatory approvals and shareholder consent [148]. - The company has four EV models in phased development: Coupe, Sedan, City Car, and SUV, with no new models expected to be introduced until at least 2030 [153]. Financial Challenges - The company is facing significant uncertainties regarding its ability to continue as a going concern, including ongoing operating losses and a suspension of trading on Nasdaq since April 21, 2025 [166][168]. - The company is exploring new financing options and evaluating business restructuring to address financial uncertainties [167]. - The company is subject to loss contingencies, including legal proceedings, and records liabilities when unfavorable outcomes are probable [178]. Investment Activities - The company reported cash used in investing activities of $1,400 for the three months ended March 31, 2025, which was allocated to the purchase of short-term investments [171]. - Cash provided by financing activities for the three months ended March 31, 2025, was approximately $0.6 million, primarily from borrowings from the controlling shareholder and family members [173]. Financial Instruments - The company has not entered into any financial guarantees or derivative contracts that would affect its financial obligations [179].

Core Viewpoint - Thunder Power Holdings, Inc. is transitioning from Nasdaq to OTC markets due to delisting for non-compliance with listing standards, while continuing its strategic focus on electric vehicles and clean energy solutions [1][2][3]. Company Overview - Thunder Power is a technology innovator and developer of premium electric vehicles (EVs), targeting markets in Asia and Europe, with a diversified approach across the clean energy value chain [5]. - The company has proprietary technologies that form the foundation of its EV offerings [5]. Listing Transition - Following a hearing on April 15, 2025, Nasdaq determined to delist Thunder Power's shares, which will begin trading on the OTC Pink Open Market under the symbol AIEV starting April 21, 2025 [1][2]. - The company is applying for a listing on the OTCQB Venture Market, which, if approved, will allow it to uplist from OTC-Pink to OTCQB [2]. Strategic Initiatives - The CEO indicated that the company is awaiting shareholder and regulatory approvals for a share exchange with Electric Power Technology Limited (EPTL), which is expected to generate initial revenue in 2025 [3][4]. - The partnership with EPTL aims to enhance Thunder Power's capabilities and expand into adjacent environmentally sustainable fields [4]. - The company plans to pursue additional strategic mergers and acquisitions in the green energy sector throughout 2025 and beyond [4].

Core Insights - Thunder Power Holdings, Inc. announced its financial results for the full fiscal year 2024, highlighting key developments aimed at enhancing its market position and driving future growth [1] - The company is transitioning its listing from the Nasdaq Global Market to the Nasdaq Capital Market, effective March 28, 2025, which is expected to provide more financial flexibility [6][8] Financial Performance - Revenues for the fiscal year 2024 were nil, consistent with the same period in 2023 [12] - Operating expenses increased to approximately $2.4 million from $1.8 million in the prior year, primarily due to higher general and administrative expenses and share-based compensation [12] - The net loss for 2024 was approximately $2.4 million, compared to a net loss of $1.8 million for 2023 [12][15] Strategic Developments - Thunder Power executed an Amendment Agreement with shareholders of Electric Power Technology Limited, expecting to issue approximately 37.6 million shares for about 31.6 million ordinary shares in TW Company, pending shareholder and regulatory approvals [2] - The acquisition of Electric Power Technology is anticipated to diversify Thunder Power's revenue streams and enhance its position as a green energy solution provider [5][9] Market Position and Future Outlook - Taiwan is designated as the launch market for Thunder Power's first electric vehicle, with a focus on combining electricity generation and mobility for commercial benefits [4] - The Taiwanese government aims for 15% of electricity to come from renewable sources by 2025, with solar expected to grow to 35% of total installed generation capacity by 2035 [3] - The company plans to capitalize on strategic opportunities within the green energy market and pursue additional targets in the clean energy landscape throughout 2025 and beyond [9]

Revenue Generation - The company has not generated revenue from the sale of electric vehicles (EVs) and expects to do so in the future through sales of its EV models, technology licensing, and research and development services [336]. - The sales/revenue condition for the year ended December 31, 2024 was not met, and the performance condition for the year ending December 31, 2025 could not be reasonably assessed [360]. - The Earnout Shares include 5,000,000 shares contingent on achieving sales/revenues of no less than $42.2 million for fiscal years ending from December 31, 2023 to December 31, 2025 [358]. - An additional 15,000,000 Earnout Shares are contingent on achieving sales/revenues of no less than $415 million for fiscal years ending from December 31, 2023 to December 31, 2026 [358]. Financial Performance - The net loss for the years ended December 31, 2024, and 2023 was approximately $2.5 million and $1.8 million, respectively [344]. - As of December 31, 2024, the accumulated loss amounted to approximately $36.9 million, compared to $34.4 million in 2023 [347]. - The company had a negative working capital of $6.6 million as of December 31, 2024, down from approximately $0.7 million in 2023 [347]. - Net cash used in operating activities was approximately $1.2 million in 2024, compared to $0.7 million in 2023 [347]. - For the year ended December 31, 2024, net cash used in operating activities was approximately $1.2 million, primarily due to a net loss of approximately $2.5 million [351]. - For the year ended December 31, 2023, net cash used in operating activities was approximately $0.7 million, primarily due to a net loss of approximately $1.8 million [352]. Expenses - General and administrative expenses increased to approximately $2.5 million in 2024 from $1.8 million in 2023, primarily due to a rise in professional expenses and share-based compensation [343]. - The company expects to incur significant expenses related to developing and marketing its vehicles, which could exceed current estimates [333]. - Minimal research and development expenses were incurred for the years ended December 31, 2024 and 2023, recorded in general and administrative expenses [363]. Cash Flow - Cash provided by investing activities for the year ended December 31, 2024 was approximately $0.9 million, resulting from a reverse acquisition closed in June 2024 [353]. - Cash provided by financing activities for the year ended December 31, 2024 was approximately $0.2 million, primarily from subscription fees of $0.4 million and borrowings of approximately $1.0 million [355]. Corporate Actions - The company entered into a Share Exchange Agreement to acquire approximately 30.8% of Electric Power Technology Limited, subject to regulatory approvals [328]. - Following the business combination with Feutune Light Acquisition Corporation, the company began trading on Nasdaq under the symbol "AIEV" on June 24, 2024 [326]. - The company is actively seeking private equity financing to support its ongoing capital expenditure and working capital needs [349]. Accounting and Financial Reporting - The company has not entered into any financial guarantees or derivative contracts that are not reflected in the consolidated financial statements [362]. - The company does not have critical accounting estimates that are related to it, with relevant accounting policies included in the notes to the consolidated financial statements [366].