<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the U.S. Securities and Exchange
Commission on January 14, 2025.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>UNDER</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Thunder Power Holdings, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact Name of Registrant as Specified in its
Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 34%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3711</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>87-4620515</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(State or Other Jurisdiction of<BR>
Incorporation or Organization)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Primary Standard Industrial<BR>
Classification Code No.)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(I.R.S. Employer<BR>
Identification No.)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>221 W 9th St #848</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Wilmington, Delaware 19801</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone: (909) 214-2482</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address, Including Zip Code, and Telephone
Number, Including Area Code, of Registrant&rsquo;s Principal Executive Offices)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Christopher Nicoll</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chief Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>221 W 9th St #848</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Wilmington, Delaware 19801</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone: (909) 214-2482</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name, Address, Including Zip Code, and Telephone
Number, Including Area Code, of Agent for Service)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Copies to:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Elizabeth Fei Chen, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pryor Cashman LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>7 Times Square</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New&nbsp;York, NY 10036</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tel: 212-326-0199</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Approximate date of commencement of proposed
sale to the public: </B>From time to time after the effective date of this Registration Statement.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box.&ensp;&#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If this Form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering.&ensp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering.&ensp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If this Form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering.&ensp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, anon-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule 12b-2 under the Exchange Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large&nbsp;accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller&nbsp;reporting&nbsp;company</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging&nbsp;growth&nbsp;company</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act.&ensp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>The registrant hereby amends
this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further
amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a)
of the Securities Act or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission,
acting pursuant to said Section 8(a), may determine.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Red"><B>The information in this preliminary prospectus
is not complete and may be changed. The securities described herein may not be sold until the Registration Statement filed with the Securities
and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy the securities
described herein in any jurisdiction where the offer or sale is not permitted.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Red">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Red"><B>PRELIMINARY PROSPECTUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Red"><B>SUBJECT TO COMPLETION DATED JANUARY 14, 2025</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THUNDER POWER HOLDINGS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to such number of shares of Common Stock
having an aggregate offering price of $100 million</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>and 8,570&nbsp;shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus relates to the resale or other
disposition from time to time of up to such number of shares of common stock, par value $0.0001 per share (the &ldquo;Common Stock&rdquo;)
having an aggregate offering price of $100 million, of Thunder Power Holdings, Inc. (the &ldquo;Company&rdquo;, &ldquo;we&rdquo; or &ldquo;us&rdquo;)
by Westwood Capital Group LLC (&ldquo;Westwood&rdquo;), consisting of shares of Common Stock that may be issued to Westwood pursuant to
the Common Stock Purchase Agreement dated August 20, 2024 (the &ldquo;Purchase Agreement&rdquo;). This prospectus also relates to the
resale or other disposition from time to time by Benjamin Securities, Inc. (&ldquo;Benjamin&rdquo;, and collectively with Westwood, the
&ldquo;Selling Securityholders&rdquo;), of up to 8,570 shares of Common Stock of the Company issued by the Company to Benjamin pursuant
to that certain Capital Markets Advisory Agreement, as amended June 21, 2024 (the &ldquo;Advisory Agreement&rdquo;) as compensation for
Benjamin&rsquo;s services.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Purchase Agreement, we have the right
to sell to Westwood, and Westwood is obligated to purchase, up to $100 million of our Common Stock, subject to certain limitations. The
purchase price for shares sold under the Purchase Agreement will be based on the lowest daily volume weighted average price of our Common
Stock during a three consecutive trading day period following delivery of a purchase notice, less a 5% discount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are not selling any securities under this prospectus
and will not receive any proceeds from the sale of shares by Westwood. However, we will receive proceeds from sales of our Common Stock
to Westwood under the Purchase Agreement. Westwood will bear all commissions and discounts, if any, attributable to the sale of the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Selling Securityholders may sell or otherwise dispose of the Common
Stock described in this prospectus in various ways and at varying prices. See &ldquo;Plan of Distribution&rdquo; for more information.
Based on the terms of the Purchase Agreement, Westwood will acquire shares at a 5% discount to market prices, creating an incentive to
sell our Common Stock. While Westwood may experience a positive rate of return on their investment, public securityholders may not experience
a similar rate of return due to differences in purchase prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will pay the expenses of registering these
shares, but all selling and other expenses incurred by Westwood will be paid by Westwood.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Common Stock is listed on the Nasdaq Global Market under the symbol
&ldquo;AIEV&rdquo;. On January 13, 2025, the closing price of our Common Stock was $0.34 per share.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>We are an &ldquo;emerging growth company&rdquo;
as that term is used in the Jumpstart Our Business Startups Act of 2012, or JOBS Act, and as such, we have elected to take advantage of
certain reduced public company reporting requirements for this prospectus and future filings. See &ldquo;<I>Risk Factors</I>&rdquo; and
&ldquo;<I>Summary&mdash;Emerging Growth Company</I>&rdquo; for additional information. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Investing in our securities involves a high
degree of risk. You should review carefully the risks and uncertainties described under the heading &ldquo;<I>Risk Factors</I>&rdquo;
of this prospectus to read about factors you should consider before buying shares of our Common Stock.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this prospectus is January 14, 2025.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 90%; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 9%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS SUMMARY</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DETERMINATION OF OFFERING PRICE</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIVIDEND POLICY</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY HISTORICAL FINANCIAL INFORMATION OF THUNDER POWER</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BUSINESS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXECUTIVE COMPENSATION</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OTHER MATERIAL AGREEMENTS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL SECURITYHOLDERS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SELLING SECURITYHOLDERS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF OUR SECURITIES</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART II INFORMATION NOT REQUIRED IN PROSPECTUS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-1</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBIT INDEX</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-5</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_025"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIGNATURES</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-9</FONT></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus is part of a Registration Statement on Form S-1 that
we filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;). Our registration of the securities covered by this prospectus does not mean that either we or the Selling Securityholders
will issue, offer or sell any of the securities registered hereunder. Under this shelf registration process, the Selling Securityholders
may, from time to time, sell the securities offered by them described in this prospectus. We will not receive any proceeds from the sale
by the Selling Securityholders of the securities offered by them described in this prospectus, but we will receive proceeds from any sales
of Common Stock to Westwood under the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither we nor the Selling Securityholders have authorized anyone to
provide you with any information or to make any representations other than those contained in this prospectus or any applicable prospectus
supplement. Neither we nor the Selling Securityholders take responsibility for, or provide any assurance as to the reliability of, any
other information that others may give you. Neither we nor the Selling Securityholders are making an offer to sell these securities in
any jurisdiction where the offer or sale is not permitted. The information appearing in this prospectus or any applicable prospectus supplement
is accurate only as of the date on the front of the document, and any information we have incorporated by reference is accurate only as
of the date of the document incorporated by reference, regardless of the time of delivery of this prospectus or any applicable prospectus
supplement, or any sale of securities. Our business, financial condition, results of operations and prospects may have changed since that
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may also provide a prospectus supplement or
post-effective amendment to the Registration Statement to add information to, or update or change information contained in, this prospectus.
You should read both this prospectus and any applicable prospectus supplement or post-effective amendment to the Registration Statement
together with the additional information to which we refer you in the sections of this prospectus under the heading &ldquo;<I>Where You
Can Find More Information</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to June 21, 2024, we were known as Feutune
Light Acquisition Corporation, a Delaware corporation (&ldquo;FLFV&rdquo;), and Feutune Light Merger Sub, Inc., a Delaware corporation
and wholly owned subsidiary of FLFV (&ldquo;Merger Sub&rdquo;). On October 26, 2023, we entered into a business combination agreement
(as amended, the &ldquo;Business Combination Agreement&rdquo;) with Thunder Power Holdings Limited, a British Virgin Islands company (&ldquo;Thunder
Power&rdquo;), pursuant to which on June 21, 2024, Thunder Power merged with and into Merger Sub, with Merger Sub surviving the merger
as a wholly owned subsidiary of FLFV (the &ldquo;Merger&rdquo; and, together with the other transactions contemplated by the Business
Combination Agreement and any other agreement executed and delivered in connection therewith, the &ldquo;Business Combination&rdquo;).
At the closing of the Business Combination (the &ldquo;Closing&rdquo;), FLFV was renamed as &ldquo;Thunder Power Holdings, Inc.&rdquo;
Unless the context indicates otherwise, references in this prospectus to the &ldquo;Company,&rdquo; &ldquo;Thunder Power Holdings,&rdquo;
&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our&rdquo; and similar terms refer to Thunder Power Holdings, Inc. (f/k/a Feutune Light Acquisition
Corporation). References to &ldquo;FLFV&rdquo; refer to our predecessor company prior to the consummation of the Business Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus may contain and incorporate by
reference, and any prospectus supplement may contain and incorporate by reference, market data and industry statistics and forecasts that
are based on information from independent industry and research organizations, other third-party sources (including industry publications,
surveys and forecasts), and management estimates. Management estimates are derived from publicly available information released by independent
industry analysts and third-party sources, as well as data from our internal research, and are based on assumptions made by us upon reviewing
such data and our knowledge of such industry and markets, which we believe to be reasonable. Although we believe these sources are reliable,
we do not guarantee the accuracy or completeness of this information and we have not independently verified this information. In addition,
the market and industry data and forecasts that may be included or incorporated by reference in this prospectus or any prospectus supplement
may involve estimates, assumptions and other risks and uncertainties and are subject to change based on various factors, including those
discussed under the heading &ldquo;<I>Risk Factors</I>&rdquo; contained in this prospectus or any applicable prospectus supplement, and
under similar headings in other documents that are incorporated by reference into this prospectus. These and other factors, including
those described in &ldquo;<I>Cautionary Note Regarding Forward-Looking Statements</I>&rdquo; could cause results to differ materially
from those expressed in the estimates made by the independent parties and by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus contains &ldquo;forward-looking
statements&rdquo; within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act of 1934, as amended (the
&ldquo;Exchange Act&rdquo;). Forward-looking statements include, but are not limited to, statements regarding our or our management team&rsquo;s
expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that are not statements of historical
fact and those that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying
assumptions, are forward-looking statements. Forward-looking statements include information regarding our future plans and goals, as well
as our expectations with respect to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78.9pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business strategy and future growth prospects;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78.9pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
industry;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78.9pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our future profitability, cash flows and liquidity;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78.9pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our financial strategy, budget, projections and operating results;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78.9pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount, nature and timing of our capital expenditures and the impact of such expenditures on our performance;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78.9pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The availability and terms of capital;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78.9pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our research, development and production activities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78.9pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market for our future products and services;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78.9pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Competition within our industry;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78.9pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government regulations; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78.9pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General economic conditions.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78.9pt; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These forward-looking statements may be accompanied
by words such as &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;continue,&rdquo; &ldquo;could,&rdquo; &ldquo;estimate,&rdquo;
&ldquo;expect,&rdquo; &ldquo;intends,&rdquo; &ldquo;may,&rdquo; &ldquo;might,&rdquo; &ldquo;outlook,&rdquo; &ldquo;plan,&rdquo; &ldquo;possible,&rdquo;
&ldquo;become,&rdquo; &ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo; &ldquo;should,&rdquo; &ldquo;would,&rdquo;
&ldquo;likely,&rdquo; &ldquo;future,&rdquo; &ldquo;budget,&rdquo; &ldquo;pursue,&rdquo; &ldquo;seek,&rdquo; &ldquo;target,&rdquo;, &ldquo;objective,&rdquo;
&ldquo;opportunity,&rdquo; &ldquo;mission,&rdquo; &ldquo;goal,&rdquo; &ldquo;positioned&rdquo; and similar expressions that are predictions
of or indications of future events or trends that do not relate to historical matters, but the absence of these words does not mean that
a statement is not forward-looking.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You should not rely on forward-looking statements
as predictions of future events. We have based the forward-looking statements contained in this prospectus primarily on our current expectations,
projections and assumptions about future events and trends that we believe may affect our business, financial condition and operating
results. While our management considers these expectations, projections and assumptions to be reasonable, they are inherently subject
to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult
to predict and many of which are beyond our control. Accordingly, forward-looking statements in this prospectus and in any document incorporated
herein by reference should not be relied upon as representing the Company&rsquo;s views as of any subsequent date, and the Company does
not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether
as a result of new information, future events or otherwise, except as may be required under applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Numerous factors could cause our actual results
to differ materially from those described in forward-looking statements, including, but not limited to, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Company&rsquo;s ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition and the ability of the Company to grow and manage growth profitably following the Closing;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the future financial performance of the company following the Business Combination;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the ability of the Company to maintain the listing of its Common Stock on Nasdaq, and the potential liquidity and trading of such securities;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the effect of existing and future laws and governmental regulations (or interpretations thereof) on us, and on our current or future suppliers;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a decline in demand for electronic vehicles;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the price and availability of competitor&rsquo;s products and services, including those manufactured or provided by manufacturers of non-electric vehicles;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Company&rsquo;s ability to acquire or license rights to intellectual property and technologies that are at the core of the Company&rsquo;s planned products, on acceptable terms and in a timely manner;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Company&rsquo;s ability to obtain, maintain, protect and enforce intellectual property rights, including those obtained through any future intellectual property licensing agreements;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iii<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">make milestone, royalty or other payments due under any license or collaboration agreements;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uncertainty related to the timing, pace and extent of an economic recovery in the United States and elsewhere, which in turn will likely affect demand for our products and services;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inflationary factors, such as increases in labor costs, material costs and overhead costs;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the financial and business performance of the Company, including financial projections and business metrics and any underlying assumptions thereunder;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Company&rsquo;s ability to successfully and timely develop and market its technology and products, and otherwise implement its growth strategy;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">risks relating to the Company&rsquo;s operations and business, including information technology and cybersecurity risks, potential deterioration in relationships between the Company and its employees;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Introduction of new technologies or services by competitors in our industry, including using new technologies subject to patent or other intellection property protections;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">risks relating to potential disruption of current plans, operations and infrastructure of the Company as a result of the consummation of the Business Combination;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">risks that the post-combination company experiences difficulties managing its growth and expanding operations;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the impact of geopolitical, macroeconomic and market conditions, including the ongoing war between Russia and Ukraine, the war between Israel and Hamas, and the global response to such hostilities which may negatively impact our operating results;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the ability to successfully select, execute or integrate future acquisitions into the business; </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">operating hazards, natural disasters, weather-related delays and other matters beyond our control;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acts of terrorism, war or political or civil unrest in the United States or beyond;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal, state and local regulations impacting any aspect of our research, production and development activities, including public pressure on governmental bodies and regulatory agencies to regulate our industry;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the effects of any future litigation; and </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other risks and uncertainties set forth in this prospectus in the section entitled &ldquo;<I>Risk Factors</I>&rdquo;.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any of these risks materialize or our assumptions
prove incorrect, actual results, performance, achievements or plans could differ materially from those expressed or implied in any forward-looking
statements. The risks and uncertainties above are not exhaustive, and there may be additional risks that the Company does not presently
know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements reflect the Company&rsquo;s expectations, plans or forecasts of future
events and views as of the date of this prospectus. The Company anticipates that subsequent events and developments will cause the Company&rsquo;s
assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the
Company specifically disclaims any obligation to do so. All forward-looking statements attributable to the Company or persons acting on
its behalf are expressly qualified in their entirety by the foregoing cautionary statements. These forward-looking statements should not
be relied upon as representing the Company&rsquo;s assessments as of any date subsequent to the date of this prospectus. Accordingly,
undue reliance should not be placed upon the forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iv<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>This summary highlights selected information
appearing in this prospectus. Because it is a summary, it may not contain all of the information that may be important to you. To understand
this offering fully, you should read this entire prospectus carefully, including the information set forth in the sections under the headings
&ldquo;Risk Factors,&rdquo; &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations,&rdquo;
&ldquo;Business&rdquo; and the consolidated financial statements and related notes included in the exhibits to this prospectus and elsewhere
in this prospectus before making an investment decision. Unless the context indicates otherwise, references in this prospectus to the
&ldquo;Company,&rdquo; &ldquo;Thunder Power Holdings,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our&rdquo; and similar terms refer
to Thunder Power Holdings, Inc. (f/k/a Feutune Light Acquisition Corporation) following the consummation of the Business Combination.
References to &ldquo;FLFV&rdquo; refer to our predecessor company prior to the consummation of the Business Combination and refers to
&ldquo;TPHL&rdquo; refer to Thunder Power Holdings Limited, prior to the consummation of the Business Combination.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0pt"><B>The Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power Holdings, Inc., a Delaware corporation,
was incorporated in January 2022 as a blank check company under the name Feutune Light Acquisition Corporation (&ldquo;FLFV&rdquo;). In
June 2024, the Company completed its Business Combination with Thunder Power Holdings Limited (&ldquo;TPHL&rdquo;), which resulted in
TPHL becoming a wholly-owned subsidiary of the Company. TPHL is a technology innovator and a prospective manufacturer of premium electric
vehicles (&ldquo;EVs&rdquo;). TPHL&rsquo;s wholly-owned subsidiary, Thunder Power New Energy Vehicle Development Company Limited, a company
established in accordance with the laws and regulations of the British Virgin Islands on October 19, 2016 (&ldquo;TP NEV&rdquo;), has
developed several proprietary technologies which are the building blocks of the Thunder Power family of EVs. TPHL is a holding company
with no operations that was incorporated under the laws and regulations of the British Virgin Islands with limited liability on September
30, 2015. TPHL is focused on design and development of high-performance electric vehicles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company&rsquo;s vision is to demonstrate the
potential of its proprietary technologies through the manufacture and sale of premium EVs. Thunder Power believes that its competitive
advantages include the potential to develop a Limited-Edition Coupe with a target driving range of up to 750 kilometers, or 466 miles,
which is described below, a comparatively short charge time, based on testing data of our prototypes, and a number of proprietary technologies
resulting in lighter weight and a revolutionary chassis design.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company expects to offer eco-friendly, premium
EVs positioned to earn market share based on design, quality, comfort, range, and price. Among other advantages, the Company&rsquo;s proprietary
technologies are expected to significantly increase the driving range for its EVs while allowing for faster recharging and lower costs
of ownership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Product Development</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company is focused on the development and
manufacturing of premium EVs with differentiated designs and solutions for every lifestyle. With four models currently featured in the
Company&rsquo;s phased development and roll-out strategy, the Compact City Car, the microcar, the Limited-Edition Coupe &amp; Long-Range
Sedan. Thunder Power intends to target not only consumers who desire EVs, but also consumers who desire practical and innovative EVs,
as well as consumers who seek a luxury experience. Leveraging Thunder Power&rsquo;s modular integration concept starting with the modularized
chassis system patented by Thunder Power&rsquo;s affiliates, the Company intends to create a family of EVs which share common parts and
modules, thereby requiring lower investment and reducing design and production time. Thunder Power intends to launch the Compact City
Car first, with the potential for collaborations, sharing existing platforms, allowing an even earlier launch date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power&rsquo;s management team has implemented
a formal quarterly internal review process to monitor technical development, market potential, feasibility of anticipated model launch
times, as well as risks and opportunities. Management believes that this quarterly review process may enable the Company to better navigate
the often rapidly changing market conditions and to adjust, if and when necessary, the Company&rsquo;s business development plan, including
without limitation allocation of resources of marketing, research and development activities (among other things).<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<I>Compact City Car</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power currently intends to produce the
Compact City Car prototype (the &ldquo;City Car&rdquo; or project name &ldquo;Chloe&rdquo;) from 2027, utilizing a different chassis
and suspension than that of the Coupe and Sedan. The City Car is intended to target a younger urban demographic of first-time car buyers
who want to &ldquo;do the right thing&rdquo; by purchasing an EV and see their car as an extension of their personality and lifestyle.
We expect that the City Car will have a target driving range of up to 350 kilometers (217 miles) and believe that it will be perfect
for city living, daily commutes, or on a busy college campus. The City Car is expected to be available in a range of bold colors and
configurations and we hope to feature various collaborations with figures from the fashion and art worlds. We anticipate that the City
Car will be positioned with an attractive retail price range in the segment ranging from $30,000 to $45,000 USD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I></I></P>

<!-- Field: Page; Sequence: 7; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<DIV STYLE="border: Black 1.5pt solid; padding: 5pt; width: 98%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Limited Edition Coupe</I></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Subject to the Company&rsquo;s
ability to obtain additional financing and subject to favorable market conditions, Thunder Power currently hopes to complete development
of a limited number of Limited-Edition Coupe. Production is expected to be outsourced to European manufacturing partners, but may be
delayed until the Company secures sufficient additional financing. Thunder Power is in discussions with a few potential European manufacturing
partners but has not entered into a memorandum of understanding with any such potential partner. Based on prototype and simulation testing,
the Coupe has a target range of up to 750 kilometers (466 miles), and is intended to offer high-end European styling with superior comfort,
performance, and craftsmanship. The targeted market for this car is wealthy consumers who are interested in an EV that stands out from
the pack by combining eye-catching European styling with the highest standards of comfort, performance, and craftsmanship. The retail
price is under management&rsquo;s review, targeted in the segment ranging from $100,000 to $200,000 USD, with the final price depending
on customer&rsquo;s choice of personalization options.<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Long-Range Sedan</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Long-Range Sedan (the &ldquo;Sedan&rdquo;)
is expected to serve as one of the Company&rsquo;s premium EVs, targeted to be affordable to a wider demographic of customers. The Sedan
utilizes the same chassis as the Coupe, thereby affording a similarly luxurious drive. The Sedan prototype is expected to have a target
driving range of up to 700 kilometers (435 miles). Based on preliminary research, the Company expects that the Sedan will cost less to
produce than the Coupe, and is therefore targeted to be available in the $50,000 to $80,000 USD price segment. Launch of this project
is subject to the Company&rsquo;s ability to obtain additional financing and subject to favorable market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Microcar</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Microcar segment is already well established
in Europe and forecast to offer significant growth potential in Asia, with markets traditionally dominated by motorcycles. According
to McKinsey Future Mobility&rsquo;s 2022 survey &ldquo;Minimobility might be the next big thing&rdquo;. As consumer preferences shift
towards innovative and sustainable solutions, coupled with the rising demand for versatile, eco-friendly transport, electric microcars
are poised to redefine the urban mobility landscape and reach a total addressable market of $340 billion annually across China, Europe,
and North America by 2030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The first Microcar project is planned as a low-volume joint venture
using the platform of an existing manufacturer in 2026, whilst adding Thunder Power&rsquo;s classical Italian design signature. Assuming
successful development of the market a unique TP version is foreseen from 2029 production.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Microcar bridges the gap between cars and motorcycles offering
affordable urban motoring to drivers as young as 14 in certain markets. Development costs are limited due to the existing competencies
of the industrial partner, with a high upside in terms of volume potential.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0pt"><B>Technology</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power is an automotive company that plans
to use innovative EV technology to set new standards for sustainable transportation. Thunder Power is negotiating and securing licensing
rights to intellectual property of its affiliates, which have developed the cutting-edge EV technology that the Company believes could
set a new benchmark for EVs. Core to Thunder Power&rsquo;s DNA is achievement of technical excellence, which the Company hopes to secure
through licensing of intellectual property from its affiliates for proprietary technologies such as the modular flexible chassis system,
wireless charging, multi-link suspension system, lightweight engineering, the battery pack and battery management system (&ldquo;BMS&rdquo;),
the thermal management system (&ldquo;TMS&rdquo;) and the use of certain EV traction drivetrain products (&ldquo;EV TDP&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At this time, the Company does not hold the intellectual
property rights to the traction motor, which rights are owned by Mr. Wellen Sham, the former chief executive officer of TPHL, in his capacity
as an individual inventor. Currently, there is no licensing agreement for this technology in place between the Company and Mr. Sham.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The EV TDP has various core competencies that
are critical to the Company&rsquo;s products. We believe that the EV TDP is energy efficient. The product contains a synchronous motor
with both PM (permanent magnet) and reluctance torque and has a high-fill factor bar-wound design. The inverter drive has a maximum efficiency
vector control, which we believe could achieve high efficiency in a broad speed and power range. Additionally, we believe that it could
benefit our EVs by providing a greater driving range and lower battery capacity requirements, as compared to those of our competitors&rsquo;
vehicles. We believe that the EV TDP is scalable. The product&rsquo;s power range is believed to be 50~250 kW. is the EV TDP features
of standardized stator diameter and its output power is varied by changing stack lamination; therefore, we believe that it allows a broad
spectrum application for various types of EVs. We believe that EV TDP is highly integrated with the liquid cooling motor, inverter drive
and gear, which in turn makes the EV TDP compact and lightweight, and optimized for system performance. Finally, we believe that the EV
TDP is cost effective. The EV TDP has a low-pressure loss cooling tunnel design, integrated cooling jacket and a motor frame design.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

</DIV>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5pt; border: Black 1.5pt solid; width: 98%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><B>Intellectual Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power, as a holding company, does not
own any patents. Patents are primarily owned by Thunder Power&rsquo;s wholly owned subsidiary, TP NEV, except for the EV TDP, the patent
for which is owned by Mr. Wellen Sham in his capacity as an individual inventor. There is no licensing agreement in place currently between
Thunder Power and TP NEV or Mr. Sham. These patents are predominantly utility patents, with a number of design patents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Through TP NEV, Thunder Power is expected to have
access to 154 issued U.S. patents once it secures a licensing agreement. TP NEV&rsquo;s patents underpin key areas of Thunder Power&rsquo;s
technologies. We hope to develop or acquire rights to additional intellectual property and proprietary technology as our financing activities
progress. Technologies that we expect to have access to, through licensing agreements, and intend to invest in and develop include engineering
software, drivetrain systems and controls, infotainment, cybersecurity, telematics and electrical architecture hardware and software.
As we develop our technology, we will continue to build our intellectual property portfolio, including by pursuing patent and other intellectual
property protection when we believe it is possible, cost-effective, beneficial, and consistent with our overall intellectual property
protection strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Generally, the terms of individual issued patents
extend for varying periods depending on the date of filing of the patent application or the date of patent issuance and the legal term
of patents in the countries in which they are obtained. Generally, utility patents issued for applications filed in the United States
are granted a term of 20 years from the earliest effective filing date of a non-provisional patent application, assuming the patent has
not been terminally disclaimed over a commonly-owned patent or a patent naming a common inventor, or over a patent not commonly owned
but that was disqualified as prior art as the result of activities undertaken within the scope of a joint research agreement. The life
of a patent, and the protection it affords, is therefore limited and once the patent lives of our issued patents have expired, we may
face competition, including from other competing technologies. The duration of foreign patents varies in accordance with provisions of
applicable local law, but typically is also 20 years from the earliest effective filing date. The actual protection afforded by a patent
may vary from country to country and can depend upon many factors, including the type of patent, the scope of its coverage, the availability
of patent term adjustments or extensions, the availability of legal remedies in a particular country and the validity and enforceability
of the patent. As a result, our patent portfolio may not provide us with sufficient rights to exclude others from commercializing products
similar or identical to ours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Competitive Strengths</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe that our competitive strengths include
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Intellectual Property (IP)</B> &mdash; Thunder Power believes that its core competency is its innovative and proprietary technology solutions. Through TP NEV, the Company expects to have 154 patents currently active in the United States, which we expect will be available for use by the Company once license agreements are negotiated.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The Patented Battery Pack and Battery Management System (BMS)</B> &mdash; The proprietary BMS is expected to serve as the crown jewel of the technology suite of the Company. We believe that the BMS may prolong the battery life cycle and improve passenger safety by predicting the remaining battery life, such that the EV has sufficient power to reach a safe location and an ability to diagnose potential battery malfunctions. We believe that the BMS system modulates and monitors the temperature range efficiently, which is expected to increase the tolerance of battery cell voltage limits and power output limit.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The Patented Thermal Management System</B> &mdash; The patented TMS provides an integrated approach to vehicle heating, drivetrain, and temperature control, that in our internal testing reduced vehicle weight and significantly reduced energy consumption.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Modular Production</B> &mdash; We believe that the modularized production approach to the Company&rsquo;s chassis design will allow for lighter vehicle weight and greater commonality of parts across our expected model line-up and may lead to reduced development costs and truncated time required to ramp new models.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shifting Market Dynamics Favor Electric Vehicles</B> &mdash; Globally,
    government regulations are increasingly focused on reducing CO2 emissions and lessening the world&rsquo;s reliance on fossil fuels. So
    long as advances in EV technology and acceptance among end consumers continue to grow, EV makers stand to capture substantial market share
    from traditional combustion engines, particularly as those competitors may be required to increase pricing to offset potentially growing
    development costs necessary for super-efficient engines.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Differentiated design</B> &mdash; The Company has previously engaged automotive designers to design and develop prototypes of its EVs under the supervision of its in-house design team. We believe that the eye-catching, stylish designs and ergonomic car interface will set Thunder Power apart from other manufacturers&rsquo; EV models.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5pt; border: Black 1.5pt solid; width: 98%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Marketing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The marketing strategy is designed to create an
individual premium brand that stands out from the crowd. The target demographics for the core range of Thunder Power&rsquo;s vehicles
is expected to be existing car owners who appreciate the benefits of switching from petrol to electric, but are unwilling to sacrifice
performance, comfort, and safety, and new eco-conscious owners looking to be part of an exclusive ownership group. For the City Car, the
target customers are likely millennial, with a focus on city working and living locals. They could be individuals who want to switch to
something different and more fashionable or anyone who has just recently become financially independent and wants to buy an essential
car for commuting and a city lifestyle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As the first product to be launched, we expect
that the Coupe will be the technology and design showcase that is intended to help establish brand vision and competencies, and to raise
awareness. The higher volume models are expected to build upon this platform in mainstream segments. We believe that the consumer&rsquo;s
journey in deciding which vehicle to purchase is a short one, which is why we hope to target a wider audience and engage with potential
customers before they even start thinking about buying a car. Thunder Power&rsquo;s current go-to-market strategy seeks to accomplish
this by using flagship showrooms, which the Company hopes to launch in select pilot cities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Funding and Revenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a pre-revenue company and have not generated
any sales of vehicles to date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Material Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>&nbsp;</I></P>

<P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><I>Promissory Notes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June 21, 2024, the Company issued (1) an unsecured
promissory note of $300,000 (the &ldquo;WCL Note I&rdquo;) to Wellen Sham, to evidence a loan of $300,000 provided by Mr. Sham to the
Company, (2) an unsecured promissory note of $70,000 (the &ldquo;WCL Note II&rdquo;) to Sam Yu, an individual designated by FLFV&rsquo;s
Sponsor, to evidence a loan of $70,000 provided by Mr. Yu to the Company, and (3) an unsecured promissory note of $70,000 (the &ldquo;WCL
Note III,&rdquo; together with the WCL Note I and WCL Note II, the &ldquo;WCL Notes&rdquo;) to Sau Fong Yeung, an individual designated
by FLFV&rsquo;s Sponsor, to evidence a loan of $70,000 provided by Ms. Yeung to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The WCL Note I bears interest at a rate per annum
equal to 10% of the outstanding principal balance. The WCL Note I is payable in full upon the earlier of (i) 90 days after the consummation
of the Company&rsquo;s Business Combination, or (ii) the date of the liquidation of the Company (such date, the &ldquo;Maturity Date&rdquo;).
Any of the following will constitute an event of default under the WCL Note I: (i) a failure to pay the outstanding principal balance
within five (5) business days of the Maturity Date; (ii) the commencement of a voluntary or involuntary bankruptcy action; (iii) the breach
of any of Company&rsquo;s obligations under the WCL Note I; (iv) any cross defaults; (v) an enforcement proceeding against the Company;
or (vi) it is or becomes unlawful for the Company to perform any of its obligations under the WCL Note I, or any obligations of the Company
under the WCL Note I are not or cease to be legal, valid, binding or enforceable. Upon the occurrence of an event of default specified
in (i) or (iii) above, Mr. Sham may, by written notice to the Company, declare the WCL Note I to be due immediately and payable, whereupon
the outstanding principal balance of the WCL Note I, and all other amounts payable under the WCL Note I, will become immediately due and
payable without presentment, demand, protest or other notice of any kind. Upon the occurrence of an event of default specified in (ii),
(iv), (v), or (vi) above, the outstanding principal balance of the WCL Note I, and all other sums payable under the WCL Note I, will automatically
and immediately become due and payable, in all cases without any action on the part of Mr. Sham.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mr. Sham had the right, but not the obligation,
to convert the WCL Note I, in whole or in part, respectively, into Units (as defined in the WCL Note I) of the Company, that are identical
to the public units of the Company, subject to certain exceptions, as described in the&nbsp;proxy statement/prospectus included in the
registration statement on Form S-4 (File No. 333-275933), initially filed by the Company with the Securities and Exchange Commission (the
&ldquo;SEC&rdquo;) on December 7, 2023 and declared effective by the SEC on May 10, 2024, by providing the Company with written notice
of the intention to convert at least two (2) business days prior to the closing of the Company&rsquo;s Business Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The terms and conditions of the WCL Note II and
WCL Note III are substantially identical to the WCL Note I, except, among other things, that (1) the WCL Note II and WCL Note III bear
no interest; and (2) the WCL Note II and WCL Note III are payable in full upon the earlier of (i) 30 days after the consummation of the
Company&rsquo;s Business Combination, or (ii) the date of the liquidation of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On May 22, 2024, the Company issued an unsecured
promissory note of $100,000 (the &ldquo;GCE Note I&rdquo;) to Ling Houng Sham, the spouse of Mr. Sham, to evidence a loan of $100,000
(the &ldquo;GCE Loan I&rdquo;) provided by Ling Houng Sham to the Company. On the same date, the Company issued another unsecured promissory
note of $50,000 (the &ldquo;GCE Note II,&rdquo; together with GCE Note I, the &ldquo;GCE Notes&rdquo;) to Rockridge International Inc
(&ldquo;Rockridge&rdquo;), an entity designated by FLFV&rsquo;s Sponsor, to evidence a loan of $50,000 (the &ldquo;GCE Loan II,&rdquo;
together with GCE Loan I, the &ldquo;GCE Loans&rdquo;) provided by Rockridge to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5pt; border: Black 1.5pt solid; width: 98%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The GCE Note I bears interest at a rate per annum
equal to 8% of the outstanding principal balance. The GCE Note I is payable in full upon the earlier to occur of (i) the consummation
of the Company&rsquo;s business combination, or (ii) the Maturity Date. Any of the following will constitute an event of default under
the GCE Note I: (i) a failure to pay the principal within five (5) business days of the Maturity Date; (ii) the commencement of a voluntary
or involuntary bankruptcy action, (iii) the breach of any of Company&rsquo;s obligations under the GCE Note I; (iv) any cross defaults;
(v) an enforcement proceeding against the Company; or (vi) it is or becomes unlawful for the Company to perform any of its obligations
under the GCE Note I, or any obligations of the Company under the GCE Note I are not or cease to be legal, valid, binding or enforceable.
Upon the occurrence of an event of default specified in (i) or (iv) above, Ling Houng Sham may, by written notice to the Company, declare
the GCE Note I to be due immediately and payable, whereupon the outstanding principal balance of the GCE Note I, and all other amounts
payable under the GCE Note I, will become immediately due and payable without presentment, demand, protest or other notice of any kind.
Upon the occurrence of an event of default specified in (ii), (iii), (v), (vi) or (vii) above, the outstanding principal balance of the
GCE Note I, and all other sums payable under the GCE Note I, will automatically and immediately become due and payable, in all cases without
any action on the part of Ling Houng Sham.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The terms and conditions of the GCE Note II are
substantially identical to the GCE Note I, except that the GCE Note II bears no interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><I>Forward Purchase Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June 11, 2024, FLFV and Thunder Power entered
into an agreement with (i) Meteora Capital Partners, LP (&ldquo;MCP&rdquo;), (ii) Meteora Select Trading Opportunities Master, LP (&ldquo;MSTO&rdquo;),
and (iii) Meteora Strategic Capital, LLC (&ldquo;MSC&rdquo; and, collectively with MCP and MSTO, the &ldquo;Seller&rdquo;) (the &ldquo;Forward
Purchase Agreement&rdquo;). For purposes of the Forward Purchase Agreement, (i) FLFV is referred to as the &ldquo;Counterparty&rdquo;
prior to the consummation of the Business Combination, while the Company is referred to as the &ldquo;Counterparty&rdquo; after the consummation
of the Business Combination and (ii) &ldquo;Shares&rdquo; means shares of the Class A common stock, par value $0.0001 per share, of FLFV
prior to the closing of the Business Combination (&ldquo;FLFV Shares&rdquo;), and, after the closing of the Business Combination, shares
of our Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the terms of the Forward Purchase
Agreement, the Seller intends, but is not obligated, to purchase up to 4,900,000 Shares (the &ldquo;Purchased Amount&rdquo;) pursuant
to the FPA Funding Amount PIPE Subscription Agreement (as defined herein), less the number of FLFV Shares purchased by the Seller separately
from third parties through a broker in the open market (&ldquo;Recycled Shares&rdquo;). The Seller will not be required to purchase an
amount of Shares such that following such purchase, the Seller&rsquo;s ownership would exceed 9.9% of the total Shares outstanding immediately
after giving effect to such purchase, unless the Seller, at its sole discretion, waives such 9.9% ownership limitation. The number of
Shares subject to the Forward Purchase Agreement is subject to reduction following a termination of the Forward Purchase Agreement with
respect to such shares as described under &ldquo;Optional Early Termination&rdquo; in the Forward Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Forward Purchase Agreement provides for a
prepayment shortfall in an amount in U.S. dollars equal to 0.25% of the product of the Recycled Shares and the Initial Price (as defined
herein) (the &ldquo;Prepayment Shortfall&rdquo;). The Seller will pay the Prepayment Shortfall to the Counterparty on the Prepayment Date
(which amount will be netted from the Prepayment Amount) (the &ldquo;Initial Prepayment Shortfall&rdquo;). Additionally, following the
closing of the Business Combination and up to 45 calendar days prior to the Valuation Date, Counterparty may, in its sole discretion,
request additional Prepayment Shortfall from Seller in tranches of $500,000 (the &ldquo;Additional Prepayment Shortfall&rdquo; and, together
with Initial Prepayment Shortfall, the &ldquo;Prepayment Shortfall&rdquo;); provided (i) Seller has recovered any prior Prepayment Shortfall,
(ii) the VWAP Price over the prior ten (10) trading days multiplied by the then current freely-tradeable Shares held by Seller be at least
six (6) times greater than the Additional Prepayment Shortfall request and (iii) the total value traded in Counterparty&rsquo;s stock,
as reported on the relevant Bloomberg Screen, be at least six (6) times greater than the Additional Prepayment Shortfall request (with
(i), (ii) and (iii) collectively as the &ldquo;Shortfall Conditions&rdquo;). Notwithstanding the foregoing, Seller may waive the Shortfall
Conditions, in whole or in part, via written consent to Counterparty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Counterparty has agreed to grant the Seller,
for the period beginning on June 11, 2024 and ending on the 12-month anniversary of the Valuation Date, the right, but not the obligation,
in its sole discretion, to invest on the terms offered to the Seller by the Counterparty up to 50% of any future debt, equity, derivative
or any other kind of financing of the Counterparty, as legally permitted (each a &ldquo;Covered Financing&rdquo;). The Seller will be
provided at least ten (10) business day notice to invest in any Covered Financing. For the avoidance of doubt, Covered Financings does
not include any equity line of credit.</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5pt; border: Black 1.5pt solid; width: 98%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><I>Subscription Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June 11, 2024, FLFV entered into a subscription
agreement (the &ldquo;FPA Funding Amount PIPE Subscription Agreement&rdquo;) with the Seller. Pursuant to the FPA Funding PIPE Subscription
Agreement, Seller agreed to subscribe for and purchase, and FLFV agreed to issue and sell to Seller, prior to the Valuation Date, an aggregate
of up to 4,900,000 FLFV Shares, less the Recycled Shares in connection with the Forward Purchase Agreement, at the Initial Price per share.
On the Closing Date, all outstanding FLFV Shares (including shares issued pursuant to the Subscription Agreement) will be exchanged for
newly issued shares of Common Stock in accordance with the terms of the Merger Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><I>Registration Rights Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June 15, 2022, FLFV entered into a registration
rights agreement (the &ldquo;Registration Rights Agreement&rdquo;) pursuant to which the holders of the Founder Shares and Private Placement
Units, Working Capital Units issuable upon the conversion of certain working capital loans and any underlying securities will be entitled
to registration rights requiring the Company to register such securities for resale. The holders of these securities are entitled to make
up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain &ldquo;piggy-back&rdquo;
registration rights with respect to registration statements filed subsequent to the completion of the Company&rsquo;s initial Business
Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The
Company will bear the expenses incurred in connection with the filing of any such registration statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><I>Lock-Up&nbsp;Agreement&zwnj;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June 21, 2024, Feutune Light Sponsor LLC (the
&ldquo;Sponsor&rdquo;), US Tiger Securities, Inc. and certain officers and directors of the Company who are signatories to a letter agreement
dated June 12, 2022 in connection with the initial public offering of the Company (the &ldquo;Initial Insiders&rdquo;), and certain shareholders
of Thunder Power Holdings Limited (&ldquo;Thunder Power&rdquo;) (collectively, the &ldquo;Holders&rdquo;) entered into a lock-up agreement
with the Company (the &ldquo;Lock-up Agreement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the Lock-Up Agreement, shares of common
stock of the Company held by a Holder are categorized as (i) &ldquo;Group I Lock-up Shares,&rdquo; referring to 50% of the total number
of shares of common stock of the Company that a Holder that is not an Initial Insider will receive in connection with the Merger (as defined
in the Lock-up Agreement), or 50% of the number of its Parent Founder Shares (as defined below) if a Holder is an Initial Insider, (ii)
&ldquo;Group II Lock-up Shares,&rdquo; referring to the remaining 50% of the total number of shares of common stock of the Company that
a Holder that is not an Initial Insider will receive in connection with the Merger, or the remaining 50% of the number of its Parent Founder
Shares if a Holder is an Initial Insider ; and (iii) &ldquo;Group III Lock-up Shares,&rdquo; referring to the total number of shares of
common stock of the Company underlying its Parent Private Units (as defined below) and Parent Working Capital Units (as defined below)
in connection with the Merger. &ldquo;Parent Founder Shares&rdquo; means 2,443,750 shares of Class B common stock of the Company held
by certain Initial Insiders prior to the completion of the Company&rsquo;s business combination. &ldquo;Parent Private Units&rdquo; means
454,250 FLFV Units (as defined in the Lock-up Agreement) purchased by certain Initial Insiders simultaneously with the consummation of
the Company&rsquo;s initial public offering. &ldquo;Parent Working Capital Units&rdquo; means all private FLFV Units issuable upon conversion
of the maximum aggregate amount of US$3,00,000 of working capital and extension loans, if any, at $10.00 per unit, upon the consummation
of the Company&rsquo;s business combination. The Group I Lock-Up Shares, Group-II Lock-up Shares, Group-III Lock-up Shares are collectively
referred to as &ldquo;Lock-up Shares.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The &ldquo;Lock-up Period&rdquo; means (i) with
respect to the Group I Lock-up Shares, the period commencing at the Effective Time (as defined in the Lock-up Agreement) and ending on
the date that is the earlier to occur of (A) six months thereafter, or (B) the date on which the closing price of each share of common
stock of the Company equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations)
for any 20 trading days within any 30-trading day period commencing after the completion of the Merger; (ii) with respect to the Group
II Lock-up Shares, the period commencing at the Effective Time and ending on the date that is six months thereafter; and (iii) with respect
to the Group III Lock-up Shares, the period commencing at the Effective Time and ending on that date that is 30 days thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Holders will, subject to certain customary
exceptions, agree not to, within the Lock-up Period, (i) sell, offer to sell, contract or agree to sell, pledge or otherwise dispose of,
directly or indirectly, any Lock-up Shares, (ii) enter into a transaction that would have the same effect, (iii) enter into any swap,
hedge or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up
Shares or otherwise or engage in any short sales or other arrangement with respect to the Lock-Up Shares or (iv) publicly announce any
intention to effect any transaction specified in clause (i) or (ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5pt; border: Black 1.5pt solid; width: 98%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Summary of Risk Factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Investing in our Common Stock involves risks.
You should carefully read the section of this prospectus under the heading &ldquo;<I>Risk Factors</I>&rdquo; and the other information
in this prospectus for an explanation of these risks before investing in our Common Stock. In particular, the following considerations
may offset our competitive strengths or have a negative effect on our strategy or operating activities, which could cause a decrease in
the price of our Common Stock and a loss of all or part of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><B><I>Risks Related to Thunder Power&rsquo;s Business
and Industry</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our limited operating history makes evaluating our business and future prospects difficult and may increase the risk of your investment;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The success of our business may depend on attracting prospective customers and retaining sufficient capital to commence mass production. If we are unable to do so, we may not be able to achieve profitability;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our business model has yet to be tested and any failure to commercialize our strategic plans would have an adverse effect on our operating results and business, harm our reputation and could result in substantial liabilities that exceed our resources;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thunder Power&rsquo;s management has limited experience in operating a public company;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our business and prospects will depend significantly on our brand;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are actively negotiating with our affiliates to license the intellectual property and technology rights at the core of our business plan, and our inability to obtain and maintain these licenses could materially affect our business, financial condition, and operating results.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0pt"><B><I>Risks Related to Regulation and Litigation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are subject to substantial laws and regulations that could impose substantial costs, legal prohibitions or unfavorable changes upon our operations or products, and any failure to comply with these laws and regulations, including as they evolve, could substantially harm our business and results of operations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the future, if we develop or acquire proprietary intellectual property, protecting such intellectual property will be critical to our operations and we may suffer competitive harm from infringement on such rights;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may become subject to product liability claims, which could harm our financial condition and liquidity if we are not able to successfully defend or insure against such claims;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are subject to various environmental, health and safety laws and regulations that could impose substantial costs on us and cause delays in building and subsequently expanding our production facilities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are subject to risks associated with autonomous driving and advanced driver assistance system technology, and we cannot guarantee that our vehicles will achieve our targeted assisted or autonomous driving functionality within our projected timeframe, if ever;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We face risks associated with international operations, including unfavorable regulatory, political, tax and labor conditions, which could harm our business.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Risks Related to Thunder Power&rsquo;s Products and
Services</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have not yet commenced mass production, and any significant delay in the design, manufacture, launch and financing could make it difficult for us to commence production and harm our business and prospects;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our prospect for future growth depends upon our ability to establish and maintain relationships with our potential suppliers and source suppliers for our critical components, and to completely build out our supply chain, while effectively managing the risks due to such relationships;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The automotive market is highly competitive, and we may not be successful in competing in this industry;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developments in electric vehicle or alternative fuel technology or improvements in the internal combustion engine may adversely affect the demand for our vehicles;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

</DIV>

<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5pt; border: Black 1.5pt solid; width: 98%">

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 24px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors, could harm our business;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 24px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We must develop complex software and technology systems, including in coordination with vendors and suppliers, in order to produce our electric vehicles, and there can be no assurance such systems will be successfully developed;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 24px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We rely on complex machinery for our operations, and production involves a significant degree of risk and uncertainty in terms of operational performance, safety, security and costs;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 24px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If our vehicles fail to perform as expected, our ability to develop, market and sell or lease our products could be harmed;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 24px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our vehicles will make use of lithium-ion battery cells, which have been observed to catch fire or vent smoke and flame.</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Risks Related to Cybersecurity and Data Privacy</I></B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 24px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any unauthorized control, manipulation, interruption or compromise of or access to our products or information technology systems could result in loss of confidence in us and our products, harm our business and materially adversely affect our financial performance, results of operations or prospects;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 24px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are subject to evolving laws, regulations, standards, policies, and contractual obligations related to data privacy and security, and any actual or perceived failure to comply with such obligations could harm our reputation and brand, subject us to significant fines and liability, or otherwise adversely affect our business.</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Risks Related to Ownership of Thunder Power&rsquo;s
Securities</I></B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 24px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are an &ldquo;emerging growth company&rdquo; and the reduced disclosure requirements applicable to emerging growth companies may make our Common Stock less attractive to investors and may make it more difficult to compare our financial performance with other public companies;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 24px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future sales and issuances of Common Stock or rights to purchase Common Stock could result in additional dilution to our stockholders and could cause the price of our Common Stock to decline;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 24px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anti-takeover provisions in our governing documents and under Delaware law could make an acquisition of us more difficult, limit attempts by our stockholders to replace or remove our current management and limit the market price of our Common Stock;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 24px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our warrants became exercisable for our Common Stock thirty (30) days after the completion of the Business Combination, which increased the number of shares eligible for future issuance and resale in the public market;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 24px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we do not file and maintain a current and effective prospectus relating to the Common Stock issuable upon exercise of our warrants, warrant holders will only be able to exercise such warrants on a &ldquo;cashless basis.&rdquo;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><B><I>Risks Related to Finance, Accounting and
Tax Matters</I></B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 24px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may need to raise additional funds and these funds may not be available to us when needed. If we cannot raise additional funds when we need them, our business, prospects, financial condition and operating results could be negatively affected;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 24px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our financial results may vary significantly from quarter to quarter;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 24px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 21.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our financial condition and results of operations.</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><B>Corporate Information and Principal Executive
Offices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">FLFV, our predecessor company, was incorporated
in the State of Delaware on January 19, 2022 for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination involving FLFV and one or more businesses. FLFV consummated the initial public offering
of its securities on June 21, 2022 (the &ldquo;IPO&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June 21,&nbsp;2024, FLFV consummated its Business
Combination with TPHL pursuant to that certain Agreement and Plan of Merger, dated as of October 26, 2023 (as amended on March 19, 2024
and April 5, 2024, the &ldquo;Merger Agreement&rdquo;). In the Business Combination, TPHL merged with and into Merger Sub, with Merger
Sub continuing as the surviving corporation and a wholly-owned direct subsidiary of FLFV. In connection with the Business Combination,
FLFV changed its name to Thunder Power Holdings, Inc. Our corporate office is located at 221 W 9th St #848, Wilmington, DE 19801 and its
telephone number is (909) 214-2482.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5pt; border: Black 1.5pt solid; width: 98%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><B>Emerging Growth Company Status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are an &ldquo;emerging growth company&rdquo;
as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the &ldquo;Jobs Act&rdquo;).
As an emerging growth company, we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not &ldquo;emerging growth companies&rdquo; including, but not limited to, not being required to comply
with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (&ldquo;Sarbanes-Oxley Act&rdquo;), reduced
disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements
of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously
approved. Additionally, Section 107 of the Jobs Act provides that that an &ldquo;emerging growth company&rdquo; can take advantage of
the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.
Accordingly, an &ldquo;emerging growth company&rdquo; may delay the adoption of certain accounting standards until those standards would
otherwise apply to private companies. We intend to take advantage of the benefits of this extended transition period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will remain an emerging growth company until
the earliest of (i)&nbsp;the last day of our first fiscal year (a)&nbsp;following the fifth anniversary of FLFV&rsquo;s IPO (June 21,
2027), (b)&nbsp;in which we have total annual gross revenue of at least $1.235&nbsp;billion, or (c)&nbsp;in which we are deemed to be
a &ldquo;large accelerated filer&rdquo; under the rules of the SEC with at least $700.0&nbsp;million of outstanding securities held by&nbsp;non-affiliates;&nbsp;and
(ii)&nbsp;the date on which we have issued more than $1.00&nbsp;billion in&nbsp;non-convertible&nbsp;debt securities during the prior
three-year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result, the information in this prospectus
and that we provide to our investors in the future may be different than what you might receive from other public reporting companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><B>Smaller Reporting Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a &ldquo;smaller reporting company&rdquo;
as defined in the Rule 12b-2 of the Exchange Act and in Item 10(f)(1) of Regulation S-K. We may continue to be a smaller reporting company
even after we are no longer an emerging growth company. We may take advantage of certain of the scaled disclosures available to smaller
reporting companies and will be able to take advantage of these scaled disclosures for so long as the market value of our voting and&nbsp;non-voting&nbsp;Common
Stock held by&nbsp;non-affiliates&nbsp;is less than $250.0&nbsp;million measured on the last business day of our second fiscal quarter,
or our annual revenue is less than $100.0&nbsp;million during the most recently completed fiscal year and the market value of our voting
and&nbsp;non-voting&nbsp;Common Stock held by&nbsp;non-affiliates&nbsp;is less than $700.0&nbsp;million measured on the last business
day of our second fiscal quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to rely on exemptions from certain disclosure
requirements that are available to smaller reporting companies, such as reduced disclosure obligations regarding executive compensation
in this prospectus and our periodic reports and proxy statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><B>Controlled Company Status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because Mr. Wellen Sham and the entities with
which he is affiliated, have voting and dispositive power over a majority of our voting stock, we are a controlled company under the Sarbanes-Oxley
Act and the rules of Nasdaq. Additionally, Mr. Sham and the entities with which he is affiliated are currently, and we expect that they
will continue to be, deemed a group for purposes of certain rules and regulations of the SEC as a result of Mr. Sham&rsquo;s voting and
dispositive power over the shares of Common Stock owned by Mr. Sham and the entities with which he is affiliated. Under the rules of Nasdaq,
a company of which more than 50% of the voting power is held by another person or group of persons acting together is a controlled company
and may elect not to comply with certain Nasdaq corporate governance requirements, including the requirements that: (i) a majority of
the board of directors consist of independent directors as defined under the rules of Nasdaq; (ii) the nominating and corporate governance
committee be composed entirely of independent directors with a written charter addressing the committee&rsquo;s purpose and responsibilities;
and (iii) the compensation committee be composed entirely of independent directors with a written charter addressing the committee&rsquo;s
purpose and responsibilities. While we qualify for exemptions from certain corporate governance requirements as a controlled company,
we currently do not intend to rely on such exemptions. See the section under the heading &ldquo;<I>Principal Securityholders</I>&rdquo;
for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<DIV STYLE="padding: 5pt; border: Black 1.5pt solid; width: 98%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thunder Power Holdings, Inc. (f/k/a Feutune Light Acquisition Corporation).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-right: 0.8pt; padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-right: 0.8pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares of Common Stock Offered by the Selling Securityholders</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><P STYLE="margin-top: 0; margin-bottom: 0">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Up to such number of shares of Common Stock having an aggregate offering
price of $100 million issuable to Westwood under the Purchase Agreement; and</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,570 shares of Common Stock issued to Benjamin pursuant to the Advisory
Agreement.</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-right: 0.8pt; padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-right: 0.8pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terms of the Offering</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">The Selling Securityholders will determine when and how they will dispose of the shares of Common Stock registered under this prospectus.&nbsp;The Selling Securityholders will be able to sell all of their shares for so long as the registration statement of which this prospectus forms a part is available for use.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-right: 0.8pt; padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-right: 0.8pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares of Common Stock Outstanding </FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,724,664 shares of Common Stock (as of January 13, 2025). Does not
include up to 20,000,000 shares of Common Stock that may vest upon the achievement of certain earnout thresholds (the &ldquo;Earn Out
Shares&rdquo;). Such shares are not being registered herein. On January 13, 2025, the last quoted sale price of our Common Stock as reported
on Nasdaq was $0.34 per share.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-right: 0.8pt; padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase Price of Securities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">The shares of Common Stock will be purchased by Westwood at a price equal to the lowest daily volume weighted average price of our Common Stock during a three consecutive trading day period following delivery of a purchase notice, less a 5% discount, subject to certain limitations including:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; padding-left: 0.125in; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; padding-left: 0.125in; text-indent: 0in; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Floor Price: $1.00 per share until February 20, 2025, and $1.50 per share thereafter</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; padding-left: 0.125in; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; padding-left: 0.125in; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&#9679;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exchange Cap: 19.99% of our outstanding Common Stock immediately prior to the execution of the Purchase Agreement, unless certain conditions are met</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; padding-left: 0.125in; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; padding-left: 0.125in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ownership Limitation: 4.99% beneficial ownership limitation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; padding-left: 0.125in; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will not receive any proceeds from the sale of shares by the Selling Securityholders in this offering. However, we will receive up to an aggregate of $100 million in gross proceeds from sales of our Common Stock to Westwood under the Purchase Agreement. We expect to use the net proceeds from sales under the Purchase Agreement for working capital and general corporate purposes, including further development of our electric vehicle models. See &ldquo;Use of Proceeds.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; padding-left: 0.125in; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 0.8pt">Market for Common Stock</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Common Stock are listed on the Nasdaq Global Market under the symbol&nbsp;&ldquo;AIEV.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; padding-left: 0.125in; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 0.8pt">Risk Factors</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">See the section titled &ldquo;<I>Risk Factors</I>&rdquo; and other information included in this prospectus for a discussion of factors you should consider before investing in our securities.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>


<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_004"></A>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Our business involves a high degree of risk.
You should carefully consider the risks described below, together with the other information contained in this prospectus, including our
condensed consolidated financial statements and the related notes appearing elsewhere in this prospectus, as well as the risks, uncertainties
and other information set forth in the reports and other materials filed or furnished by us with the SEC. We cannot assure you that any
of the events discussed in the risk factors below will not occur. These risks could have a material and adverse impact on our business,
prospects, results of operations, financial condition and cash flows. If any such events were to happen, the trading shares of our Common
Stock could decline, and you could lose all or part of your investment.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Risks Related to Thunder Power&rsquo;s Business and
Industry</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our limited operating history makes evaluating our business and
future prospects difficult and may increase the risk of your investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are an early-stage&nbsp;company with a limited
operating history, operating in a rapidly evolving and highly regulated market. Furthermore, we have not released any commercially available
product, and we have no experience manufacturing or selling a commercial product at scale. Because we have not generated revenue, and
as a result of the capital-intensive&nbsp;nature of our business, we expect to continue to incur substantial operating losses for the
foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have encountered and expect to continue to
encounter risks and uncertainties frequently experienced by early-stage&nbsp;companies in rapidly changing markets, including risks relating
to our ability to, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">hire, integrate and retain professional and technical talent, including key members of management;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">continue to make significant investments in research, development, manufacturing, marketing and sales;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">successfully obtain, maintain, protect and enforce our intellectual property and defend against claims of intellectual property infringement, misappropriation or other violation;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">build a well-recognized&nbsp;and respected brand;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">establish, refine and scale our commercial manufacturing capabilities and distribution infrastructure;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">establish and maintain satisfactory arrangements with third-party&nbsp;suppliers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">establish and expand a customer base;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">navigate an evolving and complex regulatory environment;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">anticipate and adapt to changing market conditions, including consumer demand for certain vehicle types, models or trim levels, technological developments and changes in competitive landscape; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">successfully design, build, manufacture and market new variants and models of electric vehicles.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.45pt; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You must consider the risks and difficulties we
face as an early stage company with a limited operating history. If we do not successfully address these risks, our business, prospects,
operating results and financial condition will be materially and adversely harmed. We have a very limited operating history on which investors
can base an evaluation of our business, operating results and prospects. There are no assurances that we will be able to secure future
business with potential customers. As an early stage company, it is difficult to predict our future revenues and appropriately budget
for our expenses, and we have limited insight into trends that may emerge and affect our business. In the event that actual results differ
from our estimates or we adjust our estimates in future periods, our operating results and financial position could be materially affected.
Our performance and expectations depend on the successful implementation of management&rsquo;s growth strategies and are based on assumptions
and events over which we have only partial or no control, including, but not limited to, adverse economic conditions, regulatory developments,
our ability to finance our contemplated operations, difficulties in engineering, delays in designs or materials provided by the customer
or a third party, equipment and materials delivery delays, schedule changes, customer scope changes, delays related to obtaining regulatory
permits and rights-of-way, inability to find adequate sources of labor in the locations where we are building new plants, weather-related&nbsp;delays,
delays by customers&rsquo; contractors in completing their portion of a project, technical or transportation difficulties, cost overruns,
supply difficulties, geopolitical risks and other factors. The assumptions underlying our expectations require the exercise of judgment
and may not occur, and the expectations are subject to uncertainty due to the effects of economic, business, competitive, regulatory,
legislative, and political or other changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"></P>

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The success of our business may depend on attracting prospective
customers and retaining sufficient capital to commence mass production. If we are unable to do so, we may not be able to achieve profitability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We currently do not have any customers that our
business depends upon, and our success depends, in large part, on attracting prospective customers and retaining sufficient capital to
commence mass production. We expect to incur significant and sustained marketing expenses to attract prospective customers. In addition,
if our prospective customers perceive our vehicles and services as lacking in quality, value, cost competitiveness with vehicles from
other manufacturers, performance or aesthetic appeal, we may not be able to attract customers. If, for any of these reasons, we are unable
to attract, or to build and maintain a strong customer base, our business, prospects, financial condition, results of operations, and
cash flows may be materially harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we fail to implement our business strategy,
our financial condition and results of operations could be adversely affected. Our future financial performance and success depend in
large part on our ability to successfully implement our business strategy. We cannot assure you that we will be able to successfully implement
our business strategy or be able to improve our operating results. In particular, we cannot assure you that we will successfully negotiate
and sign contracts with customers and suppliers nor can we assure you that we will be able to successfully execute our contracts if signed.
Implementation of our business strategy may be impacted by factors outside of our control, including competition, price fluctuations,
industry, legal and regulatory changes or developments and general economic and political conditions. Any failure to successfully implement
our business strategy could adversely affect our financial condition and results of operations. We may, in addition, decide to alter or
discontinue certain aspects of our business strategy at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We have incurred net losses each year since our inception and
expect to incur increasing expenses and substantial losses for the foreseeable future.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have no operating history in the electric vehicle
market and have never generated revenue from product sales. Since inception, we have incurred significant net losses, including a net
loss of $1,561,939 for the six months ended June 30, 2024. We anticipate our losses will increase substantially as we:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continue designing and developing our vehicles</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Establish manufacturing capabilities</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Build our brand and marketing operations</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Develop our distribution infrastructure</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invest in research and development</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Given the significant capital required to bring
our products to market, we expect to continue incurring substantial losses for the foreseeable future. There is no assurance that we will
ever achieve or sustain profitability. Our lack of operating history in a highly competitive and rapidly evolving industry makes evaluating
our business and future prospects difficult. We face all the risks and uncertainties of an early-stage company in a complex, capital-intensive
industry. If we fail to successfully address these risks and uncertainties, our business, financial condition, and results of operations
will be materially harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If our product development or commercialization
of vehicles is delayed, our costs and expenses may be significantly higher than we currently expect. Because we will incur the costs and
expenses from these efforts before we receive any incremental revenues with respect thereto, we expect our losses in future periods will
be significant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"></P>

<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our business model has yet to be tested and any failure to commercialize
our strategic plans would have an adverse effect on our operating results and business, harm our reputation and could result in substantial
liabilities that exceed our resources.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Investors should be aware of the difficulties
normally encountered by an early stage enterprise, many of which are beyond our control, including substantial risks and expenses in the
course of establishing or entering new markets, organizing operations and undertaking marketing activities. The likelihood of our success
must be considered in light of these risks, expenses, complications, delays and the competitive environment in which we operate. There
is, therefore, nothing at this time upon which to base an assumption that our business plan will prove successful, and we may not be able
to generate significant revenue, raise additional capital or operate profitably. We will continue to encounter risks and difficulties
frequently experienced by early commercial stage companies, including scaling up our infrastructure and headcount, and may encounter unforeseen
expenses, difficulties or delays in connection with our growth. In addition, as a result of the capital-intensive&nbsp;nature of our business,
we can be expected to continue to sustain substantial operating expenses and may not generate sufficient revenues to cover expenditures.
Any investment in our company is therefore highly speculative and could result in the loss of your entire investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may have difficulty managing growth in our business, which
could have a material adverse effect on our business, financial condition and results of operations and our ability to execute its business
plan in a timely fashion.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because of our small size, growth in accordance
with our business plans, if achieved, may place a significant strain on our financial, technical, operational and management resources.
If we expand our activities, developments and production, and increase the number of projects we are evaluating or in which we participate,
there will be additional demands on our financial, technical and management resources. The failure to continue to upgrade our technical,
administrative, operating and financial control systems or the occurrence of unexpected expansion difficulties could have a material adverse
effect on our business, financial condition and results of operations and our ability to execute our business plan in a timely fashion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to hire a significant number of additional
personnel, including design and manufacturing personnel and service technicians for our vehicles. Because our vehicles are based on a
different technology platform than traditional internal combustion engines, individuals with sufficient training in electric vehicles
may not be available to hire, and as a result, we will need to expend significant time and expense training the personnel we do hire.
Competition for individuals with experience designing, engineering, manufacturing and servicing electric vehicles is intense, and we may
not be able to identify, attract, integrate, train, motivate or retain additional highly qualified personnel in the future. The failure
to identify, attract, integrate, train, motivate and retain these additional personnel could seriously harm our business and prospects.
If we are unable to grant equity awards, or if we are forced to reduce the value of equity awards we grant due to shortage of shares available
for issuance under our 2024 Omnibus Equity Inventive Plan, we may not be able to attract, hire and retain the personnel necessary for
our business, which would have a material adverse effect on our business, prospects financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, we have no experience in mass manufacturing
our vehicles. We cannot assure our investors that we will be able to develop efficient, automated, low-cost&nbsp;manufacturing capabilities
and processes, and reliable sources of component supply that will enable us to meet the quality, price, engineering, design and production
standards, as well as the production volumes, required to successfully market our vehicles. Any failure to develop such manufacturing
processes and capabilities within our projected costs and timelines could stunt our future growth and impair our ability to produce, market,
service and sell or lease our vehicles successfully. In addition, our success is substantially dependent upon the continued service and
performance of our senior management team and key technical and vehicle management personnel. If any key personnel were to terminate their
employment with us, such termination would likely increase the difficulty of managing our future growth and heighten the foregoing risks.
If we fail to manage our growth effectively, such failure could result in negative publicity and damage to our brand and have a material
adverse effect on our business, prospects, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"></P>

<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The proceeds received in the Business Combination will only fund
operations for a limited time and we will need to obtain additional financing to continue operations and execute our business plans. If
we are unable to obtain such financing, we may be unable to complete the development and commercialization of our products and services.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our operations have consumed substantial amounts
of cash since inception. The net losses of Thunder Power Holdings Limited were $1.82 million and $0.43 million for the years ended December&nbsp;31,
2023 and 2022, respectively. We anticipate that our future cash requirements will continue to be significant and we will need to obtain
additional financing beyond that being provided by the Business Combination to implement our business plan as described in this prospectus.
Specifically, we may need to raise additional funds to complete the research and development, testing, manufacturing, marketing, and shipping
of our vehicles, as well as to support the continued research and development of our vehicles and the development of other models, and
to build contingencies for unforeseen events. Such financings could include equity financing, which may be dilutive to stockholders, or
debt financing, which would likely restrict our ability to borrow from other sources. In addition, such securities may contain rights,
preferences or privileges senior to those of the rights of the stockholders of the Company upon the closing thereof. Additional funds
may not be available when we need them, on terms attractive to us, or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If adequate funds are not available on a timely
basis, we may be required to curtail the development of our technology, products or services, or materially delay, curtail, reduce or
terminate our research and development and commercialization activities. We could be forced to sell or dispose of our rights or assets.
Any inability to raise adequate funds on commercially reasonable terms could have a material adverse effect on our business, financial
condition, results of operation and prospects, including the possibility that a lack of funds could cause our business to fail and liquidate
with little or no return to investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Thunder Power&rsquo;s management has limited experience in operating
a public company.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power&rsquo;s management has limited experience
in the management of a publicly traded company. Thunder Power&rsquo;s management team may not successfully or effectively manage its transition
to a public company that will be subject to significant regulatory oversight and reporting obligations under U.S. federal securities laws.
Their limited experience in dealing with the increasingly complex laws pertaining to public companies could be a significant disadvantage
in that it is likely that an increasing amount of their time may be devoted to these activities which will result in less time being devoted
to the management and growth of the post-combination&nbsp;company. Thunder Power may not have adequate personnel with the appropriate
level of knowledge, experience and training in the accounting policies, practices or internal control over financial reporting required
of public companies in the U.S.&nbsp;Any fault in Thunder Power&rsquo;s finance and accounting systems could impact its ability or prevent
it from timely reporting its operating results, timely filing required reports with the SEC and complying with Section&nbsp;404 of the
Sarbanes-Oxley&nbsp;Act&nbsp;of&nbsp;2002 (the &ldquo;Sarbanes-Oxley&nbsp;Act&rdquo;). The development and implementation of the standards
and controls necessary for Thunder Power to achieve the level of accounting standards required of a public company in the U.S.&nbsp;may
require costs greater than expected. It is possible that Thunder Power will be required to expand its employee base and hire additional
employees to support its operations as a public company which will increase its operating costs in future periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are actively negotiating with our affiliates to license the
intellectual property and technology rights at the core of our business plan, and our inability to obtain and maintain these licenses
could materially affect our business, financial condition, and operating results.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our entire business model depends on intellectual
property we do not own. We are actively negotiating with our affiliates to license critical intellectual property and technology rights
that form the core of our business plan. As of the date of this prospectus, we have not secured any licensing agreements. If we fail to
obtain these licenses on favorable terms, or at all, our ability to develop, manufacture, and sell our products would be severely compromised,
potentially rendering our business model unviable. Even if we secure these licenses, we may face challenges in maintaining them, or the
licenses may be terminated, significantly impacting our operations. Our lack of direct ownership of key patents and technologies exposes
us to substantial risk and uncertainty regarding our ability to execute our business strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we are unable to maintain our planned license
agreements, our ability to continue developing, designing, manufacturing, distributing, and selling our products would be limited and
may require us to stop operations entirely. If any such future license agreement is terminated for any reason, we may be forced to acquire
or develop alternative technology, which we may be unable to do in a commercially feasible manner, if at all, and may require us to use
alternative technology of lower quality or performance standards. This would, in turn, limit, delay or disrupt our ability to offer new
or competitive products and could also increase our costs, which would adversely affect our margins, market share, business, financial
condition, and operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"></P>

<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The obligations associated with being a public company involve
significant expenses and require significant resources and management attention, which may divert from our business operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a public company, we are subject to the ongoing
reporting requirements of the Exchange&nbsp;Act and Sarbanes-Oxley Act. The Exchange&nbsp;Act requires the filing of annual, quarterly,
and current reports with respect to our business and financial condition. The Sarbanes-Oxley Act requires, among other things, that we
establish and maintain effective internal controls over financial reporting. As a result, we have and expect to continue to incur significant
legal, accounting, and other expenses that TPHL did not incur prior to the Business Combination. For example, these rules and regulations
may make it more difficult or more expensive for us to obtain director and officer liability insurance, and we may be required to accept
reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. Additionally, our officers
and many of our other employees may need to devote substantial time and attention to regulatory compliance which may divert their time
and attention from our business operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The inability to attract and retain qualified personnel may adversely
impact our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we fail to attract, hire and retain qualified
personnel, we may not be able to develop, market or sell our products or successfully manage our business. We are dependent upon a highly
skilled, experienced and efficient workforce to be successful. The inability to attract and hire qualified individuals or the loss of
key employees in very skilled areas could have a negative effect on our financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Uninsured losses could result in payment of substantial damages,
which would decrease our cash reserves and could harm our cash flow and financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the ordinary course of business, we may be
subject to losses resulting from product liability, accidents, acts of God and other claims against us, for which we may have no insurance
coverage. While we currently carry insurance that is customary for our size and operations, we may not maintain as much insurance coverage
as other original equipment manufacturers do, and in some cases, we may not maintain any at all. Additionally, the policies that we have
may include significant deductibles, and we cannot be certain that our insurance coverage will be sufficient to cover all or any future
claims against us. A loss that is uninsured or exceeds policy limits may require us to pay substantial amounts, which could adversely
affect our financial condition and results of operations. Further, insurance coverage may not continue to be available to us or, if available,
may be at a significantly higher cost, especially if insurance providers perceive any increase in our risk profile in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our strategy to outsource various elements of the products and
services we sell may subject us to the business risks of our future third-party service providers, which could have a material adverse
impact on our operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In areas where we will depend on third-party&nbsp;service
providers for retail product distribution and full-service networks, we will be subject to the risk of customer dissatisfaction with the
quality or performance of the products or services we sell due to third-party service provider&rsquo;s failure. Third-party service providers
may not have the same incentives we do and may not allocate adequate or sufficient time and/or resources for performing services for us.
In addition, business difficulties experienced by a third-party&nbsp;service provider could lead to the interruption of our ability to
distribute products or provide services and ultimately our inability to supply products or services to our customers. Third-party&nbsp;service
provider business interruptions may include, but are not limited to, work stoppages, union negotiations and other labor disputes. Current
or future economic conditions could also impact the ability of third-party service providers to access credit and, thus, impair their
ability to provide us quality services in a timely manner, or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our business and prospects will depend significantly on our brand.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our business and prospects will heavily depend
on our ability to develop, maintain and strengthen the &ldquo;Thunder Power&rdquo; brand association with luxury and technological excellence.
Promoting and positioning our brand will likely depend significantly on our ability to provide a consistently high-quality&nbsp;customer
experience, an area in which we have limited experience. To promote our brand, we will be required to invest in, and over time we may
be required to change our customer development and branding practices, which could result in substantially increased expenses, including
the need to use traditional media such as television, radio and print advertising. Our ability to successfully position our brand could
also be adversely affected by perceptions about the quality of our competitors&rsquo; vehicles or our competitors&rsquo; success. For
example, certain of our competitors have been subject to significant scrutiny for incidents involving their self-driving&nbsp;technology
and battery fires, which could result in similar scrutiny of us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In particular, any negative publicity, whether
or not true, can quickly proliferate on social media and harm consumer perception and confidence in our brand. The growing use of social
media increases the speed with which information and opinions can be shared and, thus, the speed with which a company&rsquo;s reputation
can be affected. If we fail to correct or mitigate misinformation or negative information, including information spread through social
media or traditional media channels, about us, the products we offer, our customer experience, or any aspect of our brand, our business,
sales and results of operations could be adversely impacted. From time to time, our vehicles or those of our competitors may be evaluated
and reviewed by third parties. Perceptions of our offerings in the marketplace may be significantly influenced by these reviews, which
are disseminated via various media, including the internet. Any negative reviews or reviews which compare us unfavorably to competitors
could adversely affect consumer perception about our vehicles and reduce demand for our vehicles, which could have a material adverse
effect on our business, results of operations, prospects and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Risks Related to Regulation and Litigation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The SEC and other parties may find that Thunder Power&rsquo;s&nbsp;public-relations&nbsp;information
before the production on any of our EVs may have misled investors or conditioned the market for investors or that we may have omitted
to provide information that investors may reasonably find important to their investment decision.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There is always a risk against making false claims
about the prospects of an EV technology company. One such notable case was United&nbsp;States of America v. Trevor Milton, No.&nbsp;21-00478,
U.S.&nbsp;District Court, Southern District of New&nbsp;York, 21 Cr. 478 (ER) (&ldquo;<I>Nikola&rdquo;</I>). Nikola involved<I>&nbsp;</I>an
electric truck maker who the SEC alleged in&nbsp;2020-2021&nbsp;defrauded its investors with false claims about its EV technology. In
a cease-and-desist&nbsp;order against Nikola and the subsequent case S.E.C. v. Milton, No. 21 Civ. 06445 (AKH), the SEC said that Trevor
Milton (&ldquo;Milton&rdquo;), the founder and one-time&nbsp;chairperson of Nikola, lied to inflate stock prices during the company&rsquo;s
public-relations&nbsp;campaign to investors by making forward-looking&nbsp;statements since the company had not yet produced a single
vehicle. Other misleading and forward-looking&nbsp;statements included claims about Nikola&rsquo;s technological advancements, in-house&nbsp;production
capabilities, hydrogen production, truck reservations and orders, financial outlook, refueling time, and a potential partnership with
a globally known car maker. Several electric vehicle prototypes of the Sedan and City Car were built by TongGao Advanced Manufacturing
Technology (Taicang) Co. Ltd, an affiliate of TPHL. There prototypes were built for the purpose of showcasing TPHL&rsquo;s technology
and for early fundraising purpose. Thunder Power has not produced a single electric vehicle and all our statements in this prospectus
regarding our production capabilities, technologies, weight, charging time, driving range and potential partnerships are forecasts or
forward-looking&nbsp;statements based on our own beliefs, opinions, and internal research, development and testing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Some of our directors, officers and assets reside or be located
outside of the United&nbsp;States, which may cause investors difficulty in enforcing judgments against our directors and officers.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Some of our directors and officers reside outside
the United&nbsp;States and a majority of our assets are located outside the United&nbsp;States. As a result, it may be difficult or impossible
to effect service of process within the United&nbsp;States upon these directors and officers, or to recover against those persons on judgments
of United&nbsp;States courts, including judgments predicated upon the civil liability provisions of the United&nbsp;States federal securities
laws. Moreover, it is not certain that a court in the British Virgin Islands, Hong&nbsp;Kong, or Taiwan would award damages on the same
basis as a United States court, or that a British Virgin Islands, Hong&nbsp;Kong, or Taiwanese court would enforce foreign judgments if
it viewed the amount of damages as excessive or inconsistent with local practice or public policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Further, the United&nbsp;States may not be declared
by the Government of other countries to be a reciprocating territory for the purposes of enforcement of foreign judgments, and there are
grounds upon which British Virgin Islands, Hong&nbsp;Kong, or Taiwan courts may decline to enforce the judgments of United&nbsp;States
courts. Some remedies available under the laws of the United&nbsp;States, including remedies available under the United&nbsp;States federal
securities laws, may not be allowed in British Virgin Islands, Hong&nbsp;Kong, or Taiwan courts if deemed contrary to public policy in
such jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our affiliated parties such as our major shareholders may be
involved in governmental investigations and civil litigation relating to the business affairs of companies with which they are, were or
may in the future be affiliated with.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our controlling shareholder, Mr. Wellen Sham,
is currently the defendant in significant legal proceedings that could materially impact our business. Mr. Sham faces criminal prosecution
in Taiwan on 11 indictments related to securities violations, breaches of fiduciary duty, and other financial matters. Additionally, he
is subject to multiple civil actions seeking his dismissal as chairman of a related company and claiming damages for investors. While
these proceedings do not directly involve our company, they create substantial risks, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Potential reputational damage affecting our ability to secure partnerships, investments, and customer trust;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diversion of Mr. Sham&rsquo;s attention from our business operations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Possible loss of Mr. Sham&rsquo;s leadership or voting control if legal actions are successful;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Challenges in accessing capital markets or obtaining favorable terms from suppliers and partners.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mr.&nbsp;Wellen Sham, TPHL&rsquo;s former Chief
Executive Officer, is a defendant in a claim brought by the Taiwan Taipei District Prosecutor&rsquo;s Office (the &ldquo;Prosecutor&rdquo;)
in 2022. This claim is currently being litigated in Taiwan Taipei District Court Criminal Division (Taiwan Taipei District Court, Year
2022, Jin-Chong-Su-Zhi, No. 19) by a public Prosecutor. The prosecution is based on 11 indictments involving the following: a securities
purchase which may have been a related party transaction; the use of a non-exclusive&nbsp;license to offset a debt owed to a related party;
an exclusive authorized sales agent agreement for USD 4,950,000; an agreement for parts for an electric four-door&nbsp;sedan for USD 4,480,000;
a land purchase in a non-arm&rsquo;s length related party transaction; executive control over bonuses of USD 150,000, USD 50,000, USD
100,000, and NTD 6,000,000 from affiliates; utilization of funds to cover all expenses associated with a seminar hosted by Thunder Power
Electric Vehicle Limited (&ldquo;TPEV&rdquo;); utilization of funds to cover the salaries of employees; and instructions to issue a false
press release with the aim of disseminating rumors or misleading information (collectively, the &ldquo;Criminal Prosecution&rdquo;). In
conjunction with the Criminal Prosecution, Taiwan&rsquo;s Securities Investor and Futures Trader Protection Center (&ldquo;SFIPC&rdquo;),
based on the content of the Criminal Prosecution, initiated civil actions against Mr.&nbsp;Sham, including: requesting that Mr.&nbsp;Sham
shall bear liability for damages incurred by EPTECH; asserting Mr.&nbsp;Sham should be dismissed from the position of Chairman of EPTECH;
asserting that Mr.&nbsp;Sham shall bear liability for damages incurred by investors of EPTECH; and applying for a provisional seizure
procedure against Mr.&nbsp;Sham. While Thunder Power is unable to predict the outcome of these matters with certainty, in response to
the foregoing accusations, Mr.&nbsp;Sham sought relief by asserting his innocence, appointing a defense attorney, applying for an investigation
of favorable evidence, and actively exercising his right to defend himself.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The outcome of these legal matters is uncertain
and could have far-reaching consequences for our business strategy, operations, and future prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are subject to substantial laws and regulations that could
impose substantial costs, legal prohibitions or unfavorable changes upon our operations or products, and any failure to comply with these
laws and regulations, including as they evolve, could substantially harm our business and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are or will be subject to complex environmental,
manufacturing, health and safety laws and regulations at numerous jurisdictional levels, including laws relating to the use, handling,
storage, recycling, disposal and human exposure to hazardous materials and with respect to constructing, expanding and maintaining our
facilities. The costs of compliance, including remediating contamination if any is found on our properties and any changes to our operations
mandated by new or amended laws, may be significant. We may also face unexpected delays in obtaining permits and approvals required by
such laws in connection with our manufacturing facilities, which would hinder our ability to continue our commercial manufacturing operations.
Such costs and delays may adversely impact our business prospects and results of operations. Furthermore, any violations of these laws
may result in substantial fines and penalties, remediation costs, third party damages, or a suspension or cessation of our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, models will be to substantial regulation
under international, federal, state and local laws. We have incurred, and expect to continue to incur, significant costs in complying
with these regulations. Any failures to comply could result in significant expenses, delays or fines. In the United&nbsp;States, vehicles
must meet or exceed all federally mandated motor vehicle safety standards to be certified under the federal regulations. Rigorous testing
and the use of approved materials and equipment are among the requirements for achieving federal certification. Any future vehicles will
be subject to substantial regulation under federal, state and local laws and standards. These regulations include those promulgated by
the U.S.&nbsp;Environmental Protection Agency, NHTSA, other federal agencies, various state agencies and various state boards, and compliance
certification is required for each individual vehicle we manufacture for sale. These laws and standards are subject to change from time
to time, and we could become subject to additional regulations in the future, which would increase the effort and expense of compliance.
In addition, federal, state and local laws and industrial standards for electric vehicles are still developing, and we face risks associated
with changes to these regulations, which could have an impact on the acceptance of our electric vehicles, and increased sensitivity by
regulators to the needs of established automobile manufacturers with large employment bases, high fixed costs and business models based
on the internal combustion engine, which could lead them to pass regulations that could reduce the compliance costs of such established
manufacturers or mitigate the effects of government efforts to promote electric vehicles. Compliance with these regulations is challenging,
burdensome, time consuming and expensive. If compliance results in delays or substantial expenses, our business could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We also expect to become subject to laws and regulations
applicable to the supply, manufacture, import, sale and service of automobiles internationally, including in Europe, the Middle East and
China. Applicable regulations in countries outside of the U.S., such as standards relating to vehicle safety, fuel economy and emissions,
among other things, are often materially different from requirements in the United&nbsp;States. Compliance with such regulations will
therefore require additional time, effort and expense to ensure regulatory compliance in those countries. This process may include official
review and certification of our vehicles by foreign regulatory agencies prior to market entry, as well as compliance with foreign reporting
and recall management systems requirements. There can be no assurance that we will be able to achieve foreign regulatory compliance in
a timely manner and at our expected cost, or at all, and the costs of achieving international regulatory compliance or the failure to
achieve international regulatory compliance could harm our business, prospects, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"></P>

<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may have to choose in the future, or we may be compelled,
to undertake product recalls or take other actions, which could adversely affect our business, prospects, results of operations, reputation
and financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Product recalls may result in adverse publicity,
damage our reputation and adversely affect our business, prospects, results of operations and financial condition. If a large number of
vehicles are the subject of a recall or if needed replacement parts are not in adequate supply, we may be unable to service and repair
recalled vehicles for a significant period of time. These types of disruptions could jeopardize our ability to fulfill existing contractual
commitments or satisfy demand for our electric vehicles and could also result in the loss of business to our competitors. Such recalls,
whether caused by systems or components engineered or manufactured by us or our suppliers, would involve significant expense and diversion
of management&rsquo;s attention and other resources, which could adversely affect our brand image in our target market and our business,
prospects, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>In the future, if we develop or acquire proprietary intellectual
property, protecting such intellectual property will be critical to our operations and we may suffer competitive harm from infringement
on such rights.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we develop or acquire new technologies, it
will be critical that we protect our intellectual property assets against third-party&nbsp;infringement. If we develop or acquire intellectual
property, there is a risk that our patent applications may not be granted, or we may not receive sufficient protection of our proprietary
interests. We may also expend considerable resources in defending any future patents against third-party&nbsp;infringement. It may become
critical that we protect our proprietary intellectual property interests to prevent competitive harm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are subject to legal proceedings, regulatory disputes and
governmental inquiries that could cause us to incur significant expenses, divert our management&rsquo;s attention, and adversely affect
our business, results of operations, cash flows and financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">From time to time, we may be subject to claims,
lawsuits, government investigations and other proceedings involving product liability, consumer protection, competition and antitrust,
intellectual property, privacy, securities, tax, labor and employment, health and safety, our direct distribution model, environmental
claims, commercial disputes and other matters that could adversely affect our business, results of operations, cash flows and financial
condition. In the ordinary course of business, we have been the subject of complaints or litigation, including claims related to employment
matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Litigation and regulatory proceedings may be protracted
and expensive, and the results are difficult to predict. Additionally, our litigation costs could be significant, even if we achieve favorable
outcomes. Adverse outcomes with respect to litigation or any of these legal proceedings may result in significant settlement costs or
judgments, penalties and fines, or require us to modify, make temporarily unavailable or stop manufacturing or selling our vehicles in
some or all markets, all of which could negatively affect our sales and revenue growth and adversely affect our business, prospects, results
of operations, cash flows and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The results of litigation, investigations, claims
and regulatory proceedings cannot be predicted with certainty, and determining reserves for pending litigation and other legal and regulatory
matters requires significant judgment. There can be no assurance that our expectations will prove correct, and even if these matters are
resolved in our favor or without significant cash settlements, these matters, and the time and resources necessary to litigate or resolve
them, could harm our business, results of operations, cash flows and financial condition. In addition, the threat or announcement of litigation
or investigations by governmental authorities or other parties, irrespective of the merits of the underlying claims, may itself have an
adverse impact on the trading price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may become subject to product liability claims, which could
harm our financial condition and liquidity if we are not able to successfully defend or insure against such claims.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may become subject to product liability claims,
which could harm our business, prospects, results of operations and financial condition. The automotive industry experiences significant
product liability claims, and we face inherent risks of exposure to claims in the event our production vehicles do not perform or are
claimed not to perform as expected or malfunction, resulting in property damage, personal injury or death. We also expect that, as is
true for other automakers, our vehicles will be involved in crashes resulting in death or personal injury, and even if not caused by the
failure of our vehicles, we may face product liability claims and adverse publicity in connection with such incidents. In addition, we
may face claims arising from or related to failures, claimed failures or misuse of new technologies that we expect to offer. In addition,
the battery packs that we produce make use of lithium-ion&nbsp;cells.<SUP>&nbsp;</SUP>On rare occasions, lithium-ion&nbsp;cells can rapidly
release the energy they contain by venting smoke and flames in a manner that can ignite nearby materials as well as other lithium-ion&nbsp;cells.
While we have designed our battery packs to passively contain a single cell&rsquo;s release of energy without spreading to neighboring
modules, there can be no assurance that a field or testing failure of our vehicles or other battery packs that we produce will not occur,
in particular due to a high-speed&nbsp;crash. In addition, although we equip our vehicles with systems designed to detect and warn vehicle
occupants of such thermal events, there can be no assurance that such systems will function as designed or will provide vehicle occupants
with sufficient, or any, warning in all circumstances. Any such events or failures of our vehicles, battery packs or warning systems could
subject us to lawsuits, product recalls or redesign efforts, all of which would be time consuming and expensive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A successful product liability claim against us
could require us to pay a substantial monetary award. Our risks in this area are particularly pronounced in light of the limited field
experience of our vehicles. Moreover, a product liability claim against us or our competitors could generate substantial negative publicity
about our vehicles and business and inhibit or prevent commercialization of our future vehicles, which would have material adverse effect
on our brand, business, prospects and results of operations. Our insurance coverage might not be sufficient to cover all potential product
liability claims, and insurance coverage may not continue to be available to us or, if available, may be at a significantly higher cost.
Any lawsuit seeking significant monetary damages or other product liability claims may have a material adverse effect on our reputation,
business and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may be exposed to delays, limitations and risks related to
the environmental permits and other operating permits required to establish or operate our manufacturing facilities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Operation of an automobile manufacturing facility
requires land use and environmental permits and other operating permits from federal, state and local government entities. We believe
that we will have the permits necessary to carry out and perform our current plans and operations at our future US manufacturing facilities
based on our current targeted production capacity. We plan to build our manufacturing facilities and construct additional manufacturing
facilities over time to achieve a future target production capacity and will be required to apply for and secure various environmental,
wastewater, and land use permits and certificates of occupancy necessary for the commercial operation of such expanded and additional
facilities. Delays, denials or restrictions on any of the applications for or assignment of the permits to operate our manufacturing facilities
could adversely affect our ability to execute on our business plans and objectives based on our current target production capacity or
our future target production capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are subject to various environmental, health and safety laws
and regulations that could impose substantial costs on us and cause delays in building and subsequently expanding our production facilities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our operations are subject to federal, state and
local environmental laws and regulations and will be subject to international environmental laws, including laws relating to the use,
handling, storage, disposal of and human exposure to hazardous materials. Environmental, health and safety laws and regulations are complex,
and we have limited experience complying with them. Moreover, we may be affected by future amendments to such laws or other new environmental,
health and safety laws and regulations which may require us to change our operations, potentially resulting in a material adverse effect
on our business, prospects, results of operations and financial condition. These laws can give rise to liability for administrative oversight
costs, cleanup costs, property damage, bodily injury, fines and penalties. Capital and operating expenses needed to comply with environmental
laws and regulations can be significant, and violations could result in substantial fines and penalties, third-party&nbsp;damages, suspension
of production or a cessation of our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Contamination at properties we own or operate,
properties we formerly owned or operated or properties to which we sent hazardous substances may result in liability for us under environmental
laws and regulations, including, but not limited to, the Comprehensive Environmental Response, Compensation and Liability Act, which can
impose liability for the full amount of remediation-related&nbsp;costs without regard to fault, for the investigation and cleanup of contaminated
soil and ground water, for building contamination and impacts to human health and for damages to natural resources. The costs of complying
with environmental laws and regulations and any claims concerning noncompliance, or liability with respect to contamination in the future,
could have a material adverse effect on our financial condition or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our operations are also subject to federal, state,
and local workplace safety laws and regulations, including, but not limited to, the Occupational Health and Safety Act, which require
compliance with various workplace safety requirements, including requirements related to environmental safety. These laws and regulations
can give rise to liability for oversight costs, compliance costs, bodily injury (including workers&rsquo; compensation), fines, and penalties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Additionally, non-compliance&nbsp;could result
in delay or suspension of production or cessation of operations. The costs required to comply with workplace safety laws can be significant,
and non-compliance&nbsp;could adversely affect our production or other operations, including with respect to the production of our first
models, the Coupe and the City Car, which could have a material adverse effect on our business, prospects and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"></P>

<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are subject to risks associated with autonomous driving and
advanced driver assistance system technology, and we cannot guarantee that our vehicles will achieve our targeted assisted or autonomous
driving functionality within our projected timeframe, if ever.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our vehicles are designed with a modularized chassis
system. This approach contrasts with the normal industry practice for internal combustion engine manufacturers (&ldquo;ICE&rdquo;), where
other components, such as the engine, gearbox, and fuel tank, need to be taken into consideration before styling can be completed. The
modular chassis allows a much simpler solution for the chassis design, thereby reducing development time and cost with new vehicle development.
Additionally, vehicle stiffness/rigidity is enhanced, and weight is reduced in comparison to the weight of other electric vehicles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Advanced Driver Assistance Systems (&ldquo;ADAS&rdquo;)
technologies are emerging and becoming increasingly common in electric vehicles. ADAS is subject to known and unknown risks, and there
have been accidents and fatalities associated with such technologies. The safety of such technologies depends in part on user interaction,
and users, as well as other drivers on the roadways, may not be accustomed to using or adapting to such technologies. In addition, self-driving&nbsp;technologies
are the subject of intense public scrutiny and interest, and previous accidents involving autonomous driving features in other vehicles,
including alleged failures or misuse of such features, have generated significant negative media attention and government investigations.
We and others in our industry are subject to a Standing General Order issued by NHTSA that requires us to report any crashes in which
certain ADAS features were active, and these crash reports will become publicly available. To the extent accidents associated with our
ADAS technologies occur, we could be subject to significant liability, negative publicity, government scrutiny and further regulation.
Any of the foregoing could materially and adversely affect our results of operations, financial condition and growth prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, we face substantial competition in
the development and deployment of ADAS technologies. Many of our competitors, including established automakers and technology companies,
have devoted significant time and resources to developing self-driving&nbsp;technologies. If we are unable to develop competitive Level
2 or more advanced ADAS technologies in-house&nbsp;or acquire access to such technologies via partnerships or investments in other companies
or assets, we may be unable to equip our vehicles with competitive ADAS features, which could damage our brand, reduce consumer demand
for our vehicles or trigger cancellations of reservations and could have a material adverse effect on our business, results of operations,
prospects and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">ADAS technology is also subject to considerable
regulatory uncertainty, which exposes us to additional risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We face risks associated with international operations, including
unfavorable regulatory, political, tax and labor conditions, which could harm our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We anticipate having operations in the United&nbsp;States,
Europe and distributions in the United&nbsp;States, European and Asian markets, each that which may be subject to the legal, political,
regulatory and social requirements and economic conditions in these jurisdictions. We are subject to a number of risks associated with
international business activities that may increase our costs, impact our ability to sell, service and manufacture our vehicles, and require
significant management attention. These risks include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">conforming our vehicles to various international regulatory requirements where our vehicles are sold, or homologation;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing localized supply chains and managing international supply chain and logistics costs;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing sufficient charging points for our customers in those jurisdictions, via partnerships or, if necessary, via development of our own charging networks;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulty in staffing and managing foreign operations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties attracting customers in new jurisdictions;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties establishing international manufacturing operations, including difficulties establishing relationships with or establishing localized supplier bases and developing cost-effective&nbsp;and reliable supply chains for such manufacturing operations and financing such manufacturing operations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">foreign government taxes, regulations and permit requirements;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">inflation as well as fluctuations in foreign currency exchange rates and interest rates, including risks related to any forward currency contracts, interest rate swaps or other hedging activities we undertake;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United&nbsp;States and foreign government trade restrictions, tariffs and price or exchange controls;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">foreign labor laws, regulations and restrictions;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">foreign data privacy and security laws, regulations and obligations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in diplomatic and trade relationships, including political risk and customer perceptions based on such changes and risks;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">political instability, natural disasters, pandemics, war or events of terrorism; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the strength of international economies.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we fail to successfully address these risks,
our business, prospects, results of operations and financial condition could be materially harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"></P>

<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Increasing scrutiny and changing expectations from global regulations,
our investors, customers and personnel with respect to our ESG practices may impose additional costs on us or expose us to new or additional
risks.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There is increased focus, including from governmental
organizations and investors, customers and personnel, on ESG issues such as environmental stewardship, climate change, diversity and inclusion,
racial justice and workplace conduct. There can be no certainty that we will manage such issues successfully, or that we will successfully
meet society&rsquo;s expectations as to our proper role. Negative public perception, adverse publicity or negative comments in social
media could damage our reputation if we do not, or are not perceived to, adequately address these issues. Any harm to our reputation could
impact our personnel&rsquo;s engagement and retention and the willingness of our customers and partners to do business with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">It is possible that our stakeholders may not be
satisfied with our ESG practices, or the speed of their adoption and our systems may not be adequate to meet increasing global regulations
on ESG topics. Actual or perceived shortcomings with respect to our ESG initiatives and reporting could negatively impact our business.
We could also incur additional costs and require additional resources to monitor, report, and comply with various ESG practices. In addition,
a variety of organizations have developed ratings to measure the performance of companies on ESG topics, and the results of these assessments
are widely publicized. Investment in funds that specialize in companies that perform well in such assessments are increasingly popular,
and major institutional investors have publicly emphasized the importance of such ESG measures to their investment decisions. Unfavorable
ratings of our company or our industries, as well as non-inclusion&nbsp;of our stock on ESG-oriented&nbsp;investment funds, may lead to
negative investor sentiment and the diversion of investment to other companies or industries, which could have a negative impact on our
stock price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, due to the impacts of climate change,
there are increasing risks to our business, including physical risks such as wildfires, floods, tornadoes or other events, that could
cause disruptions to our supply chain, manufacturing, and corporate functions. We may incur additional costs and resources preparing for
and addressing such risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Various states&rsquo; automobile manufacturer and dealer regulations
may limit Thunder Power&rsquo;s ability to implement its business model for the sale of the Coupe and for the servicing of its entire
family of EVs in the U.S.&nbsp;EV market.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the United&nbsp;States, state laws regulate
the manufacture, distribution, sale and service of automobiles, and generally require motor vehicle manufacturers and dealers to be licensed
in order to sell vehicles directly to residents. Certain states do not permit automobile manufacturers to be licensed as dealers or to
act in the capacity of a dealer, or otherwise restrict a manufacturer&rsquo;s ability to deliver or service vehicles. To sell vehicles
to residents of states where Thunder Power is not licensed as a dealer, Thunder Power expects to conduct the transfer of title out of
the state. In certain such states, Thunder Power expects to open Studios that serve an educational purpose and where the title transfer
may not occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Some automobile dealer trade associations may
challenge the legality of Thunder Power&rsquo;s operations and direct selling operations by OEMs in court and may use administrative and
legislative processes to attempt to prohibit or limit such original equipment manufacturers&rsquo; (&ldquo;OEMs&rdquo;) ability to operate
existing stores or expand to new locations. Certain dealer associations may also actively lobbied state licensing agencies and legislators
to interpret existing laws or enact new laws in ways not favorable to Thunder Power&rsquo;s planned direct sales and service model. Thunder
Power expects dealer trade associations to continue to lobby state licensing agencies and legislators to interpret existing laws or enact
new laws in ways not favorable to its business model; however, Thunder Power intends to oppose such efforts to limit its ability to operate
and intends to proactively support legislation that enables its business model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Should Thunder Power not be allowed to develop
relationships with the largest multi-brand&nbsp;and high-end&nbsp;brand dealers in the U.S.&nbsp;it would be difficult for it as a newcomer
to the U.S.&nbsp;EV market to gain a foothold in the U.S.&nbsp;Thunder Power recognizes that its best strategy for market penetration
is to align itself with a U.S.&nbsp;dealership network, especially for sale of the Coupe, and the eventual servicing of its family of
EVs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If Thunder Power is successful in building out
its business model without limitations from legislations, trade associations or lobbyist, it may be able to explore having a relationship
with one of the large service providers for EVs in the U.S.&nbsp;This potential partner currently maintains 1,000 technicians, 750 mobile
service trucks and 24/7 call centers for warranty and service processing. This potential partner is currently servicing reputable BYD
commercial vehicles. In addition, a sister company of this potential partner specializes in and is the leading full-service&nbsp;provider
of repair/remanufacture, storage, distribution and logistics, first life extension and recycling services on the entire battery life cycle.
Together these two companies are subsidiaries of a large $21&nbsp;billion revenue privately held company in the U.S.&nbsp;and would offer
great potential to Thunder Power should the service segment of Thunder Power&rsquo;s business model materializes. Thunder Power has not
entered into any formal discussions or negotiations with this potential partner and there is no guarantee that Thunder Power will ever
do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>ADAS technology is subject to uncertain and evolving regulations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect to introduce certain ADAS technologies
into our vehicles over time. ADAS technology is subject to considerable regulatory uncertainty as the law evolves to catch up with the
rapidly evolving nature of the technology itself, all of which is beyond our control. There is a variety of international, federal and
state regulations that may apply to self-driving&nbsp;and driver-assisted&nbsp;vehicles, which include many existing vehicle standards
that assume a human driver will be controlling the vehicle at all times. There are currently no federal U.S.&nbsp;regulations pertaining
to the safety of self-driving&nbsp;vehicles; however, NHTSA has established recommended guidelines. Certain states have legal restrictions
on self-driving&nbsp;vehicles, and many other states are considering them. In Europe, certain vehicle safety regulations apply to self-driving&nbsp;braking
and steering systems, and certain treaties also restrict the legality of certain higher levels of self-driving&nbsp;vehicles. Self-driving&nbsp;laws
and regulations are expected to continue to evolve in numerous jurisdictions in the United&nbsp;States and foreign countries, which increases
the likelihood of a patchwork of complex or conflicting regulations or may delay products or restrict self-driving&nbsp;features and availability,
which could adversely affect our business. Our vehicles may not achieve compliance with the regulatory requirements in some countries
or jurisdictions for certification and rollout to consumers or satisfy changing regulatory requirements which could require us to redesign,
modify or update our ADAS hardware and related software systems. Any such requirements or limitations could impose significant expense
or delays and could harm our competitive position, which could adversely affect our business, prospects, results of operations and financial
condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our auditor, Assentsure PAC, is headquartered in Singapore, and
is subject to inspection by the PCAOB on a regular basis.&nbsp;To the extent that our independent registered public accounting firm&rsquo;s
audit documentation related to their audit reports for our business activities in Hong&nbsp;Kong or Taiwan, the PCAOB may not be able
inspect such audit documentation and, as such, you may be deprived of the benefits of such inspection and our Common Stock could be delisted
from the stock exchange pursuant to the Holding Foreign Companies Accountable Act.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Holding Foreign Companies Accountable Act,
or the HFCAA, was enacted on December&nbsp;18, 2020. The HFCAA states if the SEC determines that we have filed audit reports issued by
a registered public accounting firm that has not been subject to inspection by the Public Company Accounting Oversight Board (the &ldquo;PCAOB&rdquo;)
for three consecutive&nbsp;years beginning in 2021, the SEC shall prohibit our shares from being traded on a national securities exchange
or in the&nbsp;over-the-counter&nbsp;trading market in the United&nbsp;States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the HFCAA, the PCAOB issued a Determination
Report on December&nbsp;16, 2021 which found that the PCAOB is unable to inspect or investigate completely registered public accounting
firms headquartered in parts of the PRC including: (i)&nbsp;Mainland China, and (ii)&nbsp;Hong&nbsp;Kong. In addition, the PCAOB&rsquo;s
report identified the specific registered public accounting firms which are subject to these determinations. Our auditor, Assentsure PAC,
is headquartered in Singapore and is subject to inspection by the PCAOB once every three&nbsp;years or as determined by the PCAOB.&nbsp;Our
auditor is not headquartered in the PRC and was not identified in this report as a firm subject to the PCAOB&rsquo;s determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our independent registered public accounting firm
issued an audit opinion on the financial statements included in this report filed with the SEC and will issue audit reports related to
us in the future. As auditors of companies that are traded publicly in the United&nbsp;States and a firm registered with the PCAOB, our
auditor is required by the laws of the United&nbsp;States to undergo regular inspections by the PCAOB but there is a risk that our auditor&rsquo;s
work papers has not been subjected to inspection by the PCAOB or the PCAOB is currently unable to conduct inspections for reasons unknown
or beyond our control. Inspections of certain other accounting firms that the PCAOB has conducted have identified deficiencies in those
firms&rsquo; audit procedures and quality control procedures, which may be addressed as part of the inspection process to improve future
audit quality. We are required by the HFCAA to have an auditor that is subject to the inspection by the PCAOB.&nbsp;While our present
auditor is located in the United&nbsp;States and the PCAOB is able to conduct inspections on such auditor, to the extent this status changes
in the future and our auditor&rsquo;s audit documentation related to their audit reports for our company becomes outside of the inspection
by the PCAOB or if the PCAOB is unable to inspect or investigate completely our auditor because of a position taken by an authority in
a foreign jurisdiction, trading in our Ordinary shares could be prohibited under the HFCAA, and as a result our ordinary shares could
be delisted from NASDAQ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On March&nbsp;24, 2021, the SEC adopted interim
final rules relating to the implementation of certain disclosure and documentation requirements of the HFCAA, which became effective on
May&nbsp;5, 2021. We will be required to comply with these rules if the SEC identifies our auditors as having a&nbsp;&rdquo;non-inspection&rdquo;&nbsp;year
under a process to be subsequently established by the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On May&nbsp;13, 2021, the PCAOB proposed a new
rule for implementing the HFCAA.&nbsp;Among other things, the proposed rule provides a framework for the PCAOB to use when determining,
under the HFCAA, whether it is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction
because of a position taken by one or more authorities in that jurisdiction. The proposed rule would also establish the manner of the
PCAOB&rsquo;s determinations; the factors the PCAOB will evaluate and the documents and information it will consider when assessing whether
a determination is warranted; the form, public availability, effective date, and duration of such determinations; and the process by which
the board of the PCAOB can modify or vacate its determinations. The proposed rule was adopted by the PCAOB on September&nbsp;22, 2021
and approved by the SEC on November 5, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June&nbsp;22, 2021, the U.S.&nbsp;Senate passed
AHFCAA which, if passed by the U.S.&nbsp;House of Representatives and signed into law, would reduce the number of consecutive&nbsp;non-inspection&nbsp;years
required for triggering the prohibitions under the HFCAA from three&nbsp;years to two, under this proposal, if the auditor is not subject
to PCAOB inspections for two consecutive&nbsp;years, it will trigger the prohibition on trading, thus posing more risks on potential delisting
as well as the price of Company&rsquo;s Ordinary shares especially on foreign companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The SEC is assessing how to implement other requirements
of the HFCAA, including the listing and trading prohibition requirements described above. The SEC may propose additional rules or guidance
that could impact us if our auditor is not subject to the PCAOB inspection. For example, on August&nbsp;6, 2020, the President&rsquo;s
Working Group on Financial Markets, or the PWG, issued the Report on Protecting United&nbsp;States Investors from Significant Risks from
Chinese Companies to the then President of the United&nbsp;States. This report recommended the SEC implement five recommendations to address
companies from jurisdictions that do not provide the PCAOB with sufficient access to fulfill its statutory mandate. Some of the concepts
of these recommendations were implemented with the enactment of the HFCAA.&nbsp;However, some of the recommendations were more stringent
than the HFCAA.&nbsp;For example, if a company was not subject to the PCAOB inspection, the report recommended that the transition period
before a company would be delisted would end on January&nbsp;1, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On December&nbsp;2, 2021, the SEC issued amendments
to finalize the interim final rules previously adopted in March&nbsp;2021, and established procedures to identify issuers and prohibit
the trading of the securities of certain registrants as required by the HFCAA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">While the HFCAA is not currently applicable to
us because our current auditors are subject to PCAOB review, if this changes in the future&nbsp;for any reason, we may be subject to the
HFCAA.&nbsp;The implications of this regulation as applied to us is uncertain. Such uncertainty could cause the market price of our ordinary
shares to be materially and adversely affected, and our securities could be delisted or prohibited from being traded&nbsp;on Nasdaq&nbsp;earlier
than would be required by the HFCAA.&nbsp;If our Common Stock are unable to be listed on another securities exchange, such a delisting
may substantially impair your ability to sell or purchase our Common Stock, and the risk and uncertainty associated with a potential delisting
would have a negative impact on the price of the Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Risks Related to Thunder Power&rsquo;s Products and
Services</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We have not yet commenced mass production, and any significant
delay in the design, manufacture, launch and financing could make it difficult for us to commence production and harm our business and
prospects.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our plan to commercially manufacture and sell
our vehicles is dependent upon the timely availability of funds, upon our finalizing of the related design, engineering, component procurement,
testing, build-out&nbsp;and manufacturing plans in a timely manner and also upon our ability to execute these plans within the planned
timeline. Automobile manufacturers often experience delays in the design, manufacture and commercial release of new vehicle models, and
if we experience significant delays in any of the foregoing processes, it would be difficult for us to commence production, which could
harm our business and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Many of our vehicles are still in the development
and/or testing phase, and may occur later or not at all. Additionally, prior to mass production of our electric vehicles, we will also
need the vehicles to be fully approved for sale according to differing requirements, including but not limited to regulatory requirements,
in the different geographies where we intend to launch our vehicles. Likewise, we may encounter delays with the design, construction,
and regulatory or other approvals necessary to bring online our future manufacturing facility in the United&nbsp;States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Furthermore, we would rely on third party suppliers
for the development, manufacture, and/or provision and development of many of the key components and materials used in our vehicles, as
well as provisioning and servicing equipment in our manufacturing facilities. We understand that many automobile manufacturers have been
affected by ongoing, industry-wide&nbsp;challenges in logistics and supply chains, such as increased port congestion, intermittent supplier
delays, a shortfall of semiconductor supply, and international travel restrictions preventing supply quality engineers from conducting
in-person&nbsp;visits and quality engineering for parts production. We expect to face these and similar challenges which may affect our
ability, and the ability of our suppliers, to obtain parts, components and manufacturing equipment on a timely basis, and in some instances
have resulted in increased costs. We expect that these industry-wide&nbsp;trends will continue for the foreseeable future. To the extent
our suppliers experience any delays in providing us with or developing necessary components, we could experience delays in delivering
on our timelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any significant delay or other complication in
the development, manufacture, launch and production ramp of our future products, features and services, including complications associated
with completing and subsequently expanding our production capacity and supply chain or obtaining or maintaining related regulatory approvals,
or inability to manage such ramps cost-effectively, could materially damage our brand, business, prospects, financial condition and results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The continued development of and the ability to
manufacture our vehicles, are and will be subject to risks, including with respect to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to ensure readiness of firmware features and functions to be integrated into the unified hardware network and cloud as planned and on the desired timeline;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any delays by us in delivering final component designs to our suppliers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our or our suppliers&rsquo; ability to successfully tool their manufacturing facilities as planned and on the desired timeline;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to ensure a working supply chain and desired supplier part quality and quantity as planned and on the desired timeline;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to accurately manufacture vehicles within specified design tolerances;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to establish, refine and scale, as well as make significant investments in manufacturing, supply chain management and logistics functions, including the related information technology systems and software applications;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to adequately reduce and control the costs of key parts and materials;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to manage any transitions or changes in our production process, planned or unplanned;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the occurrence of product defects that cannot be remedied without adversely affecting the production;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to secure necessary funding;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to negotiate and execute definitive agreements with various suppliers for hardware, software, or services necessary to engineer or manufacture our vehicles;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to obtain required regulatory approvals and certifications;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to comply with environmental, safety, and similar regulations and in a timely manner;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to secure necessary components, services, or licenses on acceptable terms and in a timely manner;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to attract, recruit, hire, retain and train skilled personnel including supply chain management, supplier quality, manufacturing and logistics personnel;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to implement effective and efficient quality controls;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays or disruptions in our supply chain including raw material supplies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to maintain arrangements on commercially reasonable terms with our suppliers, delivery and other partners, after sales service providers, and other operationally significant third parties;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other delays, backlog in manufacturing and research and development of new models, and cost overruns; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other risks identified herein.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect that we will require additional financing
to fund our planned operations and expansion plans. If we are unable to arrange for required funds under the terms and on the timeline
that we anticipate, our plans for tooling and building out our manufacturing facilities and for commercial production of our electric
vehicles could be significantly delayed, which would materially adversely affect our business, prospects, financial condition and results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"></P>

<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our prospect for future growth depends upon our ability to establish
and maintain relationships with our potential suppliers and source suppliers for our critical components, and to completely build out
our supply chain, while effectively managing the risks due to such relationships.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our success will depend on our ability to enter
into supplier agreements and establish and maintain our relationships with hundreds of suppliers that are critical to the output and production
of our vehicles. We currently have no supply or supplier agreements and the supplier agreements we have been in discussions regarding,
or may enter into with potential key suppliers in the future may have provisions where such agreements can be terminated in various circumstances,
including potentially without cause. To the extent that we do not have long-term&nbsp;supply agreements with guaranteed pricing for our
parts or components, we will be exposed to fluctuations in prices of components, materials and equipment. In addition, our agreements
for the purchase of other components may contain pricing provisions that are subject to adjustment based on changes in market prices of
key commodities. Substantial increases in the prices for such components, materials and equipment, whether due to supply chain or logistics
issues or due to inflation, would increase our operating costs and could reduce our margins if we cannot recoup the increased costs. Any
attempts to increase the announced or expected prices of our vehicles in response to increased costs could be viewed negatively by our
potential customers and could adversely affect our business, prospects, financial condition or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We currently have no supply or supplier agreements
and may be at a disadvantage in negotiating supply or supplier agreements for the production of our vehicles as we have not commenced
the mass production of our vehicles. In addition, given that in many cases we are an aggregator of automotive parts produced by third
party manufacturers, there is the possibility that supply or supplier agreements for the parts and components for our vehicles could be
at costs that make it difficult for us to operate profitably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The automotive market is highly competitive, and we may not be
successful in competing in this industry.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The global automotive market, particularly for
electric and alternative fuel vehicles, is highly competitive, and we expect it will become even more so in the future. In recent&nbsp;years,
the electric vehicle industry has grown, with several companies that focus completely or partially on the electric vehicle market. We
expect additional companies to enter this market within the next several&nbsp;years. Electric vehicle manufacturers with which we compete
include Tesla, BYD, NIO<SUP>&nbsp;</SUP>as well as an increasing number of U.S.-based&nbsp;and international entrants, many of which have
announced plans to begin selling their own electric vehicles in the near-term. We also compete with established automobile manufacturers
in the luxury vehicle segment, many of which have entered or have announced plans to enter the alternative fuel and electric vehicle market
with either fully electric or plug-in&nbsp;hybrid versions of their vehicles. We compete for sales with luxury vehicles with internal
combustion engines from established manufacturers. Many of our current and potential competitors have significantly greater financial,
technical, manufacturing, marketing and other resources than we do and may be able to devote greater resources to the design, development,
manufacturing, distribution, promotion, sale, servicing, and support of their products. In addition, many of these companies have longer
operating histories, greater name recognition, larger and more established sales forces, broader customer and industry relationships and
other resources than we do. Our competitors may be in a stronger position to respond quickly to new technologies and may be able to design,
develop, market and sell their products more effectively than we do. We expect competition in our industry to significantly intensify
in the future in light of increased demand for alternative fuel vehicles, continuing globalization, favorable governmental policies, and
consolidation in the worldwide automotive industry. Our ability to successfully compete in our industry will be fundamental to our future
success in existing and new markets. There can be no assurance that we will be able to compete successfully in our markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our ability to generate meaningful product revenue will depend
on consumer adoption of electric vehicles.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are developing and producing only electric
vehicles and, accordingly, our ability to generate meaningful product revenue will highly depend on sustained consumer demand for alternative
fuel vehicles in general and electric vehicles in particular. If the market for electric vehicles does not develop as we expect or develops
more slowly than we expect, or if there is a decrease in consumer demand for electric vehicles, our business, prospects, financial condition
and results of operations will be harmed. The market for electric and other alternative fuel vehicles is relatively new, rapidly evolving,
characterized by rapidly changing technologies, price competition, additional competitors, evolving government regulation (including government
incentives and subsidies) and industry standards, frequent new vehicle announcements and changing consumer demands and behaviors. Any
number of changes in the industry could negatively affect consumer demand for electric vehicles in general and our electric vehicles in
particular.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 31; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, demand for electric vehicles may
be affected by factors directly impacting automobile prices or the cost of purchasing and operating automobiles such as sales and financing
incentives such as tax credits, prices of raw materials and parts and components, cost of fuel, availability of consumer credit, and governmental
regulations, including tariffs, import regulation and other taxes. Volatility in demand may lead to lower vehicle unit sales, which may
result in downward price pressure and adversely affect our business, prospects, financial condition and results of operations. Further,
sales of vehicles in the automotive industry tend to be cyclical in many markets, which may expose us to increased volatility, especially
as we expand and adjust our operations and retail strategies. Specifically, it is uncertain how such macroeconomic factors will impact
us as a new entrant in an industry that has globally been experiencing a recent decline in sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other factors that may influence the adoption
of electric vehicles include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">perceptions about electric vehicle quality, safety, design, performance and cost;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">perceptions about the limited range over which electric vehicles may be driven on a single battery charge;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">perceptions about the total cost of ownership of electric vehicles, including the initial purchase price and operating and maintenance costs, both including and excluding the effect of government and other subsidies and incentives designed to promote the purchase of electric vehicles;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">concerns about electric grid capacity and reliability;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">perceptions about the sustainability and environmental impact of electric vehicles, including with respect to both the sourcing and disposal of materials for electric vehicle batteries and the generation of electricity provided in the electric grid;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the availability of other alternative fuel vehicles, including plug-in&nbsp;hybrid electric vehicles;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">improvements in the fuel economy of the internal combustion engine;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the quality and availability of service for electric vehicles, especially in international markets;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">volatility in the cost of oil and gasoline;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">government regulations and economic incentives promoting fuel efficiency and alternate forms of energy;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">access to charging stations and cost to charge an electric vehicle, especially in international markets, and related infrastructure costs and standardization;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the availability of tax and other governmental incentives to purchase and operate electric vehicles or future regulation requiring increased use of nonpolluting vehicles; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">macroeconomic factors.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The influence of any of the factors described
above or any other factors may cause a general reduction in consumer demand for electric vehicles or our electric vehicles in particular,
either of which would materially and adversely affect our business, results of operations, financial condition and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Until the foreseeable future our revenue will be significantly
dependent on a limited number of models of electric vehicles.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company currently has four models of electric
vehicles featured in its phased development strategy and our revenue in the foreseeable future will be significantly dependent on a limited
number of models. Although we have other vehicle models on our product roadmap, we currently do not expect to introduce another vehicle
model for sale to these four models until at least 2030. We expect to rely on sales from the Limited Edition Coupe (the &ldquo;Coupe&rdquo;
or &ldquo;488&rdquo;), Long-range&nbsp;Sedan (the &ldquo;Sedan&rdquo;), Compact City Car (the &ldquo;City Car&rdquo; or &ldquo;Chloe&rdquo;)
and the Long-range&nbsp;SUV (the &ldquo;SUV&rdquo;, the Coupe, Sedan, City Car and SUV collectively referred to as the &ldquo;Models&rdquo;),
among other sources of financing, for the capital that will be required to develop and commercialize those subsequent models. To the extent
that production of the models is delayed, reduced, or is not well-received&nbsp;by the market for any reason, our revenue and cash flow
would be adversely affected, we may need to seek additional financing earlier than we expect, and such financing may not be available
to us on commercially reasonable terms, or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"></P>

<!-- Field: Page; Sequence: 32; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Developments in electric vehicle or alternative fuel technology
or improvements in the internal combustion engine may adversely affect the demand for our vehicles.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may be unable to keep up with changes in electric
vehicle technology or alternatives to electricity as a fuel source and, as a result, our competitiveness may suffer. Significant developments
in alternative technologies, such as alternative battery cell technologies, hydrogen fuel cell technology, advanced gasoline, ethanol
or natural gas, or improvements in the fuel economy of the internal combustion engine, may materially and adversely affect our business
and prospects in ways we do not currently anticipate. Existing and other battery cell technologies, fuels or sources of energy may emerge
as customers&rsquo; preferred alternative to the technologies in our electric vehicles. Any failure by us to develop new or enhanced technologies
or processes, or to react to changes in existing technologies, could materially delay our development and introduction of new and enhanced
electric vehicles, which could result in the loss of competitiveness of our vehicles, decreased revenue and a loss of market share to
competitors. In addition, we expect to compete in part on the basis of our vehicles&rsquo; range, efficiency, charging speeds and performance,
and improvements in the technology offered by competitors could reduce demand for our models or other future vehicles. As technologies
change, we plan to upgrade or adapt our vehicles and introduce new models that reflect such technological developments, but our vehicles
may become obsolete, and our research and development efforts may not be sufficient to adapt to changes in alternative fuel and electric
vehicle technology. Additionally, as new companies and larger, existing vehicle manufacturers continue to enter the electric vehicle space,
we may lose any technological advantage we may have and suffer a decline in our competitive position. Any failure by us to successfully
react to changes in existing technologies or the development of new technologies could materially harm our competitive position and growth
prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We will be dependent on our suppliers and the inability of these
suppliers to deliver necessary components of our products according to our schedule and at prices, quality levels and volumes acceptable
to us, or our inability to efficiently manage these components or to implement or maintain effective inventory management and other systems,
processes and personnel to support ongoing and increased production, could have a material adverse effect on our results of operations
and financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will rely on third-party&nbsp;suppliers for
the provision and development of many of the key components and materials used in our vehicles. While we plan to obtain components from
multiple sources whenever possible, many of the components used in our vehicles will be purchased by us from a single, yet unknown, source.
Our limited, and in many cases single-source, supply chain approach exposes us to multiple potential sources of delivery failure or component
shortages for our production. Our potential third-party&nbsp;suppliers may not be able to meet our required product specifications and
performance characteristics, which would impact our ability to achieve our product specifications and performance characteristics as well.
Additionally, our potential third-party&nbsp;suppliers may be unable to obtain required certifications or provide necessary warranties
for their products that are necessary for use in our vehicles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may be affected by ongoing, industry-wide&nbsp;challenges
in logistics and supply chains, such as increased port congestion, intermittent supplier delays a shortfall of semiconductor supply, and
international travel restrictions preventing supply quality engineers from conducting in-person&nbsp;visits and quality engineering for
parts production. We expect that these industry-wide&nbsp;trends will continue to affect the ability of us and our suppliers to obtain
parts, components and manufacturing equipment on a timely basis for the foreseeable future, and may result in increased costs. We may
also be impacted by changes in our future supply chain or production needs, including cost increases from our suppliers, in order to meet
our quality targets and development timelines as well as due to design changes. Likewise, any significant increases in our production
may in the future require us to procure additional components in a short amount of time. Our suppliers may not ultimately be able to sustainably
and timely meet our cost, quality and volume needs, requiring us to replace them with other sources. In many cases, our suppliers will
be providing us with custom-designed&nbsp;parts that would require significant lead time to obtain from alternative suppliers, or may
not be available from alternative suppliers at all. If we are unable to obtain suitable components and materials used in our vehicles
from our suppliers or if our suppliers decide to create or supply a competing product, our business could be adversely affected. Further,
if we are unsuccessful in our efforts to control and reduce supplier costs, our results of operations will suffer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have not experienced, but may in the future
experience, delays if our suppliers do not meet agreed upon timelines, experience capacity constraints, or deliver components that do
not meet our quality standards. Any disruption in the supply of components, whether or not from a single source supplier, could temporarily
disrupt production of our vehicles until an alternative supplier is able to supply the required material. Any such delay, even if caused
by a delay or shortage in only one part, could significantly affect our ability to meet our planned vehicle production targets. Even in
cases where we may be able to establish alternate supply relationships and obtain or engineer replacement components for our single source
components, we may be unable to do so quickly, or at all, at prices or quality levels that are acceptable to us. This risk is heightened
by the fact that we have less negotiating leverage with suppliers than larger and more established automobile manufacturers, which could
adversely affect our ability to obtain necessary components and materials on a timely basis, on favorable pricing and other terms, or
at all. The industry in which we operate has recently experienced severe supply chain disruptions, and we expect these conditions to continue
for the foreseeable future. Any such supply disruption could materially and adversely affect our results of operations, financial condition
and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 33; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Furthermore, as the scale of our vehicle production
increases in the future, we will need to accurately forecast, purchase, warehouse and transport components to our manufacturing facilities
and servicing locations internationally and at much higher volumes. We have not yet scaled production in our manufacturing facilities
to significant volumes or begun servicing vehicles at significant volumes. Accordingly, our ability to scale production and vehicle servicing
and mitigate risks associated with these activities has not been thoroughly tested. If we are unable to accurately match the timing and
quantities of component purchases to our actual needs, successfully recruit and retain personnel with relevant experience, or successfully
implement automation, inventory management and other systems or processes to accommodate the increased complexity in our supply chain
and manufacturing operations, we may incur unexpected production disruption, storage, transportation and write-off&nbsp;costs, which could
have a material adverse effect on our results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Furthermore, unexpected changes in business conditions,
materials pricing, labor issues, wars, governmental changes, tariffs, natural disasters, health epidemics, and other factors beyond our
and our suppliers&rsquo; control could also affect these suppliers&rsquo; ability to deliver components to us on a timely basis. We have
also identified certain of our suppliers, including certain suppliers we deem critical, as having poor financial health or being at risk
of bankruptcy. Although we routinely review our suppliers&rsquo; financial health and attempt to identify alternate suppliers where possible,
the loss of any supplier, particularly a single- or limited-source&nbsp;supplier, or the disruption in the supply of components from our
suppliers, could lead to vehicle design changes, production delays, idle manufacturing facilities and potential loss of access to important
technology and parts for producing, servicing and supporting our vehicles, any of which could result in negative publicity, damage to
our brand and a material and adverse effect on our business, prospects, results of operations and financial condition. In addition, if
our suppliers experience substantial financial difficulties, cease operations or otherwise face business disruptions, we may be required
to provide substantial financial support to ensure supply continuity, which could have an additional adverse effect on our liquidity and
financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Increases in costs, disruption of supply or shortage of materials,
in particular for&nbsp;lithium-ion&nbsp;cells or semiconductors, could harm our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As we scale commercial production of our vehicles
or any future energy storage systems, we have experienced and may continue to experience increases in the cost of or a sustained interruption
in the supply or shortage of materials. Any such increase, supply interruption or shortage could materially and adversely impact our business,
results of operations, prospects and financial condition. In addition, we use various materials in our business, including aluminum, steel,
lithium, nickel, copper, cobalt, neodymium, terbium, praseodymium and manganese, as well as lithium-ion&nbsp;cells and semiconductors
from suppliers.<SUP>&nbsp;</SUP>The prices for these materials fluctuate, and their available supply may be unstable, depending on market
conditions, inflationary pressure and global demand for these materials, including as a result of increased production of electric vehicles,
energy storage products by our competitors and the global supply chain crisis, and could adversely affect our business and results of
operations. For instance, we are exposed to multiple risks relating to lithium-ion&nbsp;cells. These risks include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the inability or unwillingness of current battery manufacturers to build or operate battery cell manufacturing plants to supply the numbers of lithium-ion&nbsp;cells required to support the growth of the electric vehicle industry as demand for such cells increases;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an increase in the cost, or decrease in the available supply, of materials, such as cobalt, used in lithium-ion&nbsp;cells;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">disruption in the supply of cells due to quality issues or recalls by battery cell manufacturers; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations in the value of any foreign currencies, in which battery cell and related raw material purchases are or may be denominated against the U.S.&nbsp;dollar.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our ability to manufacture our vehicles or any
future energy storage systems will depend on the continued supply of battery cells for the battery packs used in our products. We have
limited flexibility in changing battery cell suppliers, and any disruption in the supply of battery cells from such suppliers could disrupt
production of our vehicles until a different supplier is fully qualified. Furthermore, our ability to manufacture our vehicles depends
on continuing access to semiconductors and components that incorporate semiconductors. A global semiconductor supply shortage is having
wide-ranging&nbsp;effects across multiple industries and the automotive industry in particular, and it has impacted many automotive suppliers
and manufacturers, including us, that incorporate semiconductors into the parts they supply or manufacture. We have experienced and may
continue to experience an impact on our operations as a result of the semiconductor supply shortage, and such shortage could in the future
have a material impact on us or our suppliers, which could delay or reduce planned production levels of the Models or planned future vehicles,
impair our ability to continue production once started or force us or our suppliers to pay exorbitant rates for continued access to semiconductors,
and of which could have a material adverse effect on our business, prospects and results of operations. In addition, prices and transportation
expenses for these materials fluctuate depending on many factors beyond our control, including fluctuations in supply and demand, currency
fluctuations, tariffs and taxes, fluctuations and shortages in petroleum supply, freight charges and other economic and political factors.
These risks could be further magnified by geographical developments such as the conflict between Ukraine and Russia. Substantial increases
in the prices for our materials or prices charged to us, such as those charged by battery cell or semiconductor suppliers, would increase
our operating costs, and could reduce our margins if we cannot recoup the increased costs through increased prices. Any attempts to increase
product prices in response to increased material costs could result in cancellations of orders and reservations and materially and adversely
affect our brand, image, business, results of operations, prospects and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 34; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Furthermore, currency fluctuations, tariffs or
shortages in petroleum and other economic or political conditions have and may continue to result in significant increases in freight
charges and raw material costs. Substantial increases in the prices for our raw materials or components would increase our operating costs
and could reduce our margins. In addition, a growth in popularity of electric vehicles without a significant expansion in battery cell
production capacity could result in shortages which would result in increased materials costs to us, and would impact our expected manufacturing
and delivery timelines, and adversely affect our business, prospects, financial condition, results of operations, and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We must develop complex software and technology systems, including
in coordination with vendors and suppliers, in order to produce our electric vehicles, and there can be no assurance such systems will
be successfully developed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our vehicles, use a substantial amount of third-party&nbsp;and
proprietary software and complex technological hardware to operate, some of which is still subject to further development and testing.
The development and implementation of such advanced technologies is inherently complex, and requires coordination with our vendors and
suppliers in order to integrate such technology into our electric vehicles and ensure it interoperates with other complex technology as
designed and as expected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may fail to detect defects and errors that
are subsequently revealed, and our control over the performance of third-party&nbsp;services and systems may be limited. Any defects or
errors in, or which are attributed to, our technology, could result in, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">delayed production and delivery of our vehicles;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">delayed market acceptance of our vehicles;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss of customers or inability to attract new customers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">diversion of engineering or other resources for remedying the defect or error;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">damage to our brand or reputation;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased service and warranty costs;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">legal action by customers or third parties, including product liability claims; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">penalties imposed by regulatory authorities.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, if we are unable to develop the software
and technology systems necessary to operate our vehicles, our competitive position will be harmed. We rely on third-party&nbsp;suppliers
to develop a number of technologies for use in our products.<SUP>&nbsp;</SUP>There can be no assurances that our suppliers will be able
to meet the technological requirements, production timing and volume requirements to support our business plan. In addition, such technology
may not satisfy the cost, performance useful life and warranty characteristics we anticipate in our business plan, which could materially
adversely affect our business, prospects and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If our manufacturing facilities become inoperable, we will be
unable to produce our vehicles and our business will be harmed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any failure to continue commercial production
on schedule, such as a breakdown or interruption of our supply chain, would lead to additional costs and would delay our ability to generate
meaningful revenues. In addition, it could prevent us from gaining the confidence of potential customers, spur cancellations of reservations
for the Models and open the door to increased competition. All of the foregoing could hinder our ability to successfully launch and grow
our business and achieve a competitive position in the market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We rely on complex machinery for our operations, and production
involves a significant degree of risk and uncertainty in terms of operational performance, safety, security and costs.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect to utilize a number of new manufacturing
technologies, techniques and processes for our vehicles, such as motor winding equipment, and we may utilize additional new technologies,
techniques and processes in the future. Certain design features in our vehicles present additional manufacturing challenges, such the
Battery Management System and Thermal Management System. There is no guarantee that we will be able to successfully and timely introduce
and scale any such new processes or features.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We also rely heavily on complex machinery for
our operations, and our production involves a significant degree of uncertainty and risk in terms of operational performance and costs.
Our manufacturing plant employs large-scale, complex machinery combining many components, which may suffer unexpected malfunctions from
time to time and will depend on repairs and spare parts that may not be available when needed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 35; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unexpected malfunctions of the manufacturing plant
components may significantly decrease our operational efficiency, including by forcing manufacturing shutdowns in order to conduct repairs
or troubleshoot manufacturing problems. Our facilities may also be harmed or rendered inoperable by natural or man-made&nbsp;disasters,
including but not limited to earthquakes, tornadoes, flooding, fire, power outages, environmental hazards and remediation, costs associated
with decommissioning of equipment, labor disputes and strikes, difficulty or delays in obtaining governmental permits and licenses, damages
or defects in electronic systems, industrial accidents or health epidemics, such as the recent COVID-19&nbsp;pandemic, which may render
it difficult or impossible for us to manufacture our vehicles for some period of time. The inability to produce our vehicles or the backlog
that could develop if our manufacturing plant is inoperable for even a short period of time may result in the loss of customers or harm
our reputation. Although we maintain insurance for damage to our property and the disruption of our business, this insurance may not be
sufficient to cover all of our potential losses and may not continue to be available to us on acceptable terms, if at all. Should operational
risks materialize, they may result in the personal injury to or death of our workers, the loss of production equipment, damage to manufacturing
facilities, monetary losses, delays and unanticipated fluctuations in production, environmental damage, administrative fines, increased
insurance costs and potential legal liabilities, all which could have a material adverse effect on our business, results of operations,
cash flows, financial condition or prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we update or discontinue the use of our manufacturing equipment
more quickly than expected, we may have to shorten the useful lives of any equipment to be retired as a result of any such update, and
the resulting acceleration in our depreciation could negatively affect our financial results.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have invested and expect to continue to invest
significantly in what we believe is state of the art tooling, machinery and other manufacturing equipment, and we depreciate the cost
of such equipment over their expected useful lives. However, manufacturing technology may evolve rapidly, and we may decide to update
our manufacturing processes more quickly than expected. Moreover, as we ramp the commercial production of our vehicles, our experience
may cause us to discontinue the use of already installed equipment in favor of different or additional equipment. The useful life of any
equipment that would be retired early as a result would be shortened, causing the depreciation on such equipment to be accelerated, and
our results of operations could be negatively impacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We have no experience to date in mass manufacturing of our electric
vehicles.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We cannot provide any assurance as to whether
we will be able to develop efficient, automated, low-cost&nbsp;logistics and production capabilities and processes and reliable sources
of component supply that will enable us to meet the quality, price, engineering, design and production standards, as well as the production
volumes, required to successfully mass market our vehicles. Even if we are successful in developing our high volume production capability
and processes and reliably source our component supply, no assurance can be given as to whether we will be able to do so in a manner that
avoids significant delays and cost overruns, including as a result of factors beyond our control such as problems with suppliers and vendors,
or force majeure events, or in time to meet our commercialization schedules, or to store and deliver parts in sufficient quantities to
the manufacturing lines in a manner that enables us to maintain our production ramp curve and rates, or to satisfy the requirements of
customers and potential customers. Any failure to develop such logistics and production processes and capabilities within our projected
costs and timelines could have a material adverse effect on our business, results of operations, prospects and financial condition. Bottlenecks
and other unexpected challenges have and may continue to arise as we ramp production of the models, and it will be important that we address
them promptly while continuing to control our logistics and manufacturing costs. If we are not successful in doing so, or if we experience
issues with our logistics and manufacturing process improvements, we could face further delays in establishing and/or sustaining our production
ramps or be unable to meet our related cost and profitability targets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If our vehicles fail to perform as expected, our ability to develop,
market and sell or lease our products could be harmed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our vehicles or the components installed therein
have in the past and may in the future contain defects in design and manufacture that may cause them not to perform as expected or that
may require repairs, recalls, and design changes, any of which would require significant financial and other resources to successfully
navigate and resolve. Although we will attempt to remedy any issues we observe in our products as effectively and rapidly as possible,
such efforts could significantly distract management&rsquo;s attention from other important business objectives, may not be timely, may
hamper production or may not be to the satisfaction of our customers. Further, our limited operating history and limited field data reduce
our ability to evaluate and predict the long-term&nbsp;quality, reliability, durability and performance characteristics of our battery
packs, powertrains and vehicles. There can be no assurance that we will be able to detect and fix any defects in our products prior to
their sale or lease to customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any defects, delays or legal restrictions on vehicle
features, or other failure of our vehicles to perform as expected, could harm our reputation and result in delivery delays, product recalls,
product liability claims, breach of warranty claims and significant warranty and other expenses, and could have a material adverse impact
on our business, results of operations, prospects and financial condition. Any such defects or noncompliance with legal requirements could
also result in safety recalls. See &ldquo;<I>&mdash;&nbsp;Risks Related to Regulation and Litigation</I>.&rdquo; As a new entrant to the
industry attempting to build customer relationships and earn trust, these effects could be<I>&nbsp;</I>significantly detrimental to us.
Additionally, problems and defects experienced by other electric consumer vehicles could by association have a negative impact on perception
and customer demand for our vehicles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 36; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, even if our vehicles function as
designed, we expect that the battery efficiency, and hence the range, of our electric vehicles, like other electric vehicles that use
current battery technology, will decline over time. Other factors, such as usage, time and stress patterns, may also impact the battery&rsquo;s
ability to hold a charge, or could require us to limit vehicles&rsquo; battery charging capacity, including via over-the-air&nbsp;or other
software updates, for safety reasons or to protect battery capacity, which could further decrease our vehicles&rsquo; range between charges.
Such decreases in or limitations of battery capacity and therefore range, whether imposed by deterioration, software limitations or otherwise,
could also lead to consumer complaints or warranty claims, including claims that prior knowledge of such decreases or limitations would
have affected consumers&rsquo; purchasing decisions. Further, there can be no assurance that we will be able to improve the performance
of our battery packs, or increase our vehicles&rsquo; range, in the future. Any such battery deterioration or capacity limitations and
related decreases in range may negatively influence potential customers&rsquo; willingness to purchase our vehicles and negatively impact
our brand and reputation, which could adversely affect our business, prospects, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We face challenges providing charging solutions for our vehicles.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Demand for our vehicles will depend in part on
the availability of charging infrastructure both domestically and internationally. While the prevalence of charging stations has been
increasing, charging station locations are significantly less widespread than gas stations. Globally there are supportive regulations
and funding to build and implement more charging stations. In the U.S., there is a movement toward having a uniform charging adaptor whereby
customers of different brands of electric vehicles may use any charging station. However, there is no assurance that more changing stations
will be built and implemented in the future, or that a uniform charging adaptor will be available in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Insufficient reserves to cover future warranty or part replacement
needs or other vehicle repair requirements, including any potential software upgrades, could materially adversely affect our business,
prospects, financial condition and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We provide a new vehicle limited warranty on all
vehicles, components and systems. Warranty reserves will include our management team&rsquo;s best estimate of the projected costs to repair
or to replace items under warranty. Such estimates are inherently uncertain, particularly in light of our limited operating history and
the limited field data available to us, and changes to such estimates based on real-world&nbsp;observations may cause material changes
to our warranty reserves in the future. If our reserves are inadequate to cover future maintenance requirements on our vehicles, our business,
prospects, financial condition and results of operations could be materially and adversely affected. We may become subject to significant
and unexpected expenses as well as claims from our customers, including loss of revenue or damages. There can be no assurances that then-existing&nbsp;reserves
will be sufficient to cover all claims. In addition, if future laws or regulations impose additional warranty obligations on us that go
beyond our manufacturer&rsquo;s warranty, we may be exposed to materially higher warranty, parts replacement and repair expenses than
we expect, and our reserves may be insufficient to cover such expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may not be able to accurately estimate the supply and demand
for our vehicles, which could result in a variety of inefficiencies in our business and hinder our ability to generate revenue. If we
fail to accurately predict our manufacturing requirements, we could incur additional costs or experience delays.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">It is difficult to predict our future revenues
and appropriately budget for our expenses, and we have limited insight into trends that may emerge and affect our business. We will be
required to provide forecasts of our demand to our suppliers several&nbsp;months prior to the scheduled delivery of vehicles to our prospective
customers. Currently, there is no historical basis for making judgments about the demand for our vehicles or our ability to develop, manufacture,
and deliver vehicles, or our profitability in the future. If we overestimate our requirements, our suppliers may have excess inventory,
which indirectly would increase our costs. If we underestimate our requirements, our suppliers may have inadequate inventory, which could
interrupt manufacturing of our products and result in delays in shipments and revenues. In addition, lead times for materials and components
that our suppliers order may vary significantly and depend on factors such as the specific supplier, contract terms and demand for each
component at a given time. If we fail to order sufficient quantities of product components in a timely manner, the delivery of vehicles
to our customers could be delayed, which would harm our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our vehicles will make use of&nbsp;lithium-ion&nbsp;battery cells,
which have been observed to catch fire or vent smoke and flame.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The battery packs within our vehicles make use
of, and any future energy storage systems will make use of lithium-ion&nbsp;cells. On rare occasions, lithium-ion&nbsp;cells can rapidly
release the energy they contain by venting smoke and flames in a manner that can ignite nearby materials as well as other lithium-ion&nbsp;cells.
While we have designed our battery packs to passively contain a single cell&rsquo;s release of energy without spreading to neighboring
cells, a field or testing failure of our vehicles or other battery packs that we produce could occur. In addition, although we equip our
vehicles with systems designed to detect and warn vehicle occupants of such thermal events, there can be no assurance that such systems
will function as designed or will provide vehicle occupants with sufficient, or any, warning in all crashes. Any such events or failures
of our vehicles, battery packs or warning systems could subject us to lawsuits, product recalls, or redesign efforts, all of which would
be time consuming and expensive. Also, negative public perceptions regarding the suitability of lithium-ion&nbsp;cells for automotive
applications or any future incident involving lithium-ion&nbsp;cells, such as a vehicle or other fire, even if such incident does not
involve our vehicles, could seriously harm our business and reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 37; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Risks Related to Cybersecurity and Data Privacy</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Any unauthorized control, manipulation, interruption or compromise
of or access to our products or information technology systems could result in loss of confidence in us and our products, harm our business
and materially adversely affect our financial performance, results of operations or prospects.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our products may contain complex information technology
systems. For example, our vehicles are designed with built-in&nbsp;data connectivity to accept and install periodic remote updates to
improve their functionality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, we expect to collect, store, transmit
and otherwise process data from vehicles, customers, personnel and other third parties as part of our business operations, which may include
personal data or confidential or proprietary information. We also work with third-party&nbsp;service providers and vendors that collect,
store and process such data on our behalf. We have taken certain measures to prevent unauthorized access and plan to continue to deploy
additional measures as we grow. Our third-party&nbsp;service providers and vendors also take steps to protect the security and integrity
of our and their information technology systems and our and their customers&rsquo; information. However, there can be no assurance that
such systems and measures will not be compromised as a result of intentional misconduct, including by personnel, contractors, or vendors,
as well as by software bugs, human error, or technical malfunctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Furthermore, cyber threat actors may in the future
attempt to gain unauthorized access to, modify, alter and use our vehicles, products and systems to (i)&nbsp;gain control of, (ii)&nbsp;change
the functionality, user interface and performance characteristics of and/or (iii)&nbsp;gain access to data stored in or generated by,
our vehicles, products and systems. Advances in technology, new vulnerability discoveries, an increased level of sophistication and diversity
of our products and services, an increased level of expertise of cyber threat actors and new discoveries in the field of cryptography
could lead to a compromise or breach of the measures that we or our third-party&nbsp;service providers use. Some of our products and information
technology systems contain or use open source software, which can create additional risks, including potential security vulnerabilities.
We and our third-party&nbsp;service providers&rsquo; may in the future be affected by security incidents. Our systems are also vulnerable
to damage or interruption from, among other things, computer viruses, malware, ransomware, killware, wiperware, computer denial or degradation
of service attacks, telecommunications failures, social engineering schemes (such as vishing, phishing or smishing), domain name spoofing,
insider theft, physical theft, fire, terrorist attacks, natural disasters, power loss, war, or misuse, mistake or other attempts to harm
our products and systems. Our data center and our third-party&nbsp;service providers&rsquo; or vendors&rsquo; data centers could be subject
to break-ins, sabotage and intentional acts of vandalism causing potential disruptions. Some of our systems will not be fully redundant,
and our disaster recovery planning cannot account for all eventualities. Any problems at our or our third-party&nbsp;service providers&rsquo;
or vendors&rsquo; data centers and/or cloud infrastructure could result in lengthy interruptions in our service and our business operations.
There can be no assurance that any security or other operational measures that we or our third-party&nbsp;service providers or vendors
have implemented will be effective against any of the foregoing threats or issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These risks have been heightened in connection
with the ongoing conflict between Russia and Ukraine and we cannot be certain how this new risk landscape will impact our operations.
When geopolitical conflicts develop, government systems as well as critical infrastructures such as financial services and utilities may
be targeted by state-sponsored&nbsp;cyberattacks even if they are not directly involved in the conflict. There can be no assurance that
our business will not become a potential target as adversaries may attack networks and systems indiscriminately. Such cyberattacks may
potentially cause unauthorized access to our sensitive data (including our proprietary software codes), products, and systems, causing
data breach, or disruption, modification, destruction to our systems and applications. As a result, we may suffer monetary losses, business
interruption, and long-lasting&nbsp;operational issues, damage to our reputation and brand, loss of our intellectual property or trade
secrets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we are unable to protect our products and systems
(and the information stored in our systems) from unauthorized access, use, disclosure, disruption, modification, destruction or other
breach, such problems or security breaches could have negative consequences for our business and future prospects, including compromise
of vehicle integrity and physical safety, causing monetary losses, giving rise to liabilities under our contracts or to the owners of
the applicable information, subjecting us to substantial fines, penalties, damages and other liabilities under applicable laws and regulations,
incurring substantial costs to respond to, investigate and remedy such incidents, reducing customer demand for our products, harming our
reputation and brand and compromising or leading to a loss of protection of our intellectual property or trade secrets. In addition, regardless
of their veracity, reports of unauthorized access to our vehicles, systems or data, as well as other factors that may result in the perception
that our vehicles, systems or data are vulnerable to being &ldquo;hacked,&rdquo; could negatively affect our brand. In addition, some
members of the U.S.&nbsp;federal government, including certain members of Congress and the National Highway Traffic Safety Administration
(&ldquo;<I>NHTSA</I>&rdquo;)<I>,</I>&nbsp;have recently focused attention on automotive cybersecurity issues and may in the future propose
or implement regulations specific to automotive cybersecurity. In addition, the United Nations Economic Commission for Europe has introduced
new regulations governing connected vehicle cybersecurity, which became effective in January&nbsp;2021 and are expected to apply in the
European Union to all new vehicle types beginning in July&nbsp;2022 and to all existing architectures/new vehicles from July&nbsp;2024.
Such regulations are also in effect, or expected to come into effect, in certain other international jurisdictions. These and other regulations
could adversely affect the timing of our entry into various markets, and if such regulations or other future regulations are inconsistent
with our approach to automotive cybersecurity, we would be required to modify our systems to comply with such regulations, which would
impose additional costs and delays and could expose us to potential liability to the extent our automotive cybersecurity systems and practices
are inconsistent with such regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may not have adequate insurance coverage to
cover losses associated with any of the foregoing, if any. The successful assertion of one or more large claims against us that exceeds
our available insurance coverage, or results in changes to our insurance policies (including premium increases or the imposition of large
deductible or co-insurance&nbsp;requirements), could have an adverse effect on our business. In addition, we cannot be sure that our existing
insurance coverage will continue to be available on acceptable terms or that our insurers will not deny coverage as to any future claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 38; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Furthermore, we are continuously expanding and
improving our information technology systems. In particular, our planned future vehicles will necessitate continued development, maintenance
and improvement of our information technology and communication systems in the United&nbsp;States and abroad, such as systems for product
data management, vehicle management tools, vehicle security systems, vehicle security management processes, procurement of bill of material
items, supply chain management, inventory management, production planning and execution, lean manufacturing, sales, service and logistics,
dealer management, financial, tax and regulatory compliance systems. Our ability to operate our business will depend on the availability
and effectiveness of these systems. The implementation, maintenance, segregation and improvement of these systems require significant
management time, support and cost. Moreover, there are inherent risks associated with developing, improving and expanding our core systems
as well as implementing new systems, including the disruption of our data management, procurement, manufacturing execution, finance, supply
chain, inventory management, and sales and service processes. We cannot be certain that these systems or their required functionality
will be effectively and timely developed, implemented, maintained or expanded as planned. If we are unsuccessful in any of the foregoing,
our operations may be disrupted, our ability to accurately or timely report our financial results could be impaired, and deficiencies
may arise in our internal control over financial reporting, which may impact our ability to certify our financial results. If these systems
or their functionality do not operate as we expect them to, we may be required to expend significant resources to make corrections or
find alternative sources for performing these functions. Any of the foregoing could materially adversely affect our business, prospects,
results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, our vehicles depend on the ability
of software and hardware to store, retrieve, process and manage immense amounts of data. Our software and hardware, including any over-the-air&nbsp;or
other updates, may contain, errors, bugs, design defects or vulnerabilities, and our systems may be subject to technical limitations that
may compromise our ability to meet our objectives. Some errors, bugs or vulnerabilities may reside in third-party&nbsp;intellectual property
or open source software and/or be inherently difficult to detect and may only be discovered after code has been released for external
or internal use. Although we will attempt to remedy any issues we observe in our vehicles as effectively and rapidly as possible, such
efforts may not be timely, may hamper production or may not be to the satisfaction of our customers. Additionally, if we are able to deploy
updates to the software addressing any issues but our over-the-air&nbsp;update procedures fail to properly update the software, our customers
will then be responsible for working with our service personnel to install such updates to the software, and their vehicle will be subject
to these vulnerabilities until they do so. Any compromise of our intellectual property, proprietary information, systems or vehicles or
inability prevent or effectively remedy errors, bugs, vulnerabilities or defects in our software and hardware may cause us to suffer lengthy
interruptions to our ability to operate our business and our customers&rsquo; ability to operate their vehicles, compromise of vehicle
integrity and physical safety, damage to our reputation, loss of customers, loss of revenue, governmental fines, investigations or litigation
or liability for damages, any of which could materially adversely affect our business, results of operations, prospects and financial
condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are subject to evolving laws, regulations, standards, policies,
and contractual obligations related to data privacy and security, and any actual or perceived failure to comply with such obligations
could harm our reputation and brand, subject us to significant fines and liability, or otherwise adversely affect our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the course of our operations, we may collect,
use, store, disclose, transfer and otherwise process personal information from our customers, personnel and third parties with whom we
conduct business, including names, accounts, driver license information, user IDs and passwords, and payment or transaction related information.
Additionally, we will use our vehicles&rsquo; electronic systems to log information about each vehicle&rsquo;s use, such as charge time,
battery usage, geolocation, mileage and driving behavior, in order to aid it in vehicle diagnostics, repair and maintenance, as well as
to help us customize and improve the driving and riding experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Accordingly, we may be subject to or affected
by a number of federal, state, local and international laws and regulations, as well as contractual obligations and industry standards,
that impose certain obligations and restrictions with respect to data privacy and security and govern our collection, storage, retention,
protection, use, transmission, sharing, disclosure and other processing of personal information including that of our personnel, customers
and other third parties with whom we conduct business. These laws, regulations and standards may be interpreted and applied differently
over time and from jurisdiction to jurisdiction, and it is possible that they will be interpreted and applied in ways that may have a
material and adverse impact on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The global data protection landscape is rapidly
evolving, and implementation standards and enforcement practices are likely to remain uncertain for the foreseeable future. We may not
be able to monitor and react to all developments in a timely manner. For example, the European Union adopted the General Data Protection
Regulation (&ldquo;<I>GDPR</I>&rdquo;)<I>,</I>&nbsp;which became effective in May&nbsp;2018, California adopted the California Consumer
Privacy Act&nbsp;of&nbsp;2018 (&ldquo;<I>CCPA</I>&rdquo;)<I>,</I>&nbsp;which became effective in January&nbsp;2020, Canada adopted the
Personal Information Protection and Electronic Documents Act (&ldquo;<I>PIPEDA</I>&rdquo;) and continues to amend the statute, the United
Arab Emirates adopted the Data Protection Law (&ldquo;<I>DPL</I>&rdquo;), which became effective in January&nbsp;2022, and the Kingdom
of Saudi Arabia enacted the Personal Data Protection Law (&ldquo;<I>PDPL</I>&rdquo;) which will take effect in March&nbsp;2023. Each of
the GDPR, the CCPA, the PIPEDA, the DPL and the PDPL impose additional obligations on companies regarding the handling of personal data
and provides certain individual privacy rights to persons whose data is collected. Compliance with existing, proposed and recently enacted
laws and regulations (including implementation of the privacy and process enhancements called for under the GDPR, CCPA, PIPEDA, DPL and
PDPL) can be costly, and any failure to comply with these regulatory standards could subject us to legal and reputational risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 39; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Specifically, failure to comply with the GDPR
can result in significant fines and other liability, including, under the GDPR, fines of up to EUR 20&nbsp;million or four percent (4%)
of global revenue, whichever is greater. The cost of compliance, and the potential for fines and penalties for non-compliance, with GDPR
may have a significant adverse effect on our business and operations. Recent legal developments in the European Economic Area (&ldquo;<I>EEA</I>&rdquo;),
including recent rulings from the Court of Justice of the European Union and from various EU member state data protection authorities,
have created complexity and uncertainty regarding transfers of personal data from the EEA to the United&nbsp;States and other so-called&nbsp;third
countries outside the EEA.&nbsp;Similar complexities and uncertainties also apply to transfers from the United Kingdom to third countries.
While we have taken steps to mitigate the impact on us, the efficacy and longevity of these mechanisms remains uncertain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At the state level, we may be subject to law and
regulations such as the CCPA.&nbsp;The CCPA establishes a privacy framework for covered businesses, including an expansive definition
of personal information and data privacy rights for California residents. The CCPA includes a framework with potentially severe statutory
damages for violations and a private right of action for certain data breaches. The CCPA requires covered businesses to provide California
residents with new privacy-related&nbsp;disclosures and new ways to opt-out&nbsp;of certain uses and disclosures of personal information.
As we expand our operations, the CCPA may increase our compliance costs and potential liability. Some observers have noted that the CCPA
could mark the beginning of a trend toward more stringent privacy legislation in the United&nbsp;States. Additionally, effective in most
material respects starting on January&nbsp;1, 2023, the California Privacy Rights Act (&ldquo;<I>CPRA</I>&rdquo;)<I>,</I>&nbsp;will significantly
modify the CCPA, including by expanding California residents&rsquo; rights with respect to certain sensitive personal information. The
CPRA also creates a new state agency that will be vested with the authority to implement and enforce the CCPA and the CPRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other states, including Virginia and Colorado,
have enacted or are in the process of enacting, or considering similar laws. Compliance with these state statutes, other similar state
or federal laws that may be enacted in the future, and other applicable privacy and data security laws and regulations is a rigorous and
time-intensive&nbsp;process, and we may be required to put in place additional mechanisms to comply with such laws and regulations, which
could cause us to incur substantial costs or require us to change our business practices, including our data practices, in a manner adverse
to our business. In particular, certain emerging privacy laws are still subject to a high degree of uncertainty as to their interpretation
and application. Failure to comply with applicable laws or regulations or to secure personal information could result in investigations,
enforcement actions and other proceedings against us, which could result in substantial fines, damages and other liability as well as
damage to our reputation and credibility, which could have a negative impact on revenues and profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will be required to post public privacy policies
and other documentation regarding our collection, use, disclosure and other processing of personal information. Although we will endeavor
to comply with our published policies and other documentation, we may at times fail to do so or may be perceived to have failed to do
so. Moreover, despite our efforts, we may not be successful in achieving compliance if our personnel, contractors, service providers,
vendors or other third parties fail to comply with our published policies and documentation. Such failures could carry similar consequences
or subject us to potential local, state and federal action if they are found to be deceptive, unfair or misrepresentative of our actual
practices. Claims that we have violated individuals&rsquo; privacy rights or failed to comply with data protection laws or applicable
privacy notices could, even if we are not found liable, be expensive and time-consuming&nbsp;to defend and could result in adverse publicity
that could harm our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Most jurisdictions have enacted laws requiring
companies to notify individuals, regulatory authorities and other third parties of security breaches involving certain types of data.
For example, laws in all 50 U.S.&nbsp;states generally require business to provide notice under certain circumstances to consumers whose
personal information has been disclosed as a result of a breach. Such laws may be inconsistent or may change or additional laws may be
adopted. In addition, our agreements with certain customers may require us to notify them in the event of a security breach. Such mandatory
disclosures are costly, could lead to negative publicity, penalties or fines, litigation and our customers losing confidence in the effectiveness
of our security measures and could require us to expend significant capital and other resources to respond to or alleviate problems caused
by the actual or perceived security breach. Any of the foregoing could materially adversely affect our business, prospects, results of
operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 40; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Risks Related to Ownership of Thunder Power&rsquo;s
Securities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Risks Related to Ownership of Thunder Power&rsquo;s Common
Stock</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The price of our Common Stock may be volatile.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The stock price of our Common Stock may be volatile.
The market price for our Common Stock may be influenced by many factors, including the other risks described in this section and the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual or anticipated variations in our financial results or those of companies that are perceived to be similar to us;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">market conditions in the EV sectors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">market conditions and sentiment involving companies that have recently completed a business combination with a special purpose acquisition company (&ldquo;SPAC&rdquo;);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements by us or our competitors of significant acquisitions, strategic alliances, joint ventures or capital commitments;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">developments or disputes concerning patents or other proprietary rights, including patents, litigation matters and our ability to obtain patent protection for its products;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability or inability to raise additional capital and the terms on which it is raised;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the recruitment or departure of key personnel;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual or anticipated changes in earnings estimates or changes in stock market analyst recommendations regarding our Common Stock, other comparable companies or the industry generally;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our failure or the failure of our competitors to meet analysts&rsquo; projections or guidance;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations in the valuation of companies perceived by investors to be comparable to us;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcement and expectation of additional financing efforts;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">speculation in the press or investment community;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">trading volume of our Common Stock;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales of our Common Stock by us or Selling Stockholders;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the concentrated ownership of our Common Stock;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in accounting principles;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">terrorist acts, acts of war or periods of widespread civil unrest;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">natural disasters, public health crises and other calamities; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">general economic, industry and market conditions.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, the stock markets in general, and
the markets for SPAC post-business&nbsp;combination businesses, EV stocks in particular, have experienced extreme volatility during 2024.
This volatility can often be unrelated to the operating performance of the underlying business. These broad market and industry factors
may seriously harm the market price of our Common Stock, regardless of our operating performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"></P>

<!-- Field: Page; Sequence: 41; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may incur significant costs from class action litigation due
to stock volatility.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our stock price may fluctuate for many reasons,
including as a result of public announcements regarding the progress of development efforts for our EVs, the development efforts of future
collaborators or competitors, the addition or departure of key personnel, variations in quarterly operating results and changes in market
valuations of EV companies. This risk is especially relevant to us because EV companies have experienced significant stock price volatility
in recent&nbsp;years, including since the public announcement of our Business Combination in October&nbsp;2023. In addition, recently
there has been significant stock price volatility involving the shares of companies that have recently completed business combinations
with SPACs. When the market price of a stock has been volatile, as our stock price may be, holders of that stock have occasionally brought
securities class action litigation against the company that issued the stock. Additionally, there has recently been a general increase
in litigation against companies that have recently completed business combinations with SPACs alleging fraud and other claims based on
inaccurate or misleading disclosures. If any of our stockholders were to bring a lawsuit of this type against us, even if the lawsuit
is without merit, we could incur substantial costs defending the lawsuit. The lawsuit could also divert the time and attention of management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are an &ldquo;emerging growth company&rdquo; and the reduced
disclosure requirements applicable to emerging growth companies may make our Common Stock less attractive to investors and may make it
more difficult to compare our financial performance with other public companies.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are an emerging growth company, as defined
in the JOBS Act, and we intend to take advantage of certain exemptions from various reporting requirements that are applicable to other
public companies that are not emerging growth companies, including not being required to comply with the auditor attestation requirements
of Section&nbsp;404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in periodic reports and
proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder
approval of any golden parachute payments not previously approved. An emerging growth company may elect to delay the adoption of new or
revised accounting standards. As a result, our financial statements may not be comparable to companies that comply with the effective
dates of revised accounting standards. Investors may find our Common Stock less attractive because of our reliance on these exemptions.
If some investors find our Common Stock less attractive as a result, there may be a less active trading market for their common stock,
and the stock price may be more volatile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Future sales and issuances of Common Stock or rights to purchase
Common Stock could result in additional dilution to our stockholders and could cause the price of our Common Stock to decline.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Significant additional capital will be needed
in the future to continue our planned operations. To raise capital, we may sell shares of Common Stock, convertible securities, or other
equity securities in one or more transactions at prices and in a manner as determined from time to time. If we sell Common Stock, convertible
securities, or other equity securities, current stockholders may be materially diluted by such sales. New investors could gain rights,
preferences, and privileges senior to the current holders of our Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the 2024 Plan, the Board or a committee
appointed by the Board to administer the 2024 Omnibus Equity Incentive Plan (the &ldquo;Administrator&rdquo;), is authorized to grant
stock options to our employees, non-employee&nbsp;directors, and consultants. Initially, the maximum aggregate number of shares of Common
Stock that may be issued pursuant to stock awards under the 2024 Omnibus Equity Incentive Plan is approximately&nbsp;4,588,005&nbsp;shares
of Common Stock. Annually, on the first&nbsp;trading day of the calendar year, beginning with calendar year 2025, such share reserve will
automatically increase by 5% of the total number of shares of Common Stock outstanding as of the last&nbsp;day of the immediately preceding
calendar year, unless the Administrator acts prior to January&nbsp;1 of such year to provide that there will be no increase or a lesser
increase in the share reserve for that year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The issuance of additional shares of Common Stock
or other equity securities of equal or senior rank may have some or all of the following effects:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.2pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount of cash available per share, including for payment of dividends in the future, may decrease;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the relative voting strength of each previously outstanding share of common stock may be diminished; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the market price of our Common Stock may decline.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.2pt; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Reports published by analysts, including projections in those
reports that differ from our actual results, could adversely affect the price and trading volume of our Common Stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Securities research analysts may publish their
own periodic financial projections for our business. These projections may vary widely and may not accurately predict the results that
we actually achieve. Our stock price may decline if our actual results do not match the projections of these securities research analysts.
Similarly, if one or more of the analysts who write reports on us downgrades our stock or publishes inaccurate or unfavorable research
about our business, our stock price could decline. If one or more of these analysts ceases coverage or fails to publish reports on us
regularly, our stock price or trading volume could decline. If no analysts cover us, the trading price and volume for our Common Stock
could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"></P>

<!-- Field: Page; Sequence: 42; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Anti-takeover provisions in our governing documents and under
Delaware law could make an acquisition of us more difficult, limit attempts by our stockholders to replace or remove our current management
and limit the market price of our Common Stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Second Amended and Restated Certificate of
Incorporation of the Company (the &ldquo;Charter&rdquo;), the Company&rsquo;s bylaws (the &ldquo;Bylaws&rdquo;) and Delaware law contain
provisions that could have the effect of rendering more difficult, delaying, or preventing an acquisition deemed undesirable by the Board.
Among other things, the Charter and/or the Company&rsquo;s Bylaws include the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.2pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">permit the Board to issue up to 100,000,000&nbsp;shares of preferred stock, with any rights, preferences, and privileges as they may designate, including the right to approve an acquisition or other change of control;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide that the number of directors may be changed only by resolution of the Board;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide that, subject to the rights of any series of preferred stock to elect directors, directors may be removed only for cause by the holders of two-thirds&nbsp;(66 and 2/3%) of the voting power of all of the then outstanding shares of voting stock of Combined Company entitled to vote generally at an election of directors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide that all vacancies, subject to the rights of any series of preferred stock, including newly created directorships, may, except as otherwise required by law, be filled exclusively by the affirmative vote of a majority of the directors then in office, even though less than a quorum, or by a sole remaining director;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide that stockholders seeking to present proposals before a meeting of stockholders or seeking to nominate candidates for election as directors at a meeting of stockholders must provide advance notice in writing, and specify requirements as to the form and content of such notice;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide that special meetings of the our stockholders may be called the Board; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide that the Board will be divided into three classes of directors, with only one class of directors being elected each year and each individual director serving a three-year&nbsp;term, thereby making it more difficult for stockholders to change the composition of the Board.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.2pt; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These provisions, alone or together, could delay
or prevent hostile takeovers and changes in control or changes in our management. As a Delaware corporation, we are also subject to provisions
of Delaware law, including Section 203 of the Delaware General Corporation Law, as may be amended from time to time (the &ldquo;DGCL&rdquo;),
which prevents interested stockholders, such as certain stockholders holding more than 15% of our outstanding common stock, from engaging
in certain business combinations unless (i) prior to the time such stockholder became an interested stockholder, the board of directors
approved the transaction that resulted in such stockholder becoming an interested stockholder, (ii) upon consummation of the transaction
that resulted in such stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the common stock,
or (iii) following board approval, such business combination receives the approval of the holders of at least two-thirds of our outstanding
common stock not held by such interested stockholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any provision of the Charter, the Company&rsquo;s
Bylaws or Delaware law that has the effect of delaying, preventing or deterring a change in control could limit the opportunity for our
stockholders to receive a premium for their shares of our common stock and could also affect the price that some investors are willing
to pay for our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"></P>

<!-- Field: Page; Sequence: 43; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If the Business Combination&rsquo;s benefits do not meet the
expectations of investors, stockholders or financial analysts, the market price of our Common Stock may decline.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the benefits of the Business Combination do
not meet the expectations of investors or securities analysts, the market price of our Common Stock may decline. Any of the factors listed
below could have a material adverse effect on your investment in our Common Stock and it may trade at a price significantly below the
price you paid for it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Factors affecting the trading price of our Common
Stock following the Business Combination may include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.2pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual or anticipated fluctuations in our quarterly financial results or the quarterly financial results of companies perceived to be similar to us;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in the market&rsquo;s expectations about our operating results;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our operating results failing to meet the expectation of securities analysts or investors in a particular period;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">operating and stock price performance of other companies that investors deem comparable to us;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in laws and regulations affecting our business;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">commencement of, or involvement in, litigation involving us;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in our capital structure, such as future issuances of securities or the incurrence of additional debt;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the volume of shares available for public sale;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any major change in our Board or senior management;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales of substantial amounts of securities by our directors, executive officers, or significant stockholders or the perception that such sales could occur; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other material developments affecting the EV industry.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.2pt; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Broad market and industry factors may materially
affect the market price of our Common Stock irrespective of our operating performance. The stock market in general and Nasdaq have experienced
price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the particular companies
affected. The trading prices and valuations of these stocks, and of our securities, may not be predictable. A loss of investor confidence
in the market for retail stocks or the stocks of other companies, notably in the EV industry, which investors perceive to be similar to
us could depress our stock price regardless of its business, prospects, financial conditions or results of operations. A decline in the
market price for our Common Stock also could adversely affect our ability to issue additional securities and our ability to obtain additional
financing in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Risks Related to Ownership of Thunder Power&rsquo;s Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our warrants became exercisable for our Common Stock thirty (30)&nbsp;days
after the completion of the Business Combination, which increased the number of shares eligible for future issuance and resale in the
public market.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Outstanding warrants to purchase an aggregate
of 10,537,475&nbsp;shares of our Common Stock became exercisable in accordance with the terms of the Warrant Agreement governing those
securities. The public warrants became exercisable 30&nbsp;days after the completion of the Business Combination. The likelihood that
those warrants will be exercised increases if the trading price of our Common Stock exceeds the exercise price of the warrants. The exercise
price of these warrants is $11.50 per share. There is no guarantee that the warrants will ever be in the money after they become exercisable
prior to their expiration, and as such, the warrants may expire worthless. To the extent warrants are exercised, additional shares of
our Common Stock will be issued, which may result in dilution to the holders of our Common Stock and increase the number of shares eligible
for resale in the public market. Sales of substantial numbers of shares issued upon the exercise of warrants in the public market could
adversely affect the market price of our Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"></P>

<!-- Field: Page; Sequence: 44; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Once our warrants become exercisable, we may redeem the unexpired
warrants prior to their exercise at a time or in a manner that is disadvantageous to you.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After the Closing, there were 10,537,475 warrants
issued and outstanding, which became exercisable 30 days after the completion of the Business Combination and will expire five years after
the date of the Closing. Once the warrants become exercisable, we have the ability to redeem outstanding warrants at any time prior to
their expiration, at a price of $0.01 per warrant, provided that the last reported sales price of our Common Stock equals or exceeds $16.50
per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20&nbsp;trading days
within a 30 trading-day&nbsp;period ending on the third business&nbsp;day prior to the date on which we give proper notice of such redemption
and provided certain other conditions are met. There can be no assurance that the price of our Common Stock will not exceed the threshold
of $16.50 after the Business Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will notify the warrant agent and publicly
announce the call for redemption at least thirty (30) days prior to the redemption date and mail the registered holders by first class
mail. We will not redeem the warrants unless a registration statement under the Securities Act covering the shares of Common Stock issuable
upon exercise of the warrants is effective and a current prospectus relating to those shares of Common Stock is available throughout the
redemption period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration
under the Securities Act. If we elect to redeem the warrants on a cashless basis, we will not receive any cash proceeds from the exercise
of such warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Redemption of the outstanding warrants could force
you (i)&nbsp;to exercise warrants and pay the exercise price therefor at a time when it may be disadvantageous for you to do so, (ii)&nbsp;to
sell warrants at the then-current&nbsp;market price when you might otherwise wish to hold warrants or (iii)&nbsp;to accept the nominal
redemption price which, at the time the outstanding warrants are called for redemption, is likely to be substantially less than the market
value of the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Warrant Agreement designates the courts of the State of New
York or the United States District Court for the Southern District of New York as the exclusive forum for certain types of actions and
proceedings that may be initiated by holders of the warrants.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the Warrant Agreement, any action,
proceeding or claim against us arising out of or relating in any way to the Warrant Agreement shall be brought and enforced in the courts
of the State of New York or the United States District Court for the Southern District of New York. The provision will apply to suit,
action, proceeding or claim brought to enforce any liability or duty arising under the Securities Act. Notwithstanding the foregoing,
the provision will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which
the federal district courts of the United States of America are the sole and exclusive forum. Any person or entity purchasing or otherwise
acquiring any interest in our warrants shall be deemed to have notice of and to have consented to the forum provisions in the Warrant
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This choice-of-forum&nbsp;provision may limit
a warrant holder&rsquo;s ability to bring a claim in a judicial forum that it finds favorable for disputes with the Company, which may
discourage such lawsuits. Alternatively, if a court were to find this provision of the Warrant Agreement inapplicable or unenforceable
with respect to one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving
such matters in other jurisdictions, which could materially and adversely affect our business, financial condition and results of operations
and result in a diversion of the time and resources of our management or Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we do not file and maintain a current and effective prospectus
relating to the Common Stock issuable upon exercise of our warrants, warrant holders will only be able to exercise such warrants on a
&ldquo;cashless basis.&rdquo;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we do not file and maintain a current and effective
prospectus relating to the shares of Common Stock issuable upon exercise of our warrants at the time that holders wish to exercise such
warrants, they will only be able to exercise them on a &ldquo;cashless basis&rdquo; provided that an exemption from registration is available.
As a result, the number of shares of our Common Stock that holders will receive upon exercise of our warrants will be fewer than it would
have been had such holder exercised such warrant for cash. Further, if an exemption from registration is not available, holders will not
be able to exercise on a cashless basis and will only be able to exercise their warrants for cash if a prospectus relating to the shares
of Common Stock issuable upon exercise of our warrants is filed and effective. Under the terms of the Warrant Agreement, ewe have agreed
to use our best efforts to meet these conditions and to file and maintain a current and effective prospectus relating to the shares of
Common Stock issuable upon exercise of our warrants, until the expiration of our warrants. However, we cannot assure you that it will
be able to do so. If we are unable to do so, the potential value of the holder&rsquo;s warrants may be reduced or such warrants may expire
worthless.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 45; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Risks Related to Finance, Accounting and Tax Matters</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our actual results could differ from the estimates and assumptions
used to prepare our consolidated financial statements.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The preparation of our consolidated financial
statements in conformity with U.S.&nbsp;GAAP requires us to make estimates and assumptions that affect the reported amounts of certain
assets, liabilities, revenues and expenses for the periods covered and certain amounts disclosed in the notes to our consolidated financial
statements. These estimates are based on information available through the date of the issuance of the consolidated financial statements
and actual results could differ from those estimates, which could have a material adverse impact on our financial condition, results of
operations and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may need to raise additional funds and these funds may not
be available to us when needed. If we cannot raise additional funds when we need them, our business, prospects, financial condition and
operating results could be negatively affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The sourcing, purchasing, development, and servicing
of our projects may be capital-intensive. We may determine that additional funds are necessary. This capital may be necessary to fund
our future operations and to locate new opportunities. We may raise additional funds through the issuance of equity, equity related or
debt securities or through obtaining credit from government or financial institutions. We cannot be certain that additional funds will
be available on favorable terms when required, or at all. If we cannot raise additional funds when needed, our business, prospects, financial
condition and operating results could be materially adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our financial results may vary significantly from quarter to
quarter.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect our revenue and operating results to
vary from quarter to quarter. We may incur significant operating expenses during the start-up&nbsp;and early stages of large contracts
and may not be able to recognize corresponding revenue in that same quarter. We may also incur additional expenses when contracts are
terminated or expire and are not renewed. We may also incur additional expenses when companies are newly acquired. Payments that may be
due to us from our future customers may be delayed due to billing cycles or as a result of failures of government budgets to gain congressional
and administration approval in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Additional factors that may cause our financial
results to fluctuate from quarter to quarter include those addressed elsewhere in this &ldquo;<I>Risk Factors</I>&rdquo; section, including
the immediately preceding risk factor, and the following factors, among others:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.2pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">variability in demand for our services and solutions;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">timing of award or performance incentive fee notices;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">timing of shipments and deliveries to potential future customers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">variable purchasing patterns under blanket purchase agreements and other indefinite delivery/indefinite quantity contracts;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">terms of potential future contracts which may affect the timing of revenue recognition;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">costs related to government inquiries;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">strategic decisions by us or our competitors, such as acquisitions, divestitures, spin-offs&nbsp;and joint ventures;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">strategic investments or changes in business strategy;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in the extent to which we use subcontractors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential performance errors in our systems;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">seasonal fluctuations in our staff utilization rates;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in our effective tax rate, including changes in our judgment as to the necessity of the valuation allowance recorded against our deferred tax assets; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the length of sales cycles.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.2pt; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.2pt; text-indent: -0.25in"></P>

<!-- Field: Page; Sequence: 46; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.2pt; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We could be subject to additional tax liabilities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are subject to federal, state, and local income
taxes in the United States. Determining our provision for income taxes requires significant management judgment, and the ultimate tax
outcome may be uncertain. In addition, our provision for income taxes is subject to volatility and could be adversely affected by many
factors, including, among other things, changes to our operating or holding structure, changes in the amounts of earnings in jurisdictions
with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, and changes in U.S. tax laws. Tax
authorities may disagree with our calculation of research and development tax credits, cross-jurisdictional transfer pricing, or other
matters and assess additional taxes, interest, or penalties. While we regularly assess the likely outcomes of these examinations to determine
the adequacy of our provision for income taxes and we believe that our financial statements reflect adequate reserves to cover any such
contingencies, there can be no assurance that the outcomes of such examinations will not have a material impact on our results of operations
and cash flows. If tax authorities change applicable tax laws, our overall taxes could increase, and our financial condition or results
of operations may be adversely impacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Unanticipated changes in effective tax rates or adverse outcomes
resulting from examination of our income or other tax returns could adversely affect our financial condition and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are subject to income taxes in the United States
and other jurisdictions, and our tax liabilities are subject to the allocation of expenses in differing jurisdictions. Our future effective
tax rates could be subject to volatility or adversely affected by a number of factors, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.2pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in the valuation of our deferred tax assets and liabilities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">expected timing and amount of the release of any tax valuation allowances;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax effects of stock-based compensation;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">costs related to intercompany restructurings;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in tax laws, regulations or interpretations thereof; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">lower than anticipated future earnings in jurisdictions where we have lower statutory tax rates and higher than anticipated future earnings in jurisdictions where we have higher statutory tax rates.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.2pt; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, we may be subject to audits of our
income, sales and other transaction taxes by taxing authorities. Outcomes from these audits could have an adverse effect on our financial
condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The issuance and sale of additional shares
of Common Stock under the Purchase Agreement may result in dilution to our stockholders and have a negative impact on the market price
of our Common Stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">From time to time following
the effectiveness of this registration statement, we may direct Westwood to purchase shares of our Common Stock under the Purchase Agreement.
The purchase price for shares will be based on the lowest daily volume weighted average price of our Common Stock during a three consecutive
trading day period following delivery of a purchase notice, less a 5% discount. Because this price is based on prevailing market prices
at the time of each sale, if our stock price declines, we might need to issue more shares to raise the same amount of funding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">While we have the right to
control the timing and amount of sales under the Purchase Agreement, subject to certain conditions, any such issuances would result in
dilution to our existing stockholders. The extent of dilution will depend on numerous factors, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            market price of our Common Stock at the time of each sale</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            number of shares we ultimately sell to Westwood</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
                                            sales of our Common Stock that we may make from time to time</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
additional issuances of Common Stock under the Purchase Agreement could have a negative impact on the market price of our Common Stock.
This in turn could:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase
                                            the dilution to existing stockholders from future issuances</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impair
                                            our ability to raise additional capital through other equity offerings</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Make
                                            it more difficult to meet the Nasdaq continued listing requirements</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 47; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_005"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">All of the Common Stock offered by the Selling Securityholders pursuant
to this prospectus will be sold by the Selling Securityholders for their respective accounts. We will not receive any proceeds from these
sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">However, we will receive
proceeds from any sales of our Common Stock to Westwood under the Purchase Agreement, up to $100 million in the aggregate. We expect to
use the net proceeds from sales under the Purchase Agreement for working capital and general corporate purposes, including further development
of our electric vehicle models.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">The Selling Securityholders will pay any underwriting fees, discounts
and selling commissions incurred in disposing of their Common Stock. Pursuant to the Registration Rights Agreement, we will bear all other
costs, fees and expenses incurred in effecting the registration of the Common Stock covered by this prospectus, including registration
and filing fees, Nasdaq listing fees and fees and expenses of counsel and independent registered public accountants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 48; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_006"></A>DETERMINATION OF OFFERING PRICE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">The offering price of the shares of Common Stock
will be determined by Westwood based on prevailing market prices at the time of sale. Under the Purchase Agreement, shares will be priced
at the lowest daily volume weighted average price during a three consecutive trading day period following delivery of a purchase notice,
less a 5% discount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We cannot currently determine the price or prices at which shares of
our Common Stock may be sold by the Selling Securityholders under this prospectus.&nbsp;The actual offering price by the Selling Securityholders
of the shares of Common Stock covered by this prospectus will be determined by prevailing market prices at the time of the sale, by private
transactions negotiated by the Selling Securityholders or as otherwise described in the section under the heading &ldquo;<I>Plan of Distribution</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_007"></A>DIVIDEND POLICY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have not paid any cash dividends on our Common
Stock or the Warrants to date, and we do not anticipate declaring or paying any cash dividends to holders of our Common Stock or Warrants
in the foreseeable future. We currently intend to retain future earnings, if any, to finance the growth of our business. Our future dividend
policy is within the discretion of our board of directors and will depend upon then-existing conditions, including our results of operations,
financial condition, capital requirements, investment opportunities, contractual and statutory restrictions on our ability to pay dividends
and other factors our board of directors may deem relevant.&nbsp;Additionally, the Company&rsquo;s ability to pay dividends may be limited
by future covenants and future outstanding indebtedness the Company or its subsidiaries may incur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt"></P>

<!-- Field: Page; Sequence: 49; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_008"></A>SUMMARY HISTORICAL FINANCIAL INFORMATION OF
THUNDER POWER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following information is only a summary and
should be read in conjunction with Thunder Power&rsquo;s unaudited condensed consolidated financial statements and audited consolidated
financial statements and related notes contained elsewhere in this registration statement/prospectus and information discussed under &ldquo;<I>Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations.</I>&rdquo; The historical results included below and elsewhere
in this registration statement/prospectus are not indicative of Thunder Power&rsquo;s future performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The summary statements of operations data for
the year ended December 31, 2023 and the summary balance sheet data as of December 31, 2023 are each derived from Thunder Power&rsquo;s
audited consolidated financial statements appearing elsewhere in this proxy statement/prospectus. The summary statements of operations
data for the six months ended June 30, 2023 and 2024, and the summary balance sheet data as of December 31, 2023 are derived from Thunder
Power&rsquo;s unaudited condensed consolidated financial statements appearing elsewhere in this proxy statement/prospectus. The Thunder
Power unaudited interim condensed consolidated financial statements were prepared on the same basis as its audited consolidated financial
statements. The historical results are not necessarily indicative of the results to be expected in the future.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">For the Year<BR>
 Ended<BR>
 December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For&nbsp;the&nbsp;Six Months&nbsp;Ended <BR> June 30</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Statement of Operations Data:</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">Revenues</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: left; padding-bottom: 1.5pt">General and administrative expenses</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(1,815,071</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(1,561,729</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(948,577</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Total operating expenses</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(1,815,071</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(1,561,729</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(948,577</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other expenses, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Foreign currency exchange loss</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(573</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(210</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Total other expenses, net</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(573</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(210</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Loss before income taxes</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(1,815,644</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(1,561,939</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(948,578</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Income tax expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Net loss and comprehensive loss</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(1,815,644</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(1,561,939</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(948,578</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Loss per share&nbsp;&ndash;&nbsp;basic and diluted</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(0.007</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(0.04</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(0.03</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt">Weighted average shares&nbsp;&ndash;&nbsp;basic and diluted</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">271,577,292</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">38,774,859</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">32,656,465</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of <BR> June 30,<BR> 2024</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of <BR> December&nbsp;31,<BR> 2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Balance Sheet Data:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Total Assets</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">14,564,457</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">1,257,592</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total Liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">7,060,745</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">756,289</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Total Liabilities and Shareholders&rsquo; Equity</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">14,564,457</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">1,257,592</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 50; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_009"></A>MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AND RESULTS OF OPERATIONS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>You should read the following discussion and
analysis of our financial condition and results of operations together with our combined and consolidated financial statements and the
related notes included elsewhere in this proxy statement/prospectus. Some of the information contained in this discussion and analysis
or set forth elsewhere in this proxy statement/prospectus, including information with respect to our plans and strategy for our business
and related financing, includes&nbsp;forward-looking&nbsp;statements that involve risks and uncertainties. As a result of many factors,
such as those set forth under the &ldquo;Risk Factors&rdquo; and &ldquo;Forward-Looking&nbsp;Statements&rdquo; sections and elsewhere
in this proxy statement/prospectus, our actual results may differ materially from those anticipated in these&nbsp;forward-looking&nbsp;statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our mission is to power the future of sustainable
transportation by creating stylish, innovative and cost-efficient&nbsp;premium electric vehicles centered around differentiated designs
and solutions tailored for every lifestyle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a technology innovator and intend to manufacture
premium electric vehicles (&ldquo;EVs&rdquo;). Our affiliates, with whom we are negotiating for certain licensing agreements, have developed
several proprietary technologies which we believe are the building blocks of the Thunder Power family of EVs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We focused on the development and manufacturing
of premium EVs with differentiated designs and solutions for every lifestyle. Four models are currently featured in our planned phased
development and roll-out&nbsp;strategy: the limited-edition&nbsp;coupe, (the &ldquo;Coupe&rdquo; or &ldquo;488&rdquo;), long-range&nbsp;sedan
(the &ldquo;Sedan&rdquo;), compact city car (the &ldquo;City Car&rdquo; or &ldquo;Chloe&rdquo;) and the long-range&nbsp;SUV (the &ldquo;SUV&rdquo;,
and together with the Coupe, Sedan, and City Car collectively, the &ldquo;Models&rdquo;). We plan to target not only consumers who desire
EVs, but also consumers who desire practical and innovative EVs, as well as consumers who seek a luxury experience. Leveraging our affiliate&rsquo;s
technologies, including the modularized chassis system, we hope to create a concept of a family of EVs (excluding the City Car) which
share common parts and modules, which we believe would require lower investment and reduced design and production time as opposed to those
of traditional automotive manufacturers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We plan to offer the market eco-friendly, premium
EVs positioned to earn market share based on design, quality, comfort, range, and price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Recent Developments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On October 26, 2023, FLFV entered into a business
combination agreement (as amended, the &ldquo;Business Combination Agreement&rdquo;) with Thunder Power Holdings Limited, a British Virgin
Islands company (&ldquo;TPHL&rdquo;), pursuant to which on June 21, 2024, TPHL merged with and into Merger Sub, with Merger Sub surviving
the merger as a wholly owned subsidiary of FLFV (the &ldquo;Merger&rdquo; and, together with the other transactions contemplated by the
Business Combination Agreement and any other agreement executed and delivered in connection therewith, the &ldquo;Business Combination&rdquo;).
At the closing of the Business Combination (the &ldquo;Closing&rdquo;), FLFV was renamed as &ldquo;Thunder Power Holdings, Inc.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June 11, 2024, FLFV and Thunder Power entered
into an agreement with (i) Meteora Capital Partners, LP (&ldquo;MCP&rdquo;), (ii) Meteora Select Trading Opportunities Master, LP (&ldquo;MSTO&rdquo;),
and (iii) Meteora Strategic Capital, LLC (&ldquo;MSC&rdquo; and, collectively with MCP and MSTO, the &ldquo;Seller&rdquo;) (the &ldquo;Forward
Purchase Agreement&rdquo;). For purposes of the Forward Purchase Agreement, (i) FLFV is referred to as the &ldquo;Counterparty&rdquo;
prior to the consummation of the Business Combination, while the Company is referred to as the &ldquo;Counterparty&rdquo; after the consummation
of the Business Combination and (ii) &ldquo;Shares&rdquo; means shares of the Class A common stock, par value $0.0001 per share, of FLFV
prior to the closing of the Business Combination (&ldquo;FLFV Shares&rdquo;), and, after the closing of the Business Combination, shares
of our Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the terms of the Forward Purchase
Agreement, the Seller intends, but is not obligated, to purchase up to 4,900,000 Shares (the &ldquo;Purchased Amount&rdquo;) pursuant
to the FPA Funding Amount PIPE Subscription Agreement (as defined herein), less the number of FLFV Shares purchased by the Seller separately
from third parties through a broker in the open market (&ldquo;Recycled Shares&rdquo;). The Seller will not be required to purchase an
amount of Shares such that following such purchase, the Seller&rsquo;s ownership would exceed 9.9% of the total Shares outstanding immediately
after giving effect to such purchase, unless the Seller, at its sole discretion, waives such 9.9% ownership limitation. The number of
Shares subject to the Forward Purchase Agreement is subject to reduction following a termination of the Forward Purchase Agreement with
respect to such shares as described under &ldquo;Optional Early Termination&rdquo; in the Forward Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Forward Purchase Agreement provides for a
prepayment shortfall in an amount in U.S. dollars equal to 0.25% of the product of the Recycled Shares and the Initial Price (as defined
herein) (the &ldquo;Prepayment Shortfall&rdquo;). The Seller will pay the Prepayment Shortfall to the Counterparty on the Prepayment Date
(which amount will be netted from the Prepayment Amount) (the &ldquo;Initial Prepayment Shortfall&rdquo;). Additionally, following the
closing of the Business Combination and up to 45 calendar days prior to the Valuation Date, Counterparty may, in its sole discretion,
request additional Prepayment Shortfall from Seller in tranches of $500,000 (the &ldquo;Additional Prepayment Shortfall&rdquo; and, together
with Initial Prepayment Shortfall, the &ldquo;Prepayment Shortfall&rdquo;); provided (i) Seller has recovered any prior Prepayment Shortfall,
(ii) the VWAP Price over the prior ten (10) trading days multiplied by the then current freely-tradeable Shares held by Seller be at least
six (6) times greater than the Additional Prepayment Shortfall request and (iii) the total value traded in Counterparty&rsquo;s stock,
as reported on the relevant Bloomberg Screen, be at least six (6) times greater than the Additional Prepayment Shortfall request (with
(i), (ii) and (iii) collectively as the &ldquo;Shortfall Conditions&rdquo;). Notwithstanding the foregoing, Seller may waive the Shortfall
Conditions, in whole or in part, via written consent to Counterparty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"></P>

<!-- Field: Page; Sequence: 51; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Counterparty has agreed to grant the Seller,
for the period beginning on June 11, 2024 and ending on the 12-month anniversary of the Valuation Date, the right, but not the obligation,
in its sole discretion, to invest on the terms offered to the Seller by the Counterparty up to 50% of any future debt, equity, derivative
or any other kind of financing of the Counterparty, as legally permitted (each a &ldquo;Covered Financing&rdquo;). The Seller will be
provided at least ten (10) business day notice to invest in any Covered Financing. For the avoidance of doubt, Covered Financings does
not include any equity line of credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June 11, 2024, FLFV entered into a subscription
agreement (the &ldquo;FPA Funding Amount PIPE Subscription Agreement&rdquo;) with the Seller. Pursuant to the FPA Funding PIPE Subscription
Agreement, Seller agreed to subscribe for and purchase, and FLFV agreed to issue and sell to Seller, prior to the Valuation Date, an aggregate
of up to 4,900,000 FLFV Shares, less the Recycled Shares in connection with the Forward Purchase Agreement, at the Initial Price per share.
On the Closing Date, all outstanding FLFV Shares (including shares issued pursuant to the Subscription Agreement) will be exchanged for
newly issued shares of Common Stock in accordance with the terms of the Merger Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General Factors Affecting Our Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We anticipate that demand for our EVs will primarily
be affected by the following general factors. Changes in any of these general industry conditions could affect our business and results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The global growth of EV market, especially in the U.S.&nbsp;and for the strong demand for our brand, especially in the premium segment;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Penetration rate of our EVs in the U.S.&nbsp;and across the globe, which is further affected by the following factors relating to EVs, among others, (i)&nbsp;overall production costs and ownership costs, (ii)&nbsp;functionality, performance and user experience, (iii)&nbsp;development of technology and level of intelligent and smart features on EV, and (iv)&nbsp;coverage of charging network;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laws, regulations, and government policies for EVs and smart technology functions, including tax incentives, subsidies for EV production and purchases, government grants for EV manufacturers, as well as infrastructure support on expansion of charging network;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Macro factors that influence supply chain, OEM arrangements, material costs, manufacturing costs, delivery expense and normal operations associated with EV manufacturers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed changes regarding key components, primarily the origin of batteries used in EVs; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global customers&rsquo; acceptance of new technologies and brands, especially our brand.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Specific Key Factors Affecting Our Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe that our performance and future success
will depend on several company specific factors, including those key factors discussed below and other factors in the section of this
proxy statement/prospectus titled &ldquo;<I>Risk Factors</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our ability to evaluate our business and future prospects</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are an early-stage&nbsp;company with an early
stage/limited operating history, operating in a rapidly evolving and highly regulated market. Furthermore, we have not released any commercially
available vehicle, and we have no experience manufacturing or selling a commercial product at scale. Because we have not generated revenue
from the sale of EVs, and because of the capital-intensive&nbsp;nature of our business, we expect to continue to incur substantial operating
losses for the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our ability to develop different models of vehicles</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We currently have four Models featured in our
phased development strategy and our revenue in the foreseeable future will be significantly dependent on our ability to obtain additional
financing sufficient to complete the development and commence production and marketing of a limited number of these Models. Although we
have other concept vehicle models on our product roadmap, we currently do not expect to introduce another vehicle model until at least
2030. We expect to rely on sales from the Coupe, the Sedan, the City Car, and the SUV, among other sources of financing, for the capital
that will be required to develop and commercialize any future models that we may introduce. To the extent that production of the four
Models is delayed, the number of units of each Model expected to be produced is reduced, or our Models are not well-received&nbsp;by the
market for any reason, our revenue and cash flow would be adversely affected, we may need to seek additional financing, and such financing
may not be available to us on commercially reasonable terms, or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our ability to control the substantial costs associated with
our operations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will require significant capital to develop
and grow our business. We have incurred and expect to continue to incur significant expenses as we build our brand and develop and market
our vehicles. We also expect to continue to incur significant expenses relating to developing and manufacturing our vehicles, tooling
and expanding our manufacturing capabilities; research and development expenses (including expenses related to the development of the
current and future products), raw material procurement costs; and general and administrative expenses as we scale our operations. As a
company, we do not have historical experience forecasting and budgeting for any of these expenses, and these expenses could be significantly
higher than we currently anticipate. In addition, any disruption to our future manufacturing operations, as well as challenges in obtaining
necessary equipment or supplies, expansion of our manufacturing facilities, or the procurement of permits and licenses relating to our
expected manufacturing, sales and distribution model could significantly increase our expenses and delay our anticipated production and
sales dates for our current Models and any future vehicles that we may announce.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 52; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our ability to develop a&nbsp;third-party&nbsp;retail product
distribution and a&nbsp;full-service&nbsp;network</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We anticipate utilizing third-party&nbsp;retail
product distribution and full-service&nbsp;networks to execute on such plans in all markets. If our use of third-party&nbsp;retail production
and full-service&nbsp;networks is not effective or if we are unable to successfully implement our plans, our results of operations and
financial conditions would be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Key Components of Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following section presents the key components
of our results of operations by the nature of corresponding operating activities for the periods indicated. You should read this financial
information in conjunction with those presented elsewhere in this prospectus including our financial statements and notes to our financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Revenues</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have not generated revenue from the sale of
EVs. We expect to generate future revenue from the sale of our Models, but we may also consider potential revenue streams from the sale
and/or licensing of any future technologies that we may develop, and from research and development services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Cost of revenues</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although we have no revenue, we have incurred
significant costs associated with our pre-revenue activities including, without limitation, research and development, general and administrative
expenses, liquidity and financing expenses and other operating activities as further described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>General and administrative expenses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">General and administrative expenses primarily
consist of personnel salary and welfare expenses, as well as expenses incurred in connection with professional and consulting services.
Over the next several&nbsp;years, we anticipate an increase in our general and administrative expenses in connection with our planned
launch of production lines of our Models. Additionally, we expect to incur higher costs related to professional and consulting services
rendered by third-party service providers in connection with the Company being a publicly traded company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Taxation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company is incorporated in the State of Delaware
and is required to pay franchise taxes to the State of Delaware on an annual basis. The Company is also registered as a foreign corporation
with the State of New Jersey Department of the Treasury. The Company would be subject to income tax under New Jersey state tax laws if
it has operations in New Jersey.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On August 16, 2022, the Inflation Reduction Act
of 2022 (the &ldquo;IRA&rdquo;) was signed into federal law. The IRA provides for, among other things, a new U.S. federal 1% excise tax
on certain repurchases (including redemptions) of stock by publicly traded domestic (i.e., U.S.) corporations and certain domestic subsidiaries
of publicly traded foreign corporations. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which
shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of
the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value
of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions
apply to the excise tax. The U.S. Department of the Treasury (the &ldquo;Treasury&rdquo;) has been given authority to provide regulations
and other guidance to carry out and prevent the abuse or avoidance of the excise tax. The IRA applies only to repurchases that occur after
December 31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our operating subsidiary, TP NEV, is operating
under the applicable laws of the British Virgin Island and is not subject to tax on income or capital gains. As of June 30, 2024 and December
31, 2023, there was no temporary differences and no deferred tax asset or liability recognized. We do not believe that there was any uncertain
tax position as of June 30, 2024 and December 31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth a summary of our
results of operations for the six months ended June 30, 2024 and 2023, and the year ended December&nbsp;31, 2023 and 2022. This information
should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus. The operating
results in any period are not necessarily indicative of the results that may be expected for any future period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 53; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Six Months Ended<BR> June 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For&nbsp;the&nbsp;Years&nbsp;Ended<BR> December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1.5pt">Revenues</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 52%; text-align: left; padding-bottom: 1.5pt">General and administrative expenses</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(1,561,729</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(948,577</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(1,815,071</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(432,005</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total operating expenses</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(1,561,729</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(948,577</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(1,815,071</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(432,005</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other income (expenses), net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Foreign currency exchange loss</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(210</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(573</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total other expenses, net</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(210</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(573</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(1</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Loss before income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,561,939</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(948,578</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(1,815,644</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(432,006</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Income tax expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt">Net loss</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(1,561,939</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(948,578</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(1,815,644</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(432,006</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><B><I>General and Administrative Expenses.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the six months ended June 30, 2024 and 2023,
our general and administrative expenses were approximately $1.6 million and $0.9 million, respectively. The increase in general and administrative
expenses was primarily due to an increase of share-based compensation expenses of approximately $1.0 million as we issued an aggregate
of 90,000 shares of Common Stock to three independent directors of FLFV at the consummation of the Business Combination, partially offset
by a decrease of share-based settlement expenses of approximately $0.5 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The general and administrative expenses increased
by approximately $1.4&nbsp;million, or 320.2% from approximately $0.4&nbsp;million for the year ended December&nbsp;31, 2022 to approximately
$1.8&nbsp;million for the year ended December&nbsp;31, 2023. The increase was primarily due to an increase of approximately $0.3&nbsp;million
in share-based&nbsp;compensation expenses as we issued ordinary shares at lower cost than fair value in certain private placements, an
increase of approximately $0.5&nbsp;million in share-based&nbsp;settlement expenses because we settled obligations due to our shareholder
and his spouse by issuance of ordinary shares at lower cost than fair value, and an increase of approximately $0.6&nbsp;million in professional
and consulting expenses as we engaged auditors and counsellors in preparation of potential business combination with a special purpose
acquisition company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>Net loss.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result of the foregoing, we incurred a net
loss of approximately $1.6&nbsp;million and $0.9&nbsp;million for the six months ended June 30, 2024 and 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result of the foregoing, we incurred a net
loss of approximately $1.8&nbsp;million and $0.4&nbsp;million for the year ended December&nbsp;31, 2023 and 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Liquidity and Capital Resources</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Sources of Liquidity</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To date, we have financed our operating activities
primarily through cash raised in loans from related parties disclosed elsewhere in this prospectus and equity financing including private
placements. As of June 30, 2024, our cash was approximately $0.9&nbsp;million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have been incurring losses from operations
since inception. Accumulated loss amounted to approximately $36.0 million and $34.4 million as of June 30, 2024 and December 31, 2023,
respectively. Net cash used in operating activities were approximately $0.5 million and $0.4 million for the six months ended June 30,
2024 and 2023. As of June 30, 2024 and December 31, 2023, the working capital was approximately $(5.8) million and $0.7 million, respectively.
The working capital excluded the non-cash items, which are prepaid expenses for the Forward Purchase Agreement, deferred offering costs
and advance of subscription fees from shareholders. These conditions raised substantial doubts about the Company&rsquo;s ability to continue
as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Accumulated loss amounted to approximately $34.4
million and $32.6 million as of December&nbsp;31, 2023 and 2022, respectively. Net cash used in operating activities were $658,729 and
$49,843 for the&nbsp;years ended December&nbsp;31, 2023 and 2022. As of December&nbsp;31, 2023 and 2022, the working capital (deficit)
was $653,839 and ($255,181), respectively. The working capital (deficit) excluded the non-cash&nbsp;items, which are deferred offering
costs and advance of subscription fees from shareholders. These conditions raised substantial doubts about our ability to continue as
a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"></P>

<!-- Field: Page; Sequence: 54; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our liquidity is based on our ability to generate
cash from operating activities, obtain capital financing from equity interest investors and borrow funds on favorable economic terms to
fund our general operations and capital expansion needs. Our ability to continue as a going concern is dependent on management&rsquo;s
ability to successfully execute our business plan, which includes increasing revenue while controlling operating cost and expenses to
generate positive operating cash flows and obtaining funds from outside sources of financing to generate positive financing cash flows.
Currently, we are working to improve our liquidity and capital sources mainly through borrowing from related parties by obtaining financial
support from our principal shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, in order to implement our business
plan and sustain continued growth, we are actively seeking private equity financing from outside investors. However, there can be no assurance
that these plans and arrangements will be sufficient to fund our ongoing capital expenditure, working capital, and other requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Impact of this Offering on Liquidity</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will not receive any proceeds from the sale
of securities by the Selling Securityholders pursuant to this prospectus. Because, in the near term, the exercise price of the Warrants
is expected to be greater than the current market price of our Common Stock, such Warrants are unlikely to be exercised and therefore
the Company does not expect to receive any proceeds from the exercise of the Warrants in the near term. Any cash proceeds associated with
the exercise of the Warrants are dependent on the price of our Common Stock. Whether any holder of Warrants determines to exercise such
Warrants, which would result in cash proceeds to the Company, will likely depend on the market price of our Common Stock at the time of
any such holder&rsquo;s determination. As of January 13, 2025, the closing price of our Common Stock was $0.34 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Cash Flows</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth a summary of our
cash flows for the&nbsp;years presented:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Six Months Ended<BR> June 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Year Ended<BR> December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Net cash used in operating activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(541,660</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(358,573</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(658,729</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(49,843</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net cash provided by investment activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">929,302</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net cash provided by financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">336,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,160,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">605,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net (decrease) increase in cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">724,424</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">801,427</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(53,479</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,157</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Cash, beginning of year</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">196,907</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">250,386</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">250,386</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">229</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt">Cash, end of year</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">921,349</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,051,813</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">196,907</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">250,386</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Operating Activities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Net cash used in operating activities for the
six months ended June 30, 2024 was approximately $0.5&nbsp;million, primarily attributable to net loss of approximately $1.6&nbsp;million,
adjusted for non-cash share-based compensation expenses of approximately $1.0 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Net cash used in operating activities for the
year ended December&nbsp;31, 2023 was approximately $0.7&nbsp;million, primarily attributable to net loss of approximately $1.8&nbsp;million,
adjusted for non-cash&nbsp;share-based&nbsp;compensation expenses of approximately $0.3&nbsp;million, share-based&nbsp;settlement expenses
of approximately $0.5&nbsp;million, and an increase of approximately $0.2&nbsp;million in amounts due to related parties which paid certain
operating expenses on behalf of us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Net cash used in operating activities for the
six months ended June 30, 2023 was approximately $0.4 million, primarily attributable to net loss of approximately $0.9&nbsp;million,
adjusted for non-cash share-based settlement expenses of approximately $0.5 million and an increase of approximately $0.1 million in amounts
due to related parties which paid certain operating expenses on behalf of us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Net cash used in operating activities for the
year ended December&nbsp;31, 2022 was $49,843, primarily attributable to net loss of approximately $0.4&nbsp;million, adjusted for non-cash&nbsp;depreciation
expenses of $32,982, amortization of right-of-use&nbsp;assets of $32,904, share-based&nbsp;compensation expenses of $16,676, and an increase
of approximately $0.3&nbsp;million in amounts due to related parties which paid certain operating expenses on behalf of us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Investing Activities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the six months ended June 30, 2024, we reported
cash provided by investing activities of approximately $0.9 million, which was from the reverse acquisition we closed with FLFV in June
2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the six months ended June 30, 2023, we did
not report cash provided by or used in investing activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 55; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Financing Activities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the six months ended June 30, 2024, we reported
cash provided by financing activities of approximately $0.3 million, which were primarily provided by subscription fees of $0.3 million
from shareholders in the private placements raised by TP Holdings and borrowings of approximately $0.4 million from our controlling shareholder,
partially offset by payment of approximately $0.3 million of extension loans on behalf of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the&nbsp;year ended December&nbsp;31, 2023,
we reported cash provided by financing activities of approximately $0.6&nbsp;million, which were primarily provided by subscription fees
of approximately $1.8&nbsp;million advanced from shareholders, partially offset by payment of approximately $0.6&nbsp;million of extension
loans on behalf of the sponsor of a SPAC and payment of approximately $0.4&nbsp;million of offering costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the six months ended June 30, 2023, we reported
cash provided by financing activities of approximately $1.2 million, which were primarily provided by subscription fees of $0.3 million
advanced from shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the&nbsp;year ended December&nbsp;31, 2022,
we reported cash provided by financing activities of approximately $0.3&nbsp;million, which were provided by subscription fees advanced
from shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Commitment and Contingencies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June 21, 2024, the Company entered into an
escrow agreement (the &ldquo;Escrow Agreement&rdquo;) with Mr. Wellen Sham, Yuanmei Ma and Continental Stock Transfer &amp; Trust Company
(&ldquo;CST&rdquo;), pursuant to which, among other things, (1) CST will act as the escrow agent under the Escrow Agreement; (2) at the
closing of the Business Combination, the Company deposited with CST 20,000,000 shares of Common Stock as Earnout Shares, to be held by
CST in a segregated escrow account (&ldquo;Earnout Escrow Account&rdquo;); and (3) if any portion of the Earnout Shares becomes eligible
for release in accordance with the terms of the Escrow Agreement, CST will release the applicable portion of the Earnout Shares from the
Earnout Escrow Account in accordance with the terms of the Escrow Agreement and disburse to each eligible recipient the applicable portion
of Earnout Shares therefrom.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Earnout Shares shall be released or otherwise
forfeited as follows: (i) an aggregate of 5,000,000 Earnout Shares (the &ldquo;Tranche 1 Earnout Shares&rdquo;) will be vested, if and
only if, on the occurrence that the amount of sales/revenues of the Company for any of the fiscal years (such fiscal year is referred
to as &ldquo;Tranche 1 Fiscal Year&rdquo;) ending from December 31, 2023 to December 31, 2025 is no less than $42,200,000 as evidenced
by the audited financial statements of the Company prepared in accordance with U.S. GAAP for the Tranche 1 Fiscal Year that is contained
in an annual report on Form 10-K filed by the Company with the SEC (the &ldquo;Tranche 1 Annual Report&rdquo;); (ii) an aggregate of 15,000,000
Earnout Shares (the &ldquo;Tranche 2 Earnout Shares&rdquo;) will be vested, if and only if, on the occurrence that the amount of sales/revenues
of the Company for any of the fiscal years (such fiscal year is referred to as &ldquo;Tranche 2 Fiscal Year&rdquo;) ending from December
31, 2023 to December 31, 2026 is no less than $415,000,000 as evidenced by the audited financial statements of the Company prepared in
accordance with U.S. GAAP for the Tranche 2 Fiscal Year that is contained in an annual report on Form 10-K filed by the Company with the
SEC (the &ldquo;Tranche 2 Annual Report&rdquo;); (iii) Within five (5) business days following the determination that all or any portion
of the Tranche 1 Earnout Shares or Tranche 2 Earnout Shares become vested, the Company, together with Mr. Sham and Ms. Ma, shall instruct
the Escrow Agent to irrevocably and unconditionally release the vested tranche of Earnout Shares from the Escrow Account in accordance
with the terms of the Escrow Agreement to certain of the Company&rsquo;s shareholders. Each tranche of Earnout Shares may be released
only once, but more than one tranche can be released in any year in accordance with the Escrow Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Earnout Shares are determined as contingent
consideration in connection with the reverse recapitalization. In addition, the issuance of Earnout Shares does not meet any condition
to be classified as a liability under ASC 815, thus it should be classified as an equity financial instrument, and measure at fair value
using the quoted market price on grant date, June 11, 2024, which was $2.56&nbsp;per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the six months ended June 30, 2024, the sales/revenue
condition described above was not met based on the consolidated statements of income. Currently the Company could not reasonably assess
the performance condition for the year ending December 31, 2024 and thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other than the above, in the normal course of
business, we are subject to loss contingencies, such as certain legal proceedings, claims and disputes. We record a liability for such
loss contingencies when the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Off-Balance&nbsp;Sheet Arrangements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">During the periods presented, we did not enter
into, and we do not currently have, any off-balance sheet arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Research and Development</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have incurred minimal research and development
expenses for the three and six months ended June 30, 2024 and 2023. The researched and development expenses were recorded in &ldquo;general
and administrative expenses&rdquo; in the unaudited condensed consolidated statements of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 56; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Emerging Growth Company Status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are an &ldquo;emerging growth company&rdquo;
as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the &ldquo;Jobs Act&rdquo;).
As an emerging growth company, we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not &ldquo;emerging growth companies&rdquo; including, but not limited to, not being required to comply
with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (&ldquo;Sarbanes-Oxley Act&rdquo;), reduced
disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements
of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously
approved. Additionally, Section 107 of the Jobs Act provides that that an &ldquo;emerging growth company&rdquo; can take advantage of
the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.
Accordingly, an &ldquo;emerging growth company&rdquo; may delay the adoption of certain accounting standards until those standards would
otherwise apply to private companies. We intend to take advantage of the benefits of this extended transition period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will remain an emerging growth company until
the earliest of (i)&nbsp;the last day of our first fiscal year (a)&nbsp;following the fifth anniversary of FLFV&rsquo;s IPO (June 21,
2027), (b)&nbsp;in which we have total annual gross revenue of at least $1.235&nbsp;billion, or (c)&nbsp;in which we are deemed to be
a &ldquo;large accelerated filer&rdquo; under the rules of the SEC with at least $700.0&nbsp;million of outstanding securities held by&nbsp;non-affiliates;&nbsp;and
(ii)&nbsp;the date on which we have issued more than $1.00&nbsp;billion in&nbsp;non-convertible&nbsp;debt securities during the prior
three-year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result, the information in this prospectus
and that we provide to our investors in the future may be different than what you might receive from other public reporting companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Smaller Reporting Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a &ldquo;smaller reporting company&rdquo;
as defined in the Rule 12b-2 of the Exchange Act and in Item 10(f)(1) of Regulation S-K. We may continue to be a smaller reporting company
even after we are no longer an emerging growth company. We may take advantage of certain of the scaled disclosures available to smaller
reporting companies and will be able to take advantage of these scaled disclosures for so long as the market value of our voting and&nbsp;non-voting&nbsp;Common
Stock held by&nbsp;non-affiliates&nbsp;is less than $250.0&nbsp;million measured on the last business day of our second fiscal quarter,
or our annual revenue is less than $100.0&nbsp;million during the most recently completed fiscal year and the market value of our voting
and&nbsp;non-voting&nbsp;Common Stock held by&nbsp;non-affiliates&nbsp;is less than $700.0&nbsp;million measured on the last business
day of our second fiscal quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to rely on exemptions from certain disclosure
requirements that are available to smaller reporting companies, such as reduced disclosure obligations regarding executive compensation
in this prospectus and our periodic reports and proxy statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Critical Accounting Estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We prepare our financial statements in accordance
with U.S.&nbsp;GAAP, which requires our management to make judgments, estimates and assumptions that affect the reported amounts of assets
and liabilities, disclosures of contingent assets and liabilities on the date of the consolidated financial statements, and the reported
amounts of revenue and expenses during the reporting period. We continually evaluate these judgments, estimates and assumptions based
on our own historical experience, knowledge and assessment of current business and other conditions, our expectations regarding the future
based on available information and various assumptions that we believe to be reasonable, which together form our basis for making judgments
about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting
process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree of judgment than
others in their application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The selection of critical accounting policies,
the judgments and other uncertainties affecting application of those policies and the sensitivity of reported results to changes in conditions
and assumptions are factors that should be considered when reviewing our financial statements. We believe the following accounting policies
involve the most significant judgments and estimates used in the preparation of our financial statements. You should read the description
of critical accounting policies, judgments and estimates in conjunction with our unaudited condensed consolidated financial statements
and other disclosures included in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We do not have critical accounting estimates that
are related to us. A list of accounting policies, judgements and estimates that are relevant to us is included in notes to our unaudited
condensed consolidated financial statements included elsewhere in this prospectus (see &ldquo;<I>Note 2 &ndash; Summary of Significant
Accounting Policies</I>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Recently Issued Accounting Pronouncements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We prepare our financial statements in accordance
with U.S.&nbsp;GAAP, which requires our management to make judgments, estimates and assumptions that affect the reported amounts of assets
and liabilities, disclosures of contingent assets and liabilities on the date of the consolidated financial statements, and the reported
amounts of revenue and expenses during the reporting period. We continually evaluate these judgments, estimates and assumptions based
on our own historical experience, knowledge and assessment of current business and other conditions, our expectations regarding the future
based on available information and various assumptions that we believe to be reasonable, which together form our basis for making judgments
about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting
process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree of judgment than
others in their application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The selection of critical accounting policies,
the judgments and other uncertainties affecting application of those policies and the sensitivity of reported results to changes in conditions
and assumptions are factors that should be considered when reviewing our financial statements. We believe the following accounting policies
involve the most significant judgments and estimates used in the preparation of our financial statements. You should read the description
of critical accounting policies, judgments and estimates in conjunction with our unaudited condensed consolidated financial statements
and other disclosures included in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We do not have critical accounting estimates that
are related to us. A list of accounting policies, judgements and estimates that are relevant to us is included in notes to our unaudited
condensed consolidated financial statements included elsewhere in this prospectus (see &ldquo;<I>Note 2 &ndash; Summary of Significant
Accounting Policies</I>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 57; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_011"></A>BUSINESS OF THUNDER POWER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>References in this section to &ldquo;we,&rdquo;
&ldquo;our,&rdquo; &ldquo;us,&rdquo; the &ldquo;Company,&rdquo; &ldquo;TPH,&rdquo; &ldquo;TPHL&rdquo; or &ldquo;Thunder Power&rdquo; generally
refer to Thunder Power Holdings, Inc. and its consolidated subsidiaries.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mission</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power&rsquo;s mission is to power the
future of sustainable transportation by creating stylish, innovative and cost-efficient&nbsp;premium electric vehicles centered around
differentiated designs and solutions tailored for every lifestyle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power is a technology innovator and a
prospective manufacturer of premium electric vehicles (&ldquo;EVs&rdquo;). The Company has developed several proprietary technologies
which are the building blocks of the Thunder Power family of EVs. Thunder Power Holdings, Inc., a Delaware corporation, was incorporated
in January 2022 as a blank check company under the name Feutune Light Acquisition Corporation (&ldquo;FLFV&rdquo;). In June 2024, the
Company completed its Business Combination with Thunder Power Holdings Limited (&ldquo;TPHL&rdquo;), which resulted in TPHL becoming a
wholly-owned subsidiary of the Company. TPHL&rsquo;s wholly-owned subsidiary, Thunder Power New Energy Vehicle Development Company Limited,
a company established in accordance with the laws and regulations of the British Virgin Islands on October 19, 2016 (&ldquo;TP NEV&rdquo;),
has developed several proprietary technologies which are the building blocks of the Thunder Power family of EVs. TPHL is a holding company
with no operations that was incorporated under the laws and regulations of the British Virgin Islands with limited liability on September
30, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company&rsquo;s vision is to demonstrate the
potential of its proprietary technologies through the manufacture and sale of premium EVs. Thunder Power believes that its competitive
advantages include the potential to develop a a target driving range of up to 750 kilometers, or 466 miles, a comparatively short charge
time, based on testing data of our prototypes, and a number of proprietary technologies resulting in lighter weight and a revolutionary
chassis design.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company expects to offer the market eco-friendly,
premium EVs positioned to earn market share based on design, quality, comfort, range, and price. Among other advantages, the Company&rsquo;
proprietary technologies will<I>&nbsp;</I>significantly increase the driving range for its EVs while allowing for faster recharging and
lower costs of ownership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Historical Corporate Events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On April&nbsp;8, 2016, China New Energy Vehicle
Company Limited (&ldquo;China NEV&rdquo;) was established as a subsidiary of TPHL with the goal of centralizing the investment properties
(e.g., patents and trademarks) for more efficient management. On March&nbsp;21, 2013, Thunder Power Hong Kong Ltd. (&ldquo;TP HK&rdquo;)
was established as a wholly owned subsidiary of TPHL with the goal of acting as a financial and operational hub of Thunder Power, to deal
with various corporate actions like fundraising, back-office&nbsp;operations and bridge the operations between China and Europe. However,
subsequently, TPHL has changed its strategy by focusing on operations in the U.S., Europe and Taiwan. On August&nbsp;6, 2021, the board
of directors of TPHL approved the restructuring plan for spinning off (&ldquo;Spin Off&rdquo;) of China NEV and TP HK. The Company completed
the Spin Off of China NEV and TP HK on December&nbsp;14, 2021 with no cash consideration involved. Following the completion of the Spin
Off, TPHL no longer held any equity shares in China NEV and TP HK. Thunder Power retained only one subsidiary after the Spin Off, TP NEV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market Opportunity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power is a technology innovator and prospective
designer and manufacturer of premium EVs. Thunder Power looks past the traditional notions of luxury in order to appeal to customers who
expect more. In Thunder Power&rsquo;s opinion, the EV consumer is no longer solely interested in the space and feel of the design, but
demands cutting-edge&nbsp;technologies. Thunder Power&rsquo;s philosophy includes a lighter weight chassis, a modularized system, advanced
internal features, intelligent cockpits, communication and connectivity over the air and in the cloud, to name a few features. In addition,
many of the technologies that Thunder Power intends to leverage in its Models have advanced intelligent smart cockpit functionality such
as ADAS and OTA, which are expected to result in what Thunder Power believes to be a better driving experience. With our modularized system,
and three-price&nbsp;entry points, Thunder Power&rsquo;s customers would have the option of choosing the EV that is right for them, their
lifestyle and their budget. Thunder Power commissioned the renowned Italian car-maker&nbsp;Zagato to design the internal and external
features of the first prototype in 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company is focused on the development and
manufacturing of premium EVs with differentiated designs and solutions for every lifestyle. With four models currently featured in the
Company&rsquo;s phased development and roll-out strategy, the Compact City Car, the microcar, the Limited-Edition Coupe &amp; Long-Range
Sedan. Thunder Power intends to target not only consumers who desire EVs, but also consumers who desire practical and innovative EVs,
as well as consumers who seek a luxury experience. Leveraging Thunder Power&rsquo;s modular integration concept starting with the modularized
chassis system patented by Thunder Power&rsquo;s affiliates, the Company intends to create a family of EVs which share common parts and
modules, thereby requiring lower investment and reducing design and production time. Thunder Power intends to launch the Compact City
Car first, with the potential for collaborations, sharing existing platforms, allowing an even earlier launch date. Thunder Power&rsquo;s
management team has implemented a formal quarterly internal review process to monitor technical development, market potential, feasibility
of anticipated model launch times, as well as risks and opportunities. Management believes that this quarterly review process may enable
the Company to better navigate the often rapidly changing market conditions and to adjust, if and when necessary, the Company&rsquo;s
business development plan, including without limitation allocation of resources of marketing, research and development activities (among
other things).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I></I></B></P>

<!-- Field: Page; Sequence: 58; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I></I></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Compact City Car</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power currently intends to produce the
Compact City Car prototype (the &ldquo;City Car&rdquo; or project name &ldquo;Chloe&rdquo;) from 2027, utilizing a different chassis and
suspension than that of the Coupe and Sedan. The City Car is intended to target a younger urban demographic of first-time car buyers who
want to &ldquo;do the right thing&rdquo; by purchasing an EV and see their car as an extension of their personality and lifestyle. We
expect that the City Car will have a target driving range of up to 350 kilometers (217 miles) and believe that it will be perfect for
city living, daily commutes, or on a busy college campus. The City Car is expected to be available in a range of bold colors and configurations
and we hope to feature various collaborations with figures from the fashion and art worlds. We anticipate that the City Car will be positioned
with an attractive retail price range in the segment ranging from $30,000 to $45,000 USD.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Limited Edition Coupe</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the Company&rsquo;s ability to obtain
additional financing and subject to favorable market conditions, Thunder Power currently hopes to complete development of a limited number
of Limited-Edition Coupe. Production is expected to be outsourced to European manufacturing partners, but may be delayed until the Company
secures sufficient additional financing. Thunder Power is in discussions with a few potential European manufacturing partners but has
not entered into a memorandum of understanding with any such potential partner. Based on prototype and simulation testing, the Coupe has
a target range of up to 750 kilometers (466 miles), and is intended to offer high-end European styling with superior comfort, performance,
and craftsmanship. The targeted market for this car is wealthy consumers who are interested in an EV that stands out from the pack by
combining eye-catching European styling with the highest standards of comfort, performance, and craftsmanship. The retail price is under
management&rsquo;s review, targeted in the segment ranging from $100,000 to $200,000 USD, with the final price depending on customer&rsquo;s
choice of personalization options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Long-Range Sedan</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 8pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Long-Range Sedan (the &ldquo;Sedan&rdquo;)
is expected to serve as one of the Company&rsquo;s premium EVs, targeted to be affordable to a wider demographic of customers. The Sedan
utilizes the same chassis as the Coupe, thereby affording a similarly luxurious drive. The Sedan prototype is expected to have a target
driving range of up to 700 kilometers (435 miles). Based on preliminary research, the Company expects that the Sedan will cost less to
produce than the Coupe, and is therefore targeted to be available in the $50,000 to $80,000 USD price segment. Launch of this project
is subject to the Company&rsquo;s ability to obtain additional financing and subject to favorable market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 8pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Microcar</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 8pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Microcar segment is already well established
in Europe and forecast to offer significant growth potential in Asia, with markets traditionally dominated by motorcycles. According to
McKinsey Future Mobility&rsquo;s 2022 survey &ldquo;Minimobility might be the next big thing&rdquo;. As consumer preferences shift towards
innovative and sustainable solutions, coupled with the rising demand for versatile, eco-friendly transport, electric microcars are poised
to redefine the urban mobility landscape and reach a total addressable market of $340 billion annually across China, Europe, and North
America by 2030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The first Microcar project is planned as a low-volume joint venture
using the platform of an existing manufacturer in 2026, whilst adding Thunder Power&rsquo;s classical Italian design signature. Assuming
successful development of the market a unique TP version is foreseen from 2029 production.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Microcar bridges the gap between cars and motorcycles offering
affordable urban motoring to drivers as young as 14 in certain markets. Development costs are limited due to the existing competencies
of the industrial partner, with a high upside in terms of volume potential.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Competitive Strengths</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Intellectual Property (IP)&nbsp;&mdash; </B>Thunder Power believes that its core competency is its innovative and proprietary technology solutions. Through TP NEV, the Company expects to have 154 patents currently active in the United&nbsp;States, which we expect will be available for use by the Company once license agreements are negotiated.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The Patented Battery Pack and Battery Management System (BMS)&nbsp;&mdash; </B>The proprietary BMS is expected to serve as the crown jewel of the technology suite of the Company. We believe that the BMS may prolong the battery life cycle and improve passenger safety by predicting the remaining battery life, such that the EV has sufficient power to reach a safe location and an ability to diagnose potential battery malfunctions. We believe that the BMS system modulates and monitors the temperature range efficiently, which is expected to increase the tolerance of battery cell voltage limits, and power output limit.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The Patented Thermal Management System&nbsp;&mdash;&nbsp;</B>The patented TMS provides an integrated approach to vehicle heating, drivetrain, and temperature control, that in our internal testing reduced vehicle weight and significantly reduced energy consumption.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Modular Production&nbsp;&mdash;&nbsp;</B>We believe that the modularized production approach to the Company&rsquo;s chassis design will allow for lighter vehicle weight and greater commonality of parts across our expected model line-up and may lead to reduced development costs and truncated time required to ramp new models.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shifting Market Dynamics Favor Electric Vehicles&nbsp;&mdash;&nbsp;</B>Globally, government regulations are increasingly focused on reducing CO2 emissions and lessening the world&rsquo;s reliance on fossil fuels. So long as advances in EV technology and acceptance among end consumers continue to grow, EV makers stand to capture substantial market share from traditional combustion engines, particularly as those competitors increase pricing to satisfy the growing development costs necessary for super-efficient&nbsp;engines.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Differentiated design&nbsp;&mdash;&nbsp;</B>The Company has previously engaged automotive designers to design and develop prototypes of its EVs. We believe that the eye-catching, stylish designs and ergonomic car interface will set Thunder Power apart from other manufacturers&rsquo; EV models.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 59; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Technology</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power is an automotive company that plans
to use innovative EV technology to set new standards for sustainable transportation. Thunder Power is negotiating and securing licensing
rights to intellectual property of its affiliates, which have developed the cutting-edge&nbsp;EV technology that the Company believes
could set a new benchmark for EVs. Core to Thunder Power&rsquo;s DNA is achievement of technical excellence, which the Company hope to
secure through licensing of intellectual property from its affiliates for proprietary technologies, such as the modular flexible chassis
system, wireless charging, multi-link&nbsp;suspension system, light weight engineering, BMS, TMS and the use of EV certain EV TDPs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Battery Pack. </I></B>The Battery Pack is expected to utilize 18,650 cylindrical batteries in each EV, while the BMS is expected to control and monitor the Battery Pack, which the Company views as extra high safety standards and an innovative charge-balancing&nbsp;system designed to slow aging and degradation of the Battery Pack.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Battery Management System. </I></B>Thunder Power believes that the proprietary BMS is the most important and valuable part of the Battery Pack, indeed of the entire EV.&nbsp;The functional purpose of the proprietary BMS is to prolong the battery life cycle, improve passenger safety by allowing EV operators to get to a safe location, and predict the potential for battery malfunctions. To accomplish this, the BMS modulates and monitors the temperature range, battery cell voltage limits, and power output limit when the EV is in operation. The BMS consists of local management units (&ldquo;LMUs&rdquo;), which monitor cell voltages and temperature in individual modules of the Battery Pack. This information is then collected and sent to the BMS, which monitors the overall voltage of each module and calculates the state of charge (&ldquo;SOC&rdquo;) of the Battery Pack. This enables the BMS to estimate the available power output and remaining driving range of the EV, as well as determine the state of health (&ldquo;SOH&rdquo;) of the Battery Pack by predicting the potential for battery failures through monitoring the voltage, temperature, and usage of the batteries.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The BMS Concept. </I></B>In the unlikely event of a critical failure, the BMS is intended to cut the high-voltage&nbsp;power to a lower voltage, ensuring that the EV has sufficient power to reach a safe location. Should a minor malfunction occur in a battery cell or module, the BMS is able to detect the failure and inform the driver to schedule a maintenance appointment.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 60; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>EV Traction Drivetrain (EV TDP)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The EV TDP has various core competencies that
are critical to the Company&rsquo;s products. We believe that the EV TDP is energy efficient. The product contains a synchronous motor
with both PM (permanent magnet) and reluctance torque and has a high-fill factor bar-wound design. The inverter drive has a maximum efficiency
vector control, which we believe could achieve high efficiency in a broad speed and power range. Additionally, we believe that it could
benefit our EVs by providing a greater driving range and lower battery capacity requirements, as compared to those of our competitors&rsquo;
vehicles. We believe that the EV TDP is scalable. The product&rsquo;s power range is believed to be 50~250 kW. The EV TDP features a standardized
stator diameter and its output power is varied by changing stack lamination; therefore, we believe that it allows a broad spectrum application
for various types of EVs. We believe that EV TDP is highly integrated with the liquid cooling motor, inverter drive and gear, which in
turn makes the EV TDP compact and lightweight, and optimized for system performance. Finally, we believe that the EV TDP is cost effective.
The EV TDP has a low-pressure loss cooling tunnel design, integrated cooling jacket and a motor frame design.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company does not hold the intellectual property
rights to the traction motor, all rights for which are owned by Mr.&nbsp;Wellen Sham, the former chief executive officer of TPHL, in his
capacity as an individual inventor. There is no licensing agreement in place for the EV TDP between the Company and Mr.&nbsp;Sham.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><IMG SRC="image_002.jpg" ALT="">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 61; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The traction motor is demonstrated above; Thunder
Power does not hold the intellectual property rights to the traction motor, all rights for which are owned by Mr.&nbsp;Wellen Sham in
his capacity as an individual inventor. There is no licensing agreement in place between the Company and Mr.&nbsp;Sham for the traction
motor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The above power train is manufactured by Electric
Power Technology Ltd (a Taiwanese public company, Taiwan List Co. 4529), an affiliate and one of the shareholders of Thunder Power</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, as mentioned below in the section
under the heading&nbsp;&rdquo;<I>Future Technology and Vehicle Programs</I>&rdquo;, Thunder Power may explore the potential of applying
EV TDP in other commercial applications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Intellectual Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power, as a holding company, does not
own any patents. Patents are primarily owned by Thunder Power&rsquo;s wholly owned subsidiary, TP NEV, except for the EV TDP, the patent
for which is owned by Mr.&nbsp;Wellen Sham in his capacity as an individual inventor and patent holder. There is no licensing agreement
in place between Thunder Power and TP NEV or Mr. Sham. These patents are predominantly utility patents, with a number of design patents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Intellectual property is important to our business.
Our commercial success depends on our ability to obtain, maintain and protect the intellectual property and other proprietary technology
that we develop or acquire the rights to, to operate without infringing, misappropriating or otherwise violating the intellectual property
and proprietary rights of others, and to prevent others from infringing, misappropriating or violating our intellectual property and proprietary
rights. We expect to rely on a combination of patents, trademarks, trade secrets, know-how, continuing technological innovation, confidential
information and other measures to develop and maintain our proprietary position including through personnel, contractor, consultant and
third-party&nbsp;nondisclosure and invention assignment agreements and other contractual arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 62; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Regardless of the protective measures that we
may implement to safeguard our intellectual property and proprietary technology, there is always a risk that alterations from our products
or processes may provide sufficient basis for a competitor to avoid infringement claims. In addition, the coverage claimed in a patent
application can be significantly reduced before a patent is issued and courts can reinterpret a patent&rsquo;s scope after issuance. Many
jurisdictions, including the United&nbsp;States, permit third parties to challenge issued patents in administrative proceedings, which
may result in further narrowing or even cancellation of patent claims. We cannot provide any assurance that any patents will be issued
from our pending or any future applications or that any current or future issued patents will adequately protect our intellectual property.
For this and other risks related to our proprietary technology, inventions and improvements, please see the section under the heading
&ldquo;<I>Risk Factors.</I>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Through TP NEV, Thunder Power is expected to have
access to 154 issued U.S.&nbsp;patents, once it secures a licensing agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We hope to develop additional intellectual property
and proprietary technology as our engineering and validation activities ramp up. Technologies that we expect to have access to, through
licensing agreements, and intend to invest in and develop include engineering software, drivetrain systems and controls, infotainment,
cybersecurity, telematics and electrical architecture hardware and software. As we develop our technology, we will continue to build our
intellectual property portfolio, including by pursuing patent and other intellectual property protection when we believe it is possible,
cost-effective, beneficial, and consistent with our overall intellectual property protection strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Generally, the terms of individual issued patents
extend for varying periods depending on the date of filing of the patent application or the date of patent issuance and the legal term
of patents in the countries in which they are obtained. Generally, utility patents issued for applications filed in the United&nbsp;States
are granted a term of 20&nbsp;years from the earliest effective filing date of a non-provisional&nbsp;patent application, assuming the
patent has not been terminally disclaimed over a commonly-owned&nbsp;patent or a patent naming a common inventor, or over a patent not
commonly owned but that was disqualified as prior art as the result of activities undertaken within the scope of a joint research agreement.
The life of a patent, and the protection it affords, is therefore limited and once the patent lives of our issued patents have expired,
we may face competition, including from other competing technologies. The duration of foreign patents varies in accordance with provisions
of applicable local law, but typically is also 20&nbsp;years from the earliest effective filing date. The actual protection afforded by
a patent may vary from country to country and can depend upon many factors, including the type of patent, the scope of its coverage, the
availability of patent term adjustments or extensions, the availability of legal remedies in a particular country and the validity and
enforceability of the patent. As a result, our owned patent portfolio may not provide us with sufficient rights to exclude others from
commercializing products similar or identical to ours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Furthermore, we rely upon trade secrets and know-how,
confidential information, unpatented technologies, continuing technological innovation and other proprietary information to develop, protect
and maintain our competitive position and aspects of our business that are not amenable to, or that we do not presently consider appropriate
for, patent protection and prevent competitors from reverse engineering or copying our technologies. However, the foregoing rights, technologies
and information are difficult to protect. We seek to protect them by, in part, using confidentiality agreements with our personnel and
consultants and any potential commercial partners and collaborators and invention assignment agreements with our personnel We also have
implemented or intend to implement confidentiality agreements or invention assignment agreements with our selected consultants and any
potential commercial partners. These agreements are designed to protect our proprietary information and, in the case of the invention
assignment agreements, to grant us ownership of technologies that are developed through a relationship with a third party. These agreements
may be breached, and we may not have adequate remedies for any breach. There can be no assurance that these agreements will be self-executing&nbsp;or
otherwise provide meaningful protection for our trade secrets or other intellectual property or proprietary information. In addition,
our trade secrets may otherwise become known or be independently discovered by competitors. To the extent that our commercial partners,
collaborators, personnel and consultants use intellectual property owned by others in their work for us, disputes may arise as to the
rights in related or resulting know-how&nbsp;and inventions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 63; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our commercial success will also depend in part
on not infringing, misappropriating or otherwise violating the intellectual or proprietary rights of third parties. The issuance of third-party&nbsp;patents
could require us to alter our development or commercial strategies, change our products or processes, obtain licenses to additional third-party&nbsp;patents
or other intellectual property or cease certain activities. Our breach of any license agreements or failure to obtain a license to proprietary
rights that we may require to develop or commercialize our future products or technologies may have an adverse impact on us. Given that
patent applications in the United&nbsp;States and certain other jurisdictions are maintained in secrecy for 18&nbsp;months or potentially
longer, and since publication of discoveries in the scientific or patent literature often lags behind actual discoveries, we cannot be
certain of the patent protection being sought by third parties and/or the priority of inventions covered by such patent applications.
Moreover, we may have to participate in interference, revocation, derivation, re-examination, post-grant&nbsp;review, inter partes review
or opposition proceedings brought by third parties or declared by the U.S.&nbsp;Patent and Trademark Office or an equivalent foreign body.
See &ldquo;<I>Risk Factors</I>&rdquo; for additional information regarding these and other risks related to our intellectual property
portfolio and their potential effect on us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Patents Pertaining to the Battery Pack/BMS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The U.S.&nbsp;patent applications of the Company&rsquo;s
affiliate in connection with the Battery Pack/BMS innovations include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Auto-detection&nbsp;and&nbsp;Self-exclusion&nbsp;of Malfunctioned Battery Modules in an Electric Vehicle Battery Pack. </I></B>This technology is designed to allow the user to continue driving the EV, albeit with fewer batteries and lower voltage, to reach a service center or a safer location. This, in turn, is expected to reduce the frequency of need for roadside assistance and associated maintenance costs.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The Communication Structure of Battery Pack. </I></B>The technology collects modular data from the Battery Pack and then calculates and interprets the data, sending the results to the vehicle control unit (&ldquo;VCU&rdquo;). A key benefit of its innovation is the overall reduction in Control Area Network (&ldquo;CAN&rdquo;) data volumes and lack of interference with other subsystems, ensuring greater communication stability<B>.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The Wireless Data Transmission of the EV Battery Pack in Electric Vehicles.</I></B> The technology utilizes wireless technology to communicate between the Battery Pack and the VCU, charger, and maintenance center. The innovative design effectively reduces the amount of electrical wiring required and could also be beneficial to swappable battery solutions (by avoiding connector corrosion).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Intelligent Charge Balancing System. </I></B>Typically, EVs run multiple battery cells. However, when one of the cells malfunctions, there is the potential for the entire battery pack to malfunction or underperform. Thunder Power&rsquo;s innovation, through the application of independent switching circuits, detects modular imbalances and eliminates them&nbsp;&mdash;&nbsp;thereby maintaining consistent performance levels. A key benefit is that it slows Battery Pack aging and battery capacity degradation.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Thermal Management System (&ldquo;TMS&rdquo;). </I></B>Thunder Power believes that its thermal management system (the &ldquo;TMS&rdquo;) controls the vehicle temperature in a safe and efficient manner by taking an integrated approach to create a vehicle heating, drivetrain, and temperature control unit. The key benefit of Thunder Power&rsquo;s design is the reduction in vehicle weight and energy requirements that contribute to its extended driving range.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 64; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_004.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unlike an internal combustion engine (&ldquo;ICE&rdquo;),
an EV uses electricity from batteries as a power source. As a result, additional heaters and chillers are required to better control the
vehicle temperature in operation and provide cabin comfort. The downside of heating and cooling devices within conventional EVs is their
power consumption. TMS to heat or cool, can use up to 50% of all stored battery energy. As a result, an EV&rsquo;s TMS is critical to
both driving range and energy efficiency. The Company intends to use a proprietary integrated thermal management system that is responsible
for controlling heating, ventilation, and air conditioning, as well as drivetrain temperature and battery temperature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">By regulating the operating temperature of the
vehicle, this technology increases the lifespan of sub-systems, including the Battery Pack. Moreover, through what the Company believes
to be an efficient heating circuit design, dissipated heat from the electric power train, battery system, or other electrical device can
be recaptured and used for cabin heating. The system is also intended to include environmental temperature monitoring, which can determine
the need to switch to different circulation loops to ensure optimal performance or activate pre-heating&nbsp;functionality when operating
in cold climates (crucial to Battery Pack functionality).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Patents Pertaining to the Thermal Management System (&ldquo;TMS&rdquo;)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power&rsquo;s affiliate has filed U.S.&nbsp;patent
applications for several innovations in connection with the TMS which seek to reduce energy consumption and allow for an extended range
to the EVs. Patents include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Series&nbsp;and Parallel Structure of Thermal Management System for Cabin Heater</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Parallel Structure of Thermal Management System for Cabin Heater</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Radiator and AC heat Exchanger Airflow System</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Double-way&nbsp;Coolant Pipe for Battery Cooling Loop.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 65; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Battery Pack/BMS and TMS Patent list</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The following is a list of material patents currently expected to
be used by Thunder Power:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PATENT&nbsp;NO.</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TITLE</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COUNTRY</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FUNCTION</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TYPE</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXPIRATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,703,211</FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY PACK, BATTERY CHARGING STATION, AND CHARGING METHOD</FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/2/2036</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,499,067</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POWER MANAGEMENT IN ELECTRIC VEHICLES</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6/23/2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,716,392</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY PACK AND CONNECTING CIRCUITS OF BATTERY MODULES</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10/14/2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,783,020</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY PACK, BATTERY CHARGING STATION, AND CHARGING METHOD</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6/23/2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,312,558</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY PACKAGING AND INSERT MOLDING FOR ELECTRIC VEHICLES</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/20/2036</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,865,905</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY COOLANT LOOP PAD FOR ELECTRIC VEHICLES</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7/13/2036</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,144,304</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POWER MANAGEMENT IN ELECTRIC VEHICLES</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6/23/2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,700,335</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY SYSTEM HOUSING WITH INTERNAL BUSBAR</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/28/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,164,225</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY SYSTEM HOUSING WITH BUSBAR GRID FIXATION</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/24/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,396,410</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY SYSTEM HOUSING WITH INTERNAL BUSBAR</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7/3/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,103,414</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY SYSTEM ASSEMBLY PROCESS AND BATTERY SYSTEM ASSEMBLY</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/24/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,347,888</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY SYSTEM HOUSING WITH UNDERSIDE ARMOR</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/24/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,403,943</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY SYSTEM</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/11/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,027,001</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY SYSTEM</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/11/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,723,230</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INTELLIGENT VEHICLE CHARGING</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/11/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,298,061</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WIRELESS VEHICLE RECHARGING SYSTEM</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/11/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,118,504</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY SYSTEM HOUSING WITH FASTENER</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/24/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,755,202</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY PACK OF ELECTRIC VEHICLE, ELECTRIC VEHICLE CHASSIS AND METHOD FOR REPLACING BATTERY MODULES</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/26/2036</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,227,010</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POWER MANAGEMENT IN ELECTRIC VEHICLES</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6/23/2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,044,012</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY PACK OF ELECTRIC VEHICLE, ELECTRIC VEHICLE CHASSIS AND METHOD FOR REPLACING BATTERY MODULES</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/26/2036</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,991,484</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY PACK OF ELECTRIC VEHICLE, ELECTRIC VEHICLE CHASSIS AND METHOD FOR REPLACING BATTERY MODULES</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/26/2036</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,084,175</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY SYSTEM ASSEMBLY PRESS AND PROCESS OF MANUFACTURING A BATTERY SYSTEM ASSEMBLY</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/24/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,744,845</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY PACK, BATTERY CHARGING STATION, AND CHARGING METHOD</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6/28/2036</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,665,914</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY SYSTEM HOUSING WITH INTEGRATED COOLING PIPE</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/24/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,312,559</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY SYSTEM</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/11/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,625,615</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY MANAGEMENT SYSTEM</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2/3/2037</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 66; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,784,487</FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INTEGRATED BUSBAR AND BATTERY CONNECTION FOR ELECTRIC VEHICLE BATTERY PACKS</FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/20/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,533,551</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ELECTRIC VEHICLE THERMAL MANAGEMENT SYSTEM WITH SERIES AND PARALLEL STRUCTURE</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/3/2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,991,484</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY PACK OF ELECTRIC VEHICLE, ELECTRIC VEHICLE CHASSIS AND METHOD FOR REPLACING BATTERY MODULES</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/26/2036</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,084,175</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY SYSTEM ASSEMBLY PRESS AND PROCESS OF MANUFACTURING A BATTERY SYSTEM ASSEMBLY</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/24/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,744,845</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY PACK, BATTERY CHARGING STATION, AND CHARGING METHOD</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6/28/2036</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,665,914</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY SYSTEM HOUSING WITH INTEGRATED COOLING PIPE</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/24/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,312,559</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY SYSTEM</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/11/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,625,615</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY MANAGEMENT SYSTEM</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2/3/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,784,487</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INTEGRATED BUSBAR AND BATTERY CONNECTION FOR ELECTRIC VEHICLE BATTERY PACKS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Battery Pack/BMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/20/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,533,551</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ELECTRIC VEHICLE THERMAL MANAGEMENT SYSTEM WITH SERIES AND PARALLEL STRUCTURE</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/3/2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,035,401</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY SYSTEM WITH HEAT EXCHANGE DEVICE</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/10/2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,347,955</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY SYSTEM WITH HEAT EXCHANGE DEVICE</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/28/2036</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,707,822</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ELECTRIC VEHICLE THERMAL MANAGEMENT SYSTEM</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/3/2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,809,082</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ELECTRIC VEHICLE THERMAL MANAGEMENT SYSTEM WITH SERIES AND PARALLEL STRUCTURE</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/3/2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,802,460</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ELECTRIC VEHICLE THERMAL MANAGEMENT SYSTEM WITH SERIES AND PARALLEL STRUCTURE</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/3/2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,516,191</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">METHODS AND SYSTEMS FOR BUSBAR COOLING</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/11/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,882,253</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COOLED BUSBARS AND PLATE</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/11/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,035,402</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THERMAL DISSIPATION SYSTEM OF AN ELECTRIC VEHICLE</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/1/2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,895,954</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THERMAL DISSIPATION SYSTEM OF AN ELECTRIC VEHICLE</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/1/2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,272,736</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ELECTRIC VEHICLE THERMAL MANAGEMENT SYSTEM</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/3/2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,173,496</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VEHICLE RADIATOR&nbsp;V TYPE LAYOUT</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/21/2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,343,484</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ELECTRIC VEHICLE THERMAL MANAGEMENT SYSTEM WITH SERIES AND PARALLEL STRUCTURE</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/3/2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,525,787</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ELECTRIC VEHICLE THERMAL MANAGEMENT SYSTEM WITH SERIES AND PARALLEL STRUCTURE</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/13/2036</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,734,692</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BATTERY COOLANT LOOP PAD FOR ELECTRIC VEHICLES</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/1/2036</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,566,666</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COOLED BUSBARS AND PLATE</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/11/2037</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,173,518</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THERMAL DISSIPATION SYSTEM OF AN ELECTRIC VEHICLE</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/1/2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,406,888</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ELECTRIC VEHICLE THERMAL MANAGEMENT SYSTEM</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TMS</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/3/2035</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 67; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Micro Lens Array Lighting</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company intends to leverage Intelligent Micro
Lens Array headlights created and engineered by its affiliate, which are expected to provide a homogeneous and luminant light source.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Facilities and Production</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Phase&nbsp;1 &mdash;&nbsp;Outsourced production in
the EU</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power expects to produce its first vehicles
based upon a European outsourcing strategy that leverages its partnership with confidential prominent vendors. There is currently no partnership
agreement in place, although the partner selection process has commenced. The initial production phase is strategically capex-light&nbsp;and
rely upon a high degree of synergies with the chosen production partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Phase&nbsp;2 &mdash;&nbsp;Dedicated Manufacturing
Base</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power plans the option to acquire land
for the vertical development of the dedicated&nbsp;manufacturing facility from earliest 2029 (the &ldquo;Center&rdquo;). This Center will
facilitate many primary functions such as a design studio, R&amp;D capabilities, homologation and testing, marketing&nbsp;&amp; sales,
as well as mass production</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Funding and Revenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power is a pre-revenue company and has
not generated any revenue from the sales of its vehicles. We expect to generate revenue from the sale of our EV Models, the sale and/or
licensing of our technologies, and from any future research and development services that we may provide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Go-To-Market Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power&rsquo;s marketing strategy is to
create an affordable luxury brand that screams &ldquo;Towards the open road. Drive like you mean it. Responsibly inspired to drive. The
target demographics will be existing car owners who appreciate the benefits of switching from petrol to electric but are unwilling to
sacrifice performance, comfort, and safety for gimmicky mobility solutions and new eco-conscious&nbsp;owners looking to be part of a &ldquo;cult&rdquo;
following. The target customers are millennial, with a focus on city working and living locals and within the&nbsp;20-35&nbsp;age range.
They could be individuals who want switching to something different and more fashionable or anyone who have just become financially independent
and want to buy an essential car for commute in city lifestyle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thunder Power expects to establish a classical network of dealer partners
offering sales and service, supported by centrally created marketing activities. Alternatively, customers may order online.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 68; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Showroom rendering (source from Thunder Power):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_005.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Government Regulations and Credits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Environmental Regulations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the U.S. Federal level:</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In 2012 the Environmental Protection Agency (&ldquo;EPA&rdquo;)
adopted greenhouse gas emissions (GHG) standards for light duty vehicles produced in model&nbsp;years 2017&nbsp;&ndash;&nbsp;2025 (Control
of Air Pollution from Motor Vehicles: Tier 3 Motor Vehicle Emission and Fuel Standards, 79 FR 23414 (Apr.&nbsp;28, 2014)). In 2020 (The
Safer Affordable Fuel-Efficient&nbsp;(SAFE) Vehicles Rule for Model Years 2021-2026&nbsp;Passenger Cars and Light Vehicles, 85 FR 24174
(Apr.&nbsp;30, 2020)) and 2021 (Revised 2023 and Later Model Year Light-Duty&nbsp;Vehicle Greenhouse Gas Emissions Standards, 86 FR 74434
(Dec.&nbsp;30, 2021), the EPA revised and made more stringent its GHG standards and proposed and finalized a rulemaking (the &ldquo;2021
rulemaking&rdquo;), respectively, for model&nbsp;years 2023&nbsp;&ndash;&nbsp;2026 light-duty&nbsp;passenger cars. Thunder Power&rsquo;s
production schedule starting in 2025 and covering 2026 will subjected to these more stringent GHG standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 69; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On April&nbsp;22, 2021, the Biden-Harris&nbsp;Administration
announced a 50 to 52 percent target reduction from 2005 levels in GHGs by 2030, representing the U.S.&nbsp;Nationally Determined Contribution
(NDC) under the Paris Agreement. This announcement was followed by Executive Order 14037 on August&nbsp;5, 2021 (&ldquo;Strengthening
American Leadership in Clean Cars and Trucks&rdquo;) reinforcing the goal of at least a 50 percent GHG reductions from new zero-emission&nbsp;vehicles
sales by 2030. In addition, in 2021 and 2022, respectively, Congress passed the Infrastructure Investment and Jobs Act (Pub. Law 117-58,
Bipartisan Infrastructure Law) and the Inflation Reduction Act (Pub. Law 117-169) providing significant government-wide&nbsp;funding and
support for GHG reductions, including funding for component technology and infrastructure for the manufacture, sales and use of electric
vehicles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In 2023, the EPA under its Clean Air Act (CAA)
authority proposed new rules for light-duty&nbsp;vehicles with model&nbsp;years 2027&nbsp;&ndash;&nbsp;2032, specifically &ldquo;off-cycle&nbsp;and
air conditioning credits, treatment of upstream emissions associated with zero-emission&nbsp;vehicles and plug-in&nbsp;hybrid electric
vehicles in compliance calculations, medium-duty&nbsp;vehicle incentive multipliers, vehicle certification and compliance, new standards
to control refueling emissions from incomplete medium-duty&nbsp;vehicles, battery durability and warranty requirements for light-duty&nbsp;and
medium-duty&nbsp;plug-in&nbsp;vehicles and minor amendments to requirements for aftermarket fuel conversions, importing vehicles and engines,
evaporative emission test procedures, and test fuel specifications for measuring fuel economy.&rdquo; (Multi-Pollutant&nbsp;Emissions
Standards for Model Years 2027 and Later Light-Duty&nbsp;and Medium-Duty&nbsp;Vehicles, 88 Fed. Reg. 29184, Proposed Rule (May&nbsp;5,
2023)) Any EVs Thunder Power, as a light-duty&nbsp;vehicle manufacturer (manufacturing vehicles between 8,501 and 14,000 pounds gross
vehicle weight rating (GVWR)), produces in 2027 to 2032 would be subjected to any final rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, during production periods from 2025
to 2032, Thunder Power would have to comply with two separate EPA rules on GHG reduction standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the U.S. state level:</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>California: </I></B>The 2022 Advanced Clean
Cars&nbsp;II rule requires all new light-duty&nbsp;vehicles sold in the state of California to be zero-emission&nbsp;vehicles by 2035.
(<I>Id</I>. at 29188, note&nbsp;14, citing to the California Air Resources Board &ldquo;California moves to accelerate to 100% new zero-emission&nbsp;vehicle
sales by 2035.&rdquo; Also,&nbsp;<I>Id</I>. note&nbsp;15, citing the State of California Office of the Governor, &ldquo;Governor Newsom
Announces California Will Phase Out Gasoline-Powered&nbsp;Cars &amp; Drastically Reduce Demand for Fossil Fuel in California&rsquo;s Fight
Against Climate Change&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>New&nbsp;York: </I></B>In 2021, in advance
of Climate Week 2021, New&nbsp;York Governor Hochul signed Legislation (A.4302/A.2758) requiring all new light-duty&nbsp;vehicles sold
in the state of New&nbsp;York to be zero-emission&nbsp;vehicles by 2035. (<I>Id</I>. note&nbsp;17, citing Governor of New York Press Office,
&ldquo;In Advance of Climate Week 2021, Governor Hochul Announces New Actions to Make New York&rsquo;s Transportation Sector Greener,
Reduce Climate-Altering&nbsp;Emissions&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Massachusetts: </I></B>Though not finalized,
in 2022 the state of Massachusetts announced that it may ban sale of all new gas-powered&nbsp;vehicles by 2035. (<I>Id</I>. note&nbsp;18,
citing Boston.com, &ldquo;Following California&rsquo;s lead, state will likely ban all sales of new gas-powered&nbsp;cars by 2035.&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Washington: </I></B>Also in 2022, the Department
of Ecology in the State of Washington issued a press release regarding its plan to require 100% of new passenger cars and trucks to run
on zero-emission&nbsp;technology by 2035. (<I>Id</I>. note&nbsp;20, citing Washington Department of Ecology &ldquo;Washington sets path
to phase out gas vehicles by 2035.&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Other States: </I></B>In 2022, the Associated
Press (&ldquo;AP&rdquo;) reported that 17 states may follow California&rsquo;s rule to require all new cars, pickups and SUVs to be electric
or hydrogen powered by 2035. According to the AP article &ldquo;under the EPA&rsquo;s Clean Air Act, states must abide by the federal
governments standard vehicle emissions standards unless they at least partially opt to follow California&rsquo;s stricter requirements.&rdquo;
(<I>Id</I>. note&nbsp;21, citing Associated Press, &ldquo;17 states weigh adopting California&rsquo;s electric car mandate&rdquo;). States
such as Virginia, Minnesota, Colorado and Pennsylvania are unsure to follow California&rsquo;s new laws citing climate differences and
wanting to give consumers options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<!-- Field: Page; Sequence: 70; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globally:</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>International&nbsp;Zero-Emission&nbsp;Vehicle
Alliance:&nbsp; </I></B>In November&nbsp;2021, ZEV announced that by 2035 its members will move to all ZEV sales. (<I>Id</I>.) ZEV members
are Baden-W&uuml;rttemberg, British Columbia, California, Canada, Chile, Connecticut, Costa Rica, Germany, Maryland, Massachusetts, Netherlands,
New Jersey, New&nbsp;York, Norway, Oregon, Qu&eacute;bec, Rhode Island, United Kingdom, Vermont, and Washington.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">According to the EPA, &ldquo;at least 20 countries,
as well as numerous local jurisdictions, have announced targets for shifting all new passenger car sales to zero-emission&nbsp;vehicles
in the coming&nbsp;years, including Norway (2025); Austria, the Netherlands, Denmark, Iceland, India, Ireland, Israel, Scotland, Singapore,
Sweden, and Slovenia (2030); Canada, Chile, Germany, Thailand, and the United Kingdom (2035); and France, Spain, and Sri Lanka (2040).&rdquo;
(<I>Id</I>. note&nbsp;23, citing Environmental and Climate Change Canada, &ldquo;Achieving a Zero-Emission&nbsp;Future for Light-Duty&nbsp;Vehicles:
Stakeholder Engagement Discussion Document December 17&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Emissions Credits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In January&nbsp;2023, Tesla reported sales of
carbon offset credits or carbon allowances to other manufacturers who failed to meet the emissions standards set by the California Air
Resources board (CARB) of USD&nbsp;1.78&nbsp;billion. (Carbon Credits, Jennifer L.,&nbsp;<I>Tesla Carbon Credit Sales Reach Record $1.78
Billion in 2022</I>, Jan.&nbsp;27, 2023,&nbsp;<I>available at https://carboncredits.com/tesla-carbon-credit-sales-reach-record-1-78-billion-in-2022</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power expects to earn carbon offset credits
and other regulatory credits that it will sell to other manufacturers from its manufacture, sale, and/or registration of Zero Emission
Vehicles (&ldquo;ZEVs&rdquo;). In addition, Thunder Power anticipated that it will be able to sell ZEV credits in up to 12 Section&nbsp;177
States such as California, Connecticut, Delaware, Maine, Maryland, Massachusetts, New Jersey, New&nbsp;York, Oregon, Pennsylvania, Rhode
Island, Vermont, and Washington. Thunder Power may also expect to earn and sell U.S.&nbsp;Department of Transportation&rsquo;s Corporate
Average Fuel Economy (&ldquo;CAF&Eacute;&rdquo;) credits, EPA&rsquo;s greenhouse gas credits and credits earned or saleable in other North
American regions, UK, Europe, and Asia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>EPA Emissions and Certificate of Conformity</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The U.S.&nbsp;Clean Air Act requires that Thunder
Power obtain a Certificate of Conformity issued by the EPA and a California Executive Order issued by the California Air Resources Board
(&ldquo;<I>CARB</I>&rdquo;) certifying that its vehicles comply with applicable emissions requirements. A Certificate of Conformity is
required for vehicles sold in the United&nbsp;States, and an Executive Order from the CARB is required for vehicles sold in states that
have adopted California standards. CARB sets the California standards for emissions control for certain regulated pollutants for new vehicles
and engines sold in California. States that have adopted the California standards as approved by EPA also recognize the CARB Executive
Order for sales of vehicles. In addition to California, there are 13 other states that have either adopted or are in the process of adopting
the stricter California standards, including New&nbsp;York, Massachusetts, Vermont, Maine, Pennsylvania, Connecticut, Rhode Island, Washington,
Oregon, New Jersey, Maryland, Delaware and Colorado.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although the Thunder Power vehicles will have
zero emissions, Thunder Power is required to seek an EPA Certificate of Conformity and, for vehicles sold in California or any of the
other 13 states that have adopted the stricter California standards, a CARB Executive Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Vehicle Safety and Testing</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power&rsquo;s vehicles will be subject
to, and will be required to comply with, numerous regulatory requirements established by the National Highway Traffic Safety Administration
(&ldquo;<I>NHTSA</I>&rdquo;), including applicable U.S.&nbsp;Federal Motor Vehicle Safety Standards (&ldquo;<I>FMVSS</I>&rdquo;). Thunder
Power intends that its family of EVs will fully comply with all applicable FMVSSs without the need for any exemptions, and we expect future
Thunder Power&rsquo;s EVs to either fully comply or comply with limited exemptions related to new technologies. Additionally, there are
regulatory changes being considered for several FMVSSs, and while Thunder Power anticipates compliance, there is no assurance that Thunder
Power will comply with such changes under the final versions as enacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a U.S.-based&nbsp;manufacturer, Thunder Power
must self-certify&nbsp;that its EVs meet all applicable FMVSS, as well as the NHTSA bumper standard, or otherwise are exempt, before its
EVs can be sold in the United&nbsp;States. Numerous FMVSS will apply to Thunder Power&rsquo;s EVs, such as crash-worthiness requirements,
crash avoidance requirements and EV-specific&nbsp;requirements. Thunder Power will also be required to comply with other federal laws
and regulations administered by NHTSA, including, among other things, ensuring its EVs do not contain defects related to motor vehicle
safety, recall requirements, the Corporate Average Fuel (CAFE) standards, Theft Prevention Act requirements, consumer information labeling
requirements, reporting required notices, bulletins and other communications, Early Warning Information reporting, foreign recall reporting
and owner&rsquo;s manual requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 71; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Automobile Information and Disclosure Act
requires manufacturers of motor vehicles to disclose certain information regarding the manufacturer&rsquo;s suggested retail price, optional
equipment and pricing. In addition, this law allows inclusion of city and highway fuel economy ratings, as determined by the U.S.&nbsp;Environmental
Protection Agency (EPA), as well as crash test ratings as determined by NHTSA if such tests are conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power intends to bring production in Europe
and then expand its offerings within the U.S. and outside of the U.S., and in connection with such expansion its EVs will be subject to
foreign safety, environmental and other regulations. Many of those regulations are different from those applicable in the U.S.&nbsp;and
may require redesign and/or retesting. For example, the European Union (&ldquo;<I>E.U.</I>&rdquo;) has established new approval and oversight
rules requiring that a national authority certify compliance with heightened safety rules, emissions limits and production requirements
before vehicles can be sold in each E.U. member state, the initial of which rules were rolled out on September&nbsp;1, 2020. There is
also regulatory uncertainty regarding how these rules will impact sales in the United Kingdom given its withdrawal from the E.U.&nbsp;These
changes could impact the rollout of new vehicle features in Europe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to the various territorial legal requirements
Thunder Power is obligated to meet, Thunder Power&rsquo;s family of EVs is engineered with the expectation that it will deliver overall
five-star&nbsp;performance in the two main voluntary vehicle safety performance assessment programs, the U.S.&nbsp;New Car Assessment
Program (&ldquo;<I>NCAP</I>&rdquo;) and the European New Car Assessment Programme (&ldquo;<I>Euro NCAP</I>&rdquo;). Five-star&nbsp;is
the maximum attainable score. These independent organizations have introduced a number of additional safety related tests aimed at improving
the safety of passenger vehicles, both for occupants and pedestrians involved in collisions with vehicles. Some of these tests are derived
from legal requirements, such as side impact, but have higher performance requirements. Others are unique to the programs. Areas covered
by these tests in 2020 included:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mobile Progressive Deformable Barrier;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full Width Rigid Barrier;.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mobile Side Impact Barrier;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Side Pole;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Far Side Impact;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whiplash;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vulnerable Road Users (Pedestrians and Cyclists);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Safety Assist; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rescue and Extrication</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Automobile Manufacturer and Dealer Regulation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the United&nbsp;States, state laws regulate
the manufacture, distribution, sale and service of automobiles, and generally require motor vehicle manufacturers and dealers to be licensed
in order to sell vehicles directly to residents. Certain states do not permit automobile manufacturers to be licensed as dealers or to
act in the capacity of a dealer, or otherwise restrict a manufacturer&rsquo;s ability to deliver or service vehicles. To sell vehicles
to residents of states where Thunder Power is not licensed as a dealer, Thunder Power expects to conduct the transfer of title out of
the state. In certain such states, Thunder Power expects to open studios that serve an educational purpose and where the title transfer
may not occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Some automobile dealer trade associations may
challenge the legality of Thunder Power&rsquo;s operations and direct selling operations by OEMs in court and may use administrative and
legislative processes to attempt to prohibit or limit such OEMs&rsquo; ability to operate existing stores or expand to new locations.
Certain dealer associations may also actively lobbied state licensing agencies and legislators to interpret existing laws or enact new
laws in ways not favorable to Thunder Power&rsquo;s planned direct sales and service model. Thunder Power expects dealer trade associations
to continue to lobby state licensing agencies and legislators to interpret existing laws or enact new laws in ways not favorable to its
business model; however, Thunder Power intends to oppose such efforts to limit its ability to operate and intends to proactively support
legislation that enables its business model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Should Thunder Power not be allowed to develop
relationships with the largest multi-brand&nbsp;and high-end&nbsp;brand dealers in the U.S.&nbsp;it would be difficult for it as a newcomer
to the U.S.&nbsp;EV market to gain a foothold in the U.S.&nbsp;Thunder Power recognizes that its best strategy for market penetration
is to align itself with a U.S.&nbsp;dealership network, especially for sale of the Coupe, and the eventual servicing of its family of
EVs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 72; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Battery Safety and Testing Regulation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power&rsquo;s battery packs are designed
to conform to mandatory regulations that govern transport of &ldquo;dangerous goods,&rdquo; defined to include lithium-ion&nbsp;batteries,
which may present a risk in transportation. The governing regulations, which are issued by the Pipeline and Hazardous Materials Safety
Administration, are based on the United Nation (&ldquo;<I>U.N.</I>&rdquo;) Recommendations on the Safe Transport of Dangerous Goods Model
Regulations and related U.N.&nbsp;Manual Tests and Criteria. The regulations vary by mode of shipping transportation, such as by ocean
vessel, rail, truck or air. Prior to launch, Thunder Power plans to complete all applicable transportation tests for its battery packs,
demonstrating its compliance with applicable regulations. Thunder Power intends to use lithium-ion&nbsp;cells in the high voltage battery
packs in its EVs. The use, storage and disposal of battery packs is regulated under federal law. Thunder Power&rsquo;s battery packs are
intended to meet the applicable compliance requirements of the UN Manual of Tests and Criteria demonstrating its ability to ship battery
packs by any method. These tests include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Altitude simulation &mdash; simulating air transport;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thermal cycling &mdash; assessing cell and battery seal integrity;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vibration &mdash; simulating vibration during transport;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shock &mdash; simulating possible impacts during transport;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">External short circuit &mdash; simulating an external short circuit; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overcharge &mdash; evaluating the ability of a rechargeable battery to withstand overcharging.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Competition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power anticipates that it will face competition
from both traditional automotive original equipment manufacturer (&ldquo;OEMs&rdquo;) and an increasing number of newer companies focused
on electric and other alternative fuel vehicles. Thunder Power expects this competition to increase, particularly as the transportation
sector continues to shift towards low-emission, zero-emission&nbsp;or carbon neutral solutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any of the Company&rsquo;s future vehicles are
expected to compete with both traditional luxury internal combustion vehicles from established automotive OEMs and electric and other
alternative fuel vehicles from both new manufacturers and established automotive OEMs, many of which have entered or have announced plans
to enter the alternative fuel and EV market. Many major automobile manufacturers, including luxury automobile manufacturers, have EVs
available today, and other current and prospective automobile manufacturers are also developing EVs. In addition, numerous manufacturers
offer hybrid vehicles, including plug-in&nbsp;versions, with which Thunder Power&rsquo;s vehicles will also compete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power believes the primary competitive
factors on which it will compete include, but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">product quality, reliability and safety;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">range, efficiency and charging speeds;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">product performance;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">technological innovation, including with respect to AD/ADAS features;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">access to charging options;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">design, styling and luxury;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">service options and customer experience;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">management team experience at bringing electric vehicles and other disruptive technologies to market;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">manufacturing efficiency;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">brand recognition and prestige; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">product price.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power believes that it is favorably positioned
to compete on the basis of these factors. However, many of Thunder Power&rsquo;s current and potential competitors have substantially
greater financial, technical, manufacturing, marketing and other resources than Thunder Power. Thunder Power&rsquo;s competitors may be
able to deploy greater resources to the design, development, manufacturing, distribution, promotion, sales, marketing and support of their
products. Additionally, many of Thunder Power&rsquo;s competitors also have greater name recognition, longer operating histories, larger
sales forces, broader customer and industry relationships and other tangible and intangible resources that exceed Thunder Power&rsquo;s.
Furthermore, many of Thunder Power&rsquo;s competitors operate with a traditional sales and dealer distribution model for vehicles that
may be viewed more favorably by potential customers. These competitors also compete with Thunder Power in recruiting and retaining qualified
research and development, sales, marketing and management personnel, as well as in acquiring technologies complementary to, or necessary
for, Thunder Power&rsquo;s products. Additional mergers and acquisitions in the EV and luxury automotive markets may result in even more
resources being concentrated in Thunder Power&rsquo;s competitors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 73; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Limited Edition Coupe</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Coupe is intended to offer a unique product
proposition, without a classical direct competitor. It is intended to represent the face of the Company, showcasing design, technology
and character. It is intended to offer a wide range of personalization options and therefore will be available across a wide pricing segment.&nbsp;The
Coupe will respect customer aspirations defined by benchmark vehicles in a similar price category, including the new Roadster by Tesla,
the Owl by Aspark, or the GranTurismo Folgore by Maserati.&nbsp; .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Long-range&nbsp;Sedan</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Sedan represents a more mainstream product
positioned in the traditional executive sports saloon segment. Whereas new market entrants from Chinese manufacturers have concentrated
on SUV versions, the sports saloon is a segment traditionally dominated by European brands. Benchmark comparative models are expected
to include Maserati Ghibli, Polestar 5 and Tesla Model S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Compact City Car</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The &ldquo;small&rdquo; segment represents what
we believe to be the most likely growth area for EVs in the coming 10 years. Thunder Power intends to differentiate its proposition not
only through competitive performance, but with a strong emphasis on interior and exterior design, recreating the sensation of fun motoring,
which we believe has been neglected with recent more functional mainstream models.&nbsp;A selection of competitive benchmark vehicles
is detailed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Long-range&nbsp;SUV</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The large SUV segment represents an opportunity
for Thunder Power to enter into a mainstream segment, following successful market entry of its other Models. This segment includes well
established brands. A first concept of Thunder Power&rsquo;s design intentions was presented at the Frankfurt Motor Show.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Legal Proceedings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">From time to time, we are subject to various legal
proceedings that arise from the normal course of business activities. In addition, from time to time, third parties may assert claims
of intellectual property infringement, misappropriation or other violation against us in the form of letters and other forms of communication.
If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on our results of operations, prospects,
cash flows, financial position and brand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are not currently a party to any material legal
proceedings; however, Mr.&nbsp;Well Sham, our controlling shareholder, is a party to the following legal proceedings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Criminal prosecution against Mr.&nbsp;Wellen Sham</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Taiwan Taipei District Prosecutor&rsquo;s Office
(the &ldquo;Prosecutor&rdquo;) initiated a public prosecution against Mr.&nbsp;Wellen Sham on May&nbsp;2, 2022, currently being litigated
in Taiwan Taipei District Court Criminal Division (Taiwan Taipei District Court, Year 2022, Jin-Chong-Su-Zhi, No.&nbsp;19, the &ldquo;Criminal
Prosecution&rdquo;). Four court sessions for the Criminal Prosecution have been held. The last court session was on November&nbsp;16,
2023. In response to the defendant&rsquo;s request, the court has scheduled a series of hearings starting from March&nbsp;2024. The Prosecutor
currently has 11 indictments against Mr.&nbsp;Sham in the Criminal Prosecution, which include the following alleged charges:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1.&nbsp;the offense of &ldquo;causing financial statements
to become untrue by other improper means&rdquo; under the Business Entity Accounting Act&nbsp;of&nbsp;Taiwan as a result of failure to
disclose a related party transaction in connection with Electric Power Technology Limited&rsquo;s (&ldquo;EPTECH&rdquo;) purchase of Fund
D securities from Sino-JP&nbsp;Fund Co., Ltd because Mr.&nbsp;Sham is associated with EPTECH and Sino-JP&nbsp;Fund Co., Ltd. Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">2.&nbsp;violation of Securities and Exchange&nbsp;Act&nbsp;of&nbsp;Taiwan
by misrepresentations of EPTECH&rsquo;s financial statements, non-arm&rsquo;s length transaction, and/or breach of Mr.&nbsp;Sham&rsquo;s
fiduciary duty to EPTECH because the Prosecutor alleged those transactions are not in the normal course of business of EPTECH or non-beneficial&nbsp;to
EPTECH.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.&nbsp;Sham&rsquo;s acquisition of shares in Thunder Power Hong&nbsp;Kong Limited (&ldquo;TPHK&rdquo;), a company wholly owned by EPTECH, paid for by his GPS patents which the Prosecutor alleged were priced at &ldquo;an unreasonably high price.&rdquo;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EPTECH acquired a non-exclusive&nbsp;license for a battery pack patent from TPHK by offsetting the debt owed by TPHK to EPTECH, which the Prosecutor alleged was &ldquo;orchestrated&rdquo; by Mr.&nbsp;Sham and was &ldquo;non-beneficial&nbsp;to EPTECH.&rdquo;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in"></P>

<!-- Field: Page; Sequence: 74; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EPTECH engaged an exclusive authorized agent for the electric coupe and agreed to pay USD $4,950,000 immediately, which the Prosecutor alleged was &ldquo;orchestrated&rdquo; by Mr.&nbsp;Sham and was &ldquo;deemed outside the normal course of EPTECH&rsquo;s business&rdquo; and caused significant losses for EPTECH.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EPTECH paid USD $4,480,000 for parts for an electric four-door&nbsp;sedan from TPHK, which the Prosecutor alleged was &ldquo;arranged&rdquo; by Mr.&nbsp;Sham, not in the normal course of business of EPTECH and non-beneficial&nbsp;to EPTECH, and constituted a non-arm&rsquo;s length transaction and a breach of fiduciary duty under the Securities and Exchange Act of Taiwan.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">According to the Prosecutor, EPTECH failed to fully disclose the transaction terms to the shareholders when negotiating the land purchase transaction between EPTECH and Xiang Fang International Co., Ltd. (&ldquo;XFI&rdquo;) or agreed to alter terms that may have been advantageous to EPTECH, resulting in substantial losses to EPTECH.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">3.&nbsp;Electric Power Technology International Limited (&ldquo;EPTI&rdquo;),
a subsidiary of EPTECH, granted bonuses to Mr.&nbsp;Sham in the amount of USD&nbsp;$150,000, USD&nbsp;$50,000, and USD&nbsp;$100,000,
and EPTECH granted a bonus of NTD 6,000,000 to Mr.&nbsp;Sham.&nbsp;The Prosecutor alleged that those bonuses were granted in violation
of fiduciary duty under the Securities and Exchange Act of Taiwan and caused losses for EPTECH.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">4.&nbsp;TPHL granted bonuses in the form of an option to
purchase approximately 28&nbsp;million shares of TPHL at a price of HKD 1.00 per share to Mr.&nbsp;Sham and his spouse*, which the Prosecutor
alleged to have resulted in losses for EPTECH and constituting a breach of fiduciary duty under the Securities and Exchange&nbsp;Act&nbsp;of&nbsp;Taiwan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">*&nbsp;Mr.&nbsp;Sham&rsquo;s spouse is a former director
of TPHL, who has resigned from all roles with TPHL in October 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">5.&nbsp;EPTECH paid for expenses associated with a seminar
hosted by Thunder Power Electric Vehicle Limited (&ldquo;TPEV&rdquo;), which the Prosecutor alleged was under the direction of Mr.&nbsp;Sham,
constituting a breach of trust under the Criminal Code of Taiwan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">6.&nbsp;EPTECH paid the salaries of certain employees of
TPEV and TPHK, which the Prosecutor alleged was a breach of a fiduciary duty under the Securities and Exchange Act of Taiwan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">7.&nbsp;According to the Prosecutor, Mr.&nbsp;Sham instructed
Mr.&nbsp;Albert Chen to compose a false press release with the aim of disseminating rumors or misleading information as EPTECH&rsquo;s
spokesperson, which the Prosecutor alleged was intended to impact EPTECH&rsquo;s stock prices and influence investors&rsquo; judgments
in the stock market, constituting the crime of manipulating the trading prices of securities under the Securities and Exchange&nbsp;Act&nbsp;of&nbsp;Taiwan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In response to the Prosecutor&rsquo;s accusations,
Mr.&nbsp;Sham sought relief by asserting his innocence, appointing a defense attorney, applying for an investigation of favorable evidence,
and actively exercising his right to defend himself.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Civil actions against Wellen Sham</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In conjunction with the Criminal Prosecution,
Taiwan&rsquo;s Securities Investor and Futures Trader Protection Center (&ldquo;SFIPC&rdquo;) initiated the following civil actions against
Mr.&nbsp;Sham:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1.&nbsp;On October&nbsp;18, 2022, SFIPC initiated an ancillary
civil action to the Criminal Prosecution, requesting that Mr.&nbsp;Sham shall bear liability for damages incurred by EPTECH.&nbsp;This
civil action is currently consolidated with the Criminal Prosecution and is under the jurisdiction of Taiwan Taipei District Court Criminal
Division, but has not been litigated in court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">2.&nbsp;Based on the content of the Prosecutor&rsquo;s indictment,
SFIPC initiated a civil suit on August&nbsp;11, 2022, asserting Mr.&nbsp;Sham should be dismissed from the position of Chairman of EPTECH.&nbsp;This
suit is currently being litigated by the Intellectual Property and Commercial Court (Intellectual Property and Commercial Court, Year
2022, Shang-Su-Zi, No. 28). Currently, an agreement to suspend litigation has been reached with the opposing party (SFIPC). It is anticipated
that the litigation will resume after the witnesses are summoned in the Criminal Prosecution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<!-- Field: Page; Sequence: 75; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">3. Based on the content of the Prosecutor&rsquo;s indictment, SFIPC initiated
a civil suit on November&nbsp;7, 2022, asserting that the valuation of Mr.&nbsp;Sham&rsquo;s GPS patent, acquired through technical investment,
is overestimated, and asserts that EPTECH&rsquo;s financial reports are misleading. SFIPC further asserts that Mr.&nbsp;Sham shall bear
liability for damages incurred by investors of EPTECH.&nbsp;This suit is currently being litigated by the Intellectual Property and Commercial
Court (Intellectual Property and Commercial Court, Year 2023, Shang-Su-Zi, No. 17). The court has required the SFIPC to bear the burden
of proof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">4.&nbsp;Pursuant to the civil suit of claim for damages of
financial misrepresentation (paragraph #3, immediately preceding this paragraph), SFIPC has applied for a provisional seizure procedure.
Intellectual Property and Commercial Court has ruled to grant the provisional seizure on November&nbsp;25, 2022. After Mr.&nbsp;Sham&rsquo;s
appeal, the Supreme Court reverse the original provisional seizure ruling, and on December&nbsp;29, 2023, the Intellectual Property and
Commercial Court changed the ruling (Intellectual Property and Commercial Court, Year 2023, Shang-Quan-Geng-Zi, No. 2) to reducing the
amount of the provisional seizure and required the SFIPC to first provide a security deposit before seizing Mr.&nbsp;Sham&rsquo;s property.
This requirement to SFIPC to pay a security deposit is an uncommon practice. Mr.&nbsp;Sham has currently appealed the Intellectual Property
and Commercial Court&rsquo;s remanded ruling on the provisional seizure and is awaiting a decision from the Supreme Court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">While we are unable to predict the outcomes of
these matters with certainty, we expect that the final outcomes of these pending matters against Mr.&nbsp;Sham will not, either individually
or in the aggregate, have a material adverse effect on our business, results of operations or financial condition; however, we cannot
guarantee whether, when and how it would impact our brand, reputation, business, results of operations or financial condition. For additional
information about legal proceedings that we may be subject to and the risks to our business related to litigation, see &ldquo;<I>Risk
Factors &mdash;Risks Related to Regulation and Litigation&nbsp;&mdash;&nbsp;Our affiliated parties such as our major shareholders may
be involved in governmental investigations and civil litigation relating to the business affairs of companies with which they are, were
or may in the future be affiliated with.</I>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Future Technology and Vehicle Programs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The below descriptions, statements, plans, and
roadmaps are forward-looking&nbsp;and may not take place. Thunder Power can offer no guarantees to the way forward since the global EV
market is constantly changing. Some of the future revenue streams and production opportunities it is considering includes creating a next
generation network platform, allowing other types of vehicles and uses by other manufacturers, adding revenue streams from its suite of
Intellectual Property, introducing its technology to the commercial transportation market, especially the commercial EV truck market,
and exploring the battery charging opportunities in parking garages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Building a Next-Generation&nbsp;Network Platform</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The current generation of vehicles (both ICE and
EV) use extensive cable and wire systems. The system is difficult to improve due to its complex networks (CAN, LVDS, etc.), each using
its own software. The result of using multiple networks is an increase in both weight and cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Amongst the future projects of the Company is
its ongoing strategy to develop an automotive-grade ethernet solution comprised of a consolidated cable and wire design that will operate
on a unified hardware network with the potential to have a single cable network for all vehicles, using standardized software language
and control features. The key benefits are expected to include a significant reduction in manufacturing and testing costs, as well as
the weight of the overall car, which would, in turn, be expected to increase the range of the EV. Thunder Power&rsquo;s idea to engineer
a unified system based on ethernet technology in the future, is illustrated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 76; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There are no guarantees or assurances that these
results may be achieved, be achieved within the timeframe the Company expects or will result in profitability or revenue generation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power&rsquo;s automotive grade ethernet
solution is anticipated to result in unified media for its domains including, but not limited to potential features such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Instrument cluster,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On-board diagnostics,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Next-generation&nbsp;infotainment systems,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telematics with 4G modems,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Control systems,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security systems,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">360-degree system, and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ultimately, self-driving capabilities.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, Thunder Power believes that consumers
are increasingly likely to expect their cars to be extensions of their personal devices&nbsp;&mdash;&nbsp;offering access and connectivity
to the internet. Faster networks will ultimately be required to carry higher levels of data and execute complex network interdependencies.
Thunder Power&rsquo;s plan is to build an automotive grade ethernet solution that will support the necessary data rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Expected Key Benefits of Thunder Power&rsquo;s Planned Automotive
Ethernet:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">1.&nbsp;Anticipated lower cost of installation,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">2.&nbsp;Faster data transmission, helping to improve the
real-time&nbsp;user experience,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">3.&nbsp;Ubiquitous standard for common communication with
consumer products, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">4.&nbsp;A simple, standardized platform for various data
types.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This technological innovation, as envisaged by
Thunder Power, requires further development, testing, validation, and funding. While it is unlikely that this technology will be ready
in time for the launch of the proposed Thunder Power Models, it is hoped that Thunder Power&rsquo;s vision will be available in time for
the launch of future EV models.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<!-- Field: Page; Sequence: 77; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Other Types of Vehicles and Uses</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power has developed a roadmap for additional
vehicles and platforms to make its vehicles and technology more accessible at a variety of price points. Depending on market opportunities
and conditions, the Company may explore revenue generating streams such as: (i) licensing any one or more of the proprietary technologies
it has access to, (ii) selling EV credits, or (iii) applying proprietary technology, including the EV TDP, to other potential commercial
applications such as those outlined below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_006.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power&rsquo;s business strategy is expected
to continue developing and evolving over time in response to numerous factors such as market feedback, consumer demand, Company&rsquo;s
needs, and state of the economy, to name a few. Thunder Power expects to look to the commercial markets to leverage monetization opportunities
and revenue streams based on Thunder Power&rsquo;s then-existing products, services and intellectual property rights. Thunder Power&rsquo;s
future strategy may include introducing its technology to the commercial transportation market, including the commercial EV truck market.&nbsp;Based
on preliminary internal research, this opportunity could provide for an alternative revenue streams outside of the passenger automobile
market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><B></B></P>

<!-- Field: Page; Sequence: 78; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_010"></A>MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-indent: 22pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a list of the persons who currently
serve, as of the date of this prospectus, as our directors and executive officers.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Age</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 63%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Position</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher Nicoll</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and Director</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pok Man Ho</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim Chief Financial Officer </FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr. Chen ChiWen</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and Chairman of the Board</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mingchih Chen<SUP>(1)(2)(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ferdinand Kaiser <SUP>(1)(2)(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kevin Vassily<SUP>(1)(2)(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;</FONT></TD>
    <TD STYLE="width: 97%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member of the audit committee.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member of the compensation committee.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member of the nominating and corporate governance committee.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Executive Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Christopher Nicoll</I></B> serves as our
Chief Executive Officer and a member of the Board. Since 2021, Mr. Nicoll operated the Auto Advisory Board Ltd. as a business owner and
a commercial automotive consultant, through which he takes on diverse automotive projects and interim roles including, without limitation,
implementing commercial, financial and logistics processes for a start-up, supervised technical conversion, homologation and emissions
testing, and advised a major European dealer group on its international product launch. Mr. Nicoll has previously served in the capacity
of the managing and commercial director of AGT Europe between 2018 and 2020, where he launched the official EU import for Dodge cars,
Ram trucks and MOPAR spare parts. Between 2015 and 2018, Mr. Nicoll was the head of marketing and business development at TPEV where he
oversaw start-up EV projects such as, without limitation, R&amp;D activities in Italy, and led cross-functional commercial and engineering
teams. From 2010 through 2014, Mr. Nicoll held the positions of the head of global network development, head of APAC region, and head
of EMEA region at Lotus Cars. Mr. Nicoll received a BA in Business Administration from Middlesex University in the UK and a Diplom Betriebswirt
from the Reutlingen University in Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Pok Man Ho</I></B> serves as our Interim
Chief Financial Officer since September 16, 2024. Previously, Mr. Ho was part of TPHL since 2015, where he played a pivotal role in corporate
finance, financial planning and analysis, human resources, and corporate governance. Over his tenure with TPHL he was instrumental in
driving strategic decision-making, optimizing resource allocation, and ensuring regulatory compliance. Prior to that, Mr. Ho held regional
roles in the insurance and luxury retail industries from 2012 to 2015. During this period, he leveraged his expertise in taxation and
human resources cost analysis in Assicurazioni Generali S.p.A. and Gucci Group, respectively. This experience provided him with a comprehensive
understanding of the financial and operational challenges faced by multinational corporations in different sectors. Prior to that, Mr.
Ho began his career at KPMG in 2009, where he specialized in taxation. During the three-year tenure with KPMG, Mr. Ho gained valuable
insight into tax regulations and frameworks, and developed a strong foundation in financial planning and compliance. Mr. Ho graduated
from Monash University (Accounting and Finance) in Australia in 2008, and Mr. Ho is a Certified Public Accountant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B>Directors</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Dr. Chen ChiWen</I></B> serves as an Independent
Director and Chairman of the Board of Directors of the Company following his appointment by the Board of Directors on November 28, 2024.
Dr. Chen currently serves as Assistant Professor in the Master of Global Entrepreneurial Management Program at Fu Jen Catholic University
and CEO of the Taipei-Ningbo Exchange Foundation. He holds independent directorships at several publicly listed companies including Oceanic
Beverages Co., Inc., Skardin Industrial Corp., Electric Power Technology Limited, and ACpay Co., Ltd. Dr. Chen holds a Ph.D. in Business
Administration from Fu Jen Catholic University, a Ph.D. in Physical Education from National Taiwan Sport University, and is currently
a Ph.D. candidate in Sustainable Energy Technology at National Taiwan University of Science and Technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 79; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Ferdinand Kaiser</I></B> serves as an Independent
Director of the Company following his appointment by the Board of Directors on November 28, 2024. Mr. Kaiser will serve as Chair of the
Compensation Committee. Mr. Kaiser currently serves as COO Project Manager at SANLUCAR in Austria. From 2018 to 2020, he served as Manager
Central EU EMEA at DODGE RAM AGT Europe AG, where he was responsible for automotive business management across the EU-27 region. From
2016 to 2018, he was Assistant Vice President of Procurement at Thunder Power Electric Vehicle Limited. Previously, he held several CEO
positions within FIAT Group companies, including CEO &amp; Country Manager for FIAT S.p.a Owned Dealer Europe EMEA and CEO &amp; Brand
Country Manager for JEEP &amp; Lancia. Mr. Kaiser holds an Academic Diploma in Business Administration from the Vienna University of Economics
and Business (Wirtschaftsuniversit&auml;t Wien).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Mingchih Chen </I></B>serves as an independent
member of the Board since September 11, 2024. Ms. Chen is a highly accomplished professional with a strong background in industrial engineering
and academia. With her extensive educational and professional experience, Ms. Chen has made significant contributions to various institutions.
Ms. Chen pursued her education at Texas A&amp;M University in the United States. She obtained her Doctoral degree in Industrial Engineering
from Texas A&amp;M University from January 1991 to December 1993. Prior to that, she completed her master&rsquo;s degree in industrial
engineering from September 1989 to December 1990. Ms. Chen also holds a bachelor&rsquo;s degree in industrial engineering from Chung-Yuan
Christian University in Taiwan, which she completed from September 1984 to June 1988. Throughout her career, Ms. Chen has held various
academic positions and made significant contributions to the field of business administration and industrial engineering. From August
2021 to July 2023, she served as the Executive Director of the Artificial Intelligence Development Center at Fu Jen Catholic University.
She also held the position of Director and Professor at Fu Jen Catholic University&rsquo;s Graduate Institute of Business Administration
in New Taipei City from August 2015 to July 2023. Ms. Chen has been a Professor at Fu Jen Catholic University&rsquo;s Graduate Institute
of Business Administration since February 2013. Prior to that, she served as an Associate Professor at the same institution from August
2010 to January 2013. Her academic career also includes positions as an Associate Professor at Chaoyang University of Technology&rsquo;s
Department of Industrial Engineering and Management in Wufeng, Taiwan, from August 1997 to July 2010, and as an Associate Professor at
Ming-Chuan University&rsquo;s Department of Business Management in Taipei, Taiwan, from August 1994 to July 1997. Ms. Chen&rsquo;s professional
experience extends beyond academia. She worked as an Industrial Engineer at Phillip Electronics Company in Chung-Li, Taiwan, from June
1988 to July 1989. In addition, she served as a Post-doctoral Research Associate under Dr. Way Kuo at Texas A&amp;M University from January
1994 to July 1994. With her broad expertise in industrial engineering and business administration, Ms. Chen will bring valuable insights
and strategic guidance to our Board. Her extensive academic and professional background ensures that the company benefits from her wealth
of knowledge and experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt"><B><I>&nbsp;&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Kevin Vassily </I></B>serves as an independent
member of the Board. Mr. Vassily has extensive working experience as a senior management team member serving private and public companies.
Mr. Vassily has served as an independent director of FLFV since June 2022. Mr. Vassily is a director of the board of directors of Denali
Capital Acquisition Corp. since April 2022, and a member of the board of directors of Aimfinity Investment Corp. I since March 2023, two
SPACs listed on Nasdaq. In January 2021, he was appointed Chief Financial Officer, and in March 2021, became a member of the board of
directors of iPower Inc. (Nasdaq: IPW), an online hydroponic equipment retailer and supplier. Prior to joining iPower, from 2019 to January
2021, Mr. Vassily served as Vice President of Market Development for Facteus, Inc., a financial analytics company focused on the Asset
Management industry. From October 2018 through its acquisition in March 2020, Mr. Vassily served as an advisor at Go Capture (which was
acquired by Deloitte China in 2020), where he was responsible for providing strategic, business development, and product development advisory
services for the company&rsquo;s emerging &ldquo;Data as a Service&rdquo; platform. Since February 2020, Mr. Vassily has served as a director
of Zhongchao Inc. (Nasdaq: ZCMD), a provider of healthcare information, education and training services to healthcare professionals and
the public in China. Since July 2018, Mr. Vassily has also served as an advisor at Prometheus Fund, a Shanghai-based merchant bank/private
equity firm focused on the &ldquo;green&rdquo; economy. From April 2015 through May 2018, Mr. Vassily served as an associate director
of research at Keybanc Capital Markets Inc. From June 2010 to April 2015, he served as the director of research at Pacific Epoch, LLC
(a wholly-owned subsidiary of Pacific Crest Securities LLC). From May 2007 to May 2010, he served as the Asia Technology business development
representative and as a senior analyst at Pacific Crest Securities. From July 2003 to September 2006, he served as senior research analyst
in the semiconductor technology group at Susquehanna International Group, LLP. From September 2001 to June 2003, Mr. Vassily served as
the vice president and senior research analyst for semiconductor capital equipment at Thomas Weisel Partners Group, Inc. Mr. Vassily began
his career on Wall Street in August 1998, as a research associate covering the semiconductor industry at Lehman Brothers. He holds a B.A.
in liberal arts from Denison University and an M.B.A. from the Tuck School of Business at Dartmouth College.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt"><B><I>Christopher Nicoll</I></B> serves as a member
of the Board. For a brief biography of Mr. Nicoll, please see above under &ldquo;<I>Executive Officers</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt"><B><I></I></B></P>

<!-- Field: Page; Sequence: 80; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B>Controlled
Company Status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because Mr. Wellen Sham and the entities with
which he is affiliated, have voting and dispositive power over a majority of our voting stock, we are a controlled company under the Sarbanes-Oxley
Act and the rules of Nasdaq. Additionally, Mr. Sham and the entities with which he is affiliated are currently, and we expect that they
will continue to be, deemed a group for purposes of certain rules and regulations of the SEC as a result of Mr. Sham&rsquo;s voting and
dispositive power over the shares of Common Stock owned by Mr. Sham and the entities with which he is affiliated. Under the rules of Nasdaq,
a company of which more than 50% of the voting power is held by another person or group of persons acting together is a controlled company
and may elect not to comply with certain Nasdaq corporate governance requirements, including the requirements that: (i) a majority of
the board of directors consist of independent directors as defined under the rules of Nasdaq; (ii) the nominating and corporate governance
committee be composed entirely of independent directors with a written charter addressing the committee&rsquo;s purpose and responsibilities;
and (iii) the compensation committee be composed entirely of independent directors with a written charter addressing the committee&rsquo;s
purpose and responsibilities. While we qualify for exemptions from certain corporate governance requirements as a controlled company,
we currently do not intend to rely on such exemptions. See the section under the heading &ldquo;<I>Principal Securityholders</I>&rdquo;
for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: -0.25in"><B>Role of Board
in Risk Oversight</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">One of the key functions of the Board is the informed
oversight of our risk management process. The Board does not have a standing risk management committee, but rather administers this oversight
function directly through the Board as a whole, as well as through the standing committees of the Board that address risks inherent in
each committee&rsquo;s respective area of oversight. In particular, the Board is responsible for monitoring and assessing strategic risk
exposure and the audit committee has the responsibility of considering and discussing financial risk exposure and the steps management
should take to monitor and control such exposure, including implementing guidelines and policies to govern the process by which risk assessment
and management is undertaken.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>Board Composition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Board consists of five members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Board consists of the following members:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher Nicoll, Dr. Chen ChiWen, Mingchih Chen, Ferdinand Kaiser, and Kevin Vassily and their terms will expire at the annual meeting of stockholders to be held in 2025;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B>Director Independence</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Board is expected to annually undertake a
review of the independence of each director. Based upon information requested from and provided by each director concerning his or her
background, employment, and affiliations, including family relationships, the following members of the Board were determined by the Board
not to have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director
and that each of Mingchih Chen, Ferdinand Kaiser, and Kevin Vassily are considered to be &ldquo;independent&rdquo; as that term is defined
under Nasdaq rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In making these determinations, the Board has
considered the current and prior relationships that each non-employee director has with the Company and all other facts and circumstances
that the Board deems relevant in determining their independence, including the beneficial ownership of the Company&rsquo;s capital stock
by each non-employee director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>Board Committees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The standing committees of the Board consist of
the Audit Committee, the Compensation Committee and a Nominating and Corporate Governance Committee, each of which has the composition
and the responsibilities described below. Additionally, from time to time, special committees may be established under the direction of
the Board, as and when the Board deems it necessary or advisable to address specific matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Chief Executive Officer and other executive
officers regularly report to the&nbsp;non-executive&nbsp;directors and each standing committee to ensure effective and efficient oversight
of its activities and to assist in proper risk management and the ongoing evaluation of management controls.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt"></P>

<!-- Field: Page; Sequence: 81; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><I>Audit Committee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The members of our audit committee are Mingchih
Chen, Ferdinand Kaiser, and Kevin Vassily. Mr.&nbsp;Vassily is the Chair of the audit committee and an &ldquo;audit committee financial
expert,&rdquo; as that term is defined under the SEC rules implementing Section&nbsp;407 of SOX, and possesses financial sophistication,
as defined under the rules of Nasdaq. The Company&rsquo;s audit committee has the following functions, among others:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">perform such other functions as the board of directors may from time to time assign to the audit committee.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 50pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">evaluating the performance, independence and qualifications of TPHL&rsquo;s independent auditors and determining whether to retain Thunder Power&rsquo;s existing independent auditors or engage new independent auditors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 50pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring the integrity of TPHL&rsquo;s financial statements and TPHL&rsquo;s compliance with legal and regulatory requirements as they relate to financial statements or accounting matters;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 50pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing the integrity, adequacy and effectiveness of TPHL&rsquo;s internal control policies and procedures;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 50pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">preparing the audit committee report required by the SEC to be included in TPHL&rsquo;s annual proxy statement;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 50pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing the scope and results of the audit with TPHL&rsquo;s independent auditors, and reviewing with management and TPHL&rsquo;s independent auditors TPHL&rsquo;s interim and year-end&nbsp;operating results;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 50pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing and overseeing procedures for employees to submit concerns anonymously about questionable accounting or auditing matters;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 50pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing TPHL&rsquo;s guidelines and policies on risk assessment and risk management;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 50pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reviewing and approving related-party&nbsp;transactions;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 50pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtaining and reviewing a report by TPHL&rsquo;s independent auditors at least annually that describes TPHL&rsquo;s independent auditors internal quality control procedures, any material issues raised by review under such procedures, and any steps taken to deal with such issues when required by applicable law; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 50pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving (or, as permitted, pre-approving) all audit and non-audit&nbsp;services to be performed by TPHL&rsquo;s independent auditors.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 50pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company&rsquo;s audit committee operates under
a written charter, which satisfies the applicable rules of the SEC and the listing standards of Nasdaq.&nbsp;The foregoing summary of
the audit committee&rsquo;s functions and responsibilities does not purport to be complete and is subject to the provisions of the audit
committee&rsquo;s charter, which is filed with the registration statement of which this prospectus forms a part, which should be read
carefully and in its entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt"><B><I></I></B></P>

<!-- Field: Page; Sequence: 82; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><I>Compensation Committee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The members of our compensation committee are
Mingchih Chen, Ferdinand Kaiser, and Kevin Vassily. Ferdinand Kaiser serves as Chair of the compensation committee. The Company has adopted
a compensation committee charter, which details the purpose and responsibility of the compensation committee, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-align: justify; text-indent: 22.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving the retention of compensation consultants and outside service providers and advisors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing and approving, or recommending that the TPHL Board approve the compensation of TPHL&rsquo;s executive officers, including annual base salary, annual incentive bonuses, specific performance goals relevant to their compensation, equity compensation, and employment;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing and recommending to the TPHL Board the compensation of TPHL&rsquo;s directors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">administering and determining any award grants under TPHL&rsquo;s 2024 Plan;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing and evaluating succession plans for the executive officers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">preparing the compensation committee report required by the SEC to be included in TPHL&rsquo;s annual proxy statement; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">periodically reviewing TPHL&rsquo;s practices and policies of employee compensation as they relate to risk management and risk-taking&nbsp;incentives.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 50pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The charter also provides that the compensation
committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, independent legal counsel or other adviser
and will be directly responsible for the appointment, compensation and oversight of the work of any such adviser. However, before engaging
or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation committee will consider
the independence of each such adviser, including the factors required by Nasdaq and the SEC. The foregoing summary of the compensation
committee&rsquo;s functions and responsibilities does not purport to be complete and is subject to the provisions of the compensation
committee&rsquo;s charter, which is filed with the registration statement of which this prospectus forms a part, which should be read
carefully and in its entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B><I>Nominating
and Corporate Governance Committee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The members of the Company&rsquo;s nominating
and corporate governance committee are Mingchih Chen, Ferdinand Kaiser, and Kevin Vassily. Ms. Chen serves as Chair of the nominating
and corporate governance committee. The Company has adopted a nominating and corporate governance committee charter, which details the
purpose and responsibility of the nominating and corporate governance committee, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-indent: 22.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying, evaluating, and recommending individuals qualified to become members of the Board and its committees;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">evaluating the performance of the Board and of individual directors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">developing and recommending corporate governance guidelines to the Board; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">overseeing an annual evaluation of the Board and management.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 50pt; text-indent: -0.25in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 83; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The nominating and corporate governance committee
operates under a written charter, which satisfies the applicable rules of the SEC and the listing standards of Nasdaq. The foregoing summary
of the nominating and corporate governance committee&rsquo;s functions and responsibilities does not purport to be complete and is subject
to the provisions of the nominating and corporate governance committee&rsquo;s charter, which is filed with the registration statement
of which this prospectus forms a part, which should be read carefully and in its entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B>Code of Business
Conduct</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have adopted a Code of Business Conduct that
applies to the Company&rsquo;s directors, officers, and employees, including our principal executive officer, principal financial officer,
principal accounting officer or controller or, persons performing similar functions. The Code of Business Conduct is available on our
website at <I>www.aiev.ai/en</I>.&nbsp; We intend to disclose any amendments to or waivers of our Code of Business Conduct in a Current
Report on Form&nbsp;8-K. Information contained on our website is not incorporated by reference into this prospectus and should not be
considered to be part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B>Compensation
Committee Interlocks and Insider Participation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">None of the members of our compensation committee
is or has been an officer or employee of the Company. None of our executive officers currently serves, or in the past fiscal year has
served, as a member of the board of directors, or compensation committee (or other board committee performing equivalent functions) of
any entity that has one or more executive officers serving on the Board or compensation committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B>Limitation
on Liability and Indemnification of Directors and Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Charter contains certain provisions permitted
under the DGCL related to the liability of directors and officers. These provisions eliminate the personal liability for monetary damages
resulting from a breach of fiduciary duty as a director, to the fullest extent permitted by the DGCL. Our Bylaws also provide that we
may indemnify our directors and officers to the fullest extent permitted by the DGCL and also provide that we must pay expenses, as incurred,
to our directors and officers in connection with a legal proceeding to the fullest extent permitted by the DGCL, subject to very limited
exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These provisions may discourage stockholders from
bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the
likelihood of derivative litigation against officers and directors, even though such an action, if successful, might otherwise benefit
us and our stockholders. Furthermore, a stockholder&rsquo;s investment may be adversely affected to the extent we pay the costs of settlement
and damage awards against officers and directors pursuant to these indemnification provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe that these provisions, the directors&rsquo;
and officers&rsquo; liability insurance and the indemnity agreements are necessary to attract and retain talented and experienced officers
and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>Non-Employee&nbsp;Director Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Board reviews director compensation periodically
to ensure that director compensation remains competitive such that the Company is able to recruit and retain qualified directors. The
Company is in the process of developing a board of directors&rsquo; compensation program that is designed to align compensation with the
Company&rsquo;s business objectives and the creation of stockholder value, while enabling the Company to attract, retain, incentivize,
and reward directors who contribute to the long-term success of the Company.&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 84; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_012"></A>EXECUTIVE AND DIRECTOR COMPENSATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company qualifies as an &ldquo;emerging growth
company&rdquo; within the meaning of the Securities Act for purposes of the SEC&rsquo;s executive compensation disclosure rules. In accordance
with such rules, Thunder Power is required to provide a Summary Compensation Table and an Outstanding Equity Awards at Fiscal Year End
Table, as well as a narrative disclosure regarding executive compensation. Further, Thunder Power&rsquo;s reporting obligations extend
only to Thunder Power&rsquo;s &ldquo;named executive officers,&rdquo; who are the individuals who served as Thunder Power&rsquo;s principal
executive officer, Thunder Power&rsquo;s next two other most highly compensated officers at the end of the last completed fiscal year
and up to two additional individuals who would have been considered one of Thunder Power&rsquo;s next two most highly compensated officers
except that such individuals did not serve as executive officers at the end of the last completed fiscal year. For the 2023 fiscal year,
the only &ldquo;named executive officer&rdquo; was Wellen Sham, who served as TPHL&rsquo;s Chief Executive Officer until the closing of
the Business Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-indent: -0.25in"><B>Summary Compensation Table</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table summarizes the compensation
awarded to, earned by, or paid to Thunder Power&rsquo;s executive officers for the fiscal&nbsp;years ended December&nbsp;31, 2023 and
2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; border-bottom: Black 1.5pt solid">Name and Principal Position</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Salary<BR> ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Bonus<BR> ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Option<BR> Awards<BR> ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Stock <BR> Awards<BR> ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">All Other<BR> Compensation<BR> ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total<BR> ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; width: 16%; text-align: left">Wellen Sham</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">2023</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">206,110</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">461,566</TD><TD STYLE="width: 1%; text-align: left"><SUP>(1)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">667,676</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-style: italic; text-align: left">Chief Executive Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2022</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">270,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">270,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Chiu Wai Jo</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2023</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,026</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,026</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-style: italic; text-align: left">Director of Financial Planning&nbsp;&amp; Analysis</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2022</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Pok Man Ho</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2023</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-style: italic; text-align: left">Financial Planning&nbsp;&amp; Analysis Manager</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2022</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,923</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,923</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In June 2023, TPHL issued 17,008,312 shares of TPHL&rsquo;s common stock at $0.058 per share to Mr. Wellen Sham to settle certain of Thunder Power&rsquo;s then-outstanding&nbsp;liabilities. On the issuance date, the fair value of the common stock was $0.063 per share, and the fair value of the common stock exceeding TPHL&rsquo;s then-outstanding&nbsp;liabilities was $461,566, which was deemed as share-based&nbsp;compensation to Mr. Wellen Sham. For additional information, see &ldquo;<I>Note 7 &mdash; Common Stocks</I>&rdquo; and &ldquo;<I>Note 9 &mdash; Share-Based&nbsp;Compensation &mdash; Other Share-Based&nbsp;Compensation</I>&rdquo; to the notes to Thunder Power&rsquo;s audited consolidated financial statements.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-indent: -0.25in"><B>Narrative Disclosure of the Summary
Compensation Table</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-indent: -0.25in"><B><I>Elements of Compensation in
2023 and 2022</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The directors and executive officers of Thunder
Power are not paid by Thunder Power but are rather paid by affiliates of Thunder Power. Thunder Power&rsquo;s executive officers do not
receive pension, retirement or other similar benefits, and Thunder Power has not set aside or accrued any amount to provide cash benefits
to its executive officers. Thunder Power is not a party to any agreements with its executive officers and directors that provide for benefits
upon termination of employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><I>Base Salary</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The base salary payable to each named executive
officer is intended to provide a fixed compensation reflecting the respective officer&rsquo;s skills, experience, role, responsibilities
and contributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><I>Employment Agreements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the Business Combination, TPHL did not
entered into employment agreements with Messrs. Wellen Sham, Chiu Wai Jo or Pok Man Ho. Following the Business Combination, on September
24, 2024 and September 25, 2024, Thunder Power AI Subsidiary, Inc. (&ldquo;TPAI&rdquo;) TPHL&rsquo;s Hong Kong branch, entered into certain
employment agreements with Ho Pok Man and Christopher Nicoll, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I></I></P>

<!-- Field: Page; Sequence: 85; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Ho Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Based on the employment agreement by and between
TPAI and Ho Pok Man (the &ldquo;Ho Agreement&rdquo;), effective September 16, 2024, TPAI shall pay Mr. Ho a fixed monthly salary of US$8,000,
payable in arrears on the sixth of each month (pro rated for the months if that period of service is less than one calendar month). In
addition, TPAI also agreed to issue to Mr. Ho a total of 100,000 the Company&rsquo;s Common Stock every year (in two instalments, one
on January 1, the other on June 1) under the Company&rsquo;s 2024 Omnibus Equity Incentive Plan. Mr. Ho may also be subject to certain
discretionary bonus in form of either cash or options, or both, if the Company&rsquo;s financial target is achieved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-indent: 24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Nicoll Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Based on the employment agreement by and between
TPAI and Christopher Nicoll (the &ldquo;Nicoll Agreement&rdquo;), effective July 1, 2024, TPAI shall pay Mr. Nicoll a fixed monthly salary
of US$5,000 for the first 3 months of the employment and US$10,000 since then, payable in arrears on the sixth of each month (pro rated
for the months if that period of service is less than one calendar month). In addition, TPAI also agreed to issue to Mr. Nicoll a total
of 200,000 of the Company&rsquo;s Common Stock every year, payable on the first day of each quarter, in four equal instalments, under
the Company&rsquo;s 2024 Omnibus Equity Incentive Plan. Mr. Nicoll may also be subject to certain discretionary bonus in form of either
cash or options, or both, if the Company&rsquo;s financial target is achieved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><I>Director Compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">None of&nbsp;the&nbsp;non-employee&nbsp;directors&nbsp;received
compensation during the fiscal years ended December&nbsp;31, 2023 and 2022 for services rendered to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><I>Rule&nbsp;10b5-1&nbsp;Sales&nbsp;Plans</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our directors and executive officers may adopt
written plans, known as&nbsp;Rule&nbsp;10b5-1&nbsp;plans,&nbsp;in which they will contract with a broker to buy or sell shares of our
Common Stock on a periodic basis. Under a&nbsp;Rule&nbsp;10b5-1&nbsp;plan,&nbsp;a broker executes trades pursuant to parameters established
by the director or executive officer when entering into the plan, without further direction from them. The director or executive officer
may amend a&nbsp;Rule&nbsp;10b5-1&nbsp;plan&nbsp;in some circumstances and may terminate a plan at any time. Our directors and executive
officers also may buy or sell additional shares outside of a&nbsp;Rule&nbsp;10b5-1&nbsp;plan&nbsp;when they are not in possession of material
non-public information, subject to compliance with the terms of our insider trading policy. The sale of any shares under such a plan will
be subject to&nbsp;the&nbsp;Lock-Up&nbsp;Agreements,&nbsp;to the extent that the selling director or executive officer is a party thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B><I>Emerging
Growth Company Status</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company is an &ldquo;emerging growth company,&rdquo;
as defined in the Jobs Act. As an emerging growth company, it is exempt from certain requirements related to executive compensation, including
the requirements to hold a nonbinding advisory vote on executive compensation and to provide information relating to the ratio of total
compensation of its chief executive officer to the median of the annual total compensation of all of its employees, each as required by
the Investor Protection and Securities Reform Act of 2010, which is part of the Dodd-Frank Wall Street Reform and Consumer Protection
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<!-- Field: Page; Sequence: 86; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><B><A NAME="a_013"></A>CERTAIN RELATIONSHIPS AND RELATED
PARTY TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>Related Person Transactions Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Board has adopted a related person transaction
policy that sets forth the Company&rsquo;s procedures for the identification, review, consideration and approval or ratification of related
person transactions. The policy became effective upon approval by the Board following the consummation of the Business Combination. The
Company&rsquo;s audit committee has the primary responsibility for reviewing and approving or disapproving &ldquo;related party transactions.&rdquo;
The charter of the Company&rsquo;s audit committee provides that the audit committee will review and approve in advance any related party
transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A &ldquo;related person transaction&rdquo; is
a transaction, arrangement or relationship, or any series of similar transactions, arrangements or relationships, in which:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Company has been or is to be a participant,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.5pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount involved exceeds or will exceed $120,000; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.5pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any of the Company&rsquo;s directors or executive officers or holders of more than 5% of the Company&rsquo;s capital stock, or any immediate family member of, or person sharing the household with, any of these individuals, had or will have a direct or indirect material interest.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the policy, if a transaction has been identified
as a related person transaction, including any transaction that was not a related person transaction when originally consummated or any
transaction that was not initially identified as a related person transaction prior to consummation, the Company&rsquo;s management must
present information regarding the related person transaction to the Company&rsquo;s audit committee, for review, consideration and approval
or ratification. The audit committee will consider all relevant facts and circumstances of such a transaction, including, but not limited
to: (i) the related party&rsquo;s relationship to the Company and interests in the transaction, (ii) the proposed amount involved in the
transaction, (iii) whether the transaction was or will be undertaken in the ordinary course of the Company&rsquo;s and related party&rsquo;s
business, (iv) the way in which any transaction was or is to be initiated, (v) whether the potential related party transaction is on terms
comparable to those available from an unrelated third party, (vi) the benefits to the Company of the proposed transaction, and (vii) any
other material fact pertinent to the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Nature of Relationships with Related Parties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Relationship with the Company</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thunder Power (Hong&nbsp;Kong) Limited (&ldquo;TP HK&rdquo;)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over which the spouse of Mr.&nbsp;Wellen Sham, the Company&rsquo;s controlling shareholder, exercises significant influence</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thunder Power Electric Vehicle (Hong&nbsp;Kong) Limited <BR>
(&ldquo;TPEV HK&rdquo;)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over which the spouse of Mr.&nbsp;Wellen Sham, the Company&rsquo;s controlling shareholder, exercises significant influence</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.&nbsp;Wellen Sham</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Controlling shareholder of the Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms. Ling Houng Sham</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spouse of Mr. Wellen Sham</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feutune Light Sponsor LLC (&ldquo;FLFV Sponsor&rdquo;)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder of the Company</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Related Party Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the six months ended <BR> June 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Nature</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 38%; text-align: left; text-indent: -10pt; padding-left: 10pt">TP HK</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 37%; text-align: left; text-indent: -10pt; padding-left: 10pt">Rental&nbsp;expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">13,812</TD><TD STYLE="width: 1%; text-align: left"><SUP>(1)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">13,848</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 30, 2024, the outstanding balances due to TP HK, TPEV HK and Mr.&nbsp;Wellen Sham as of June&nbsp;30, 2023 were settled by issuance of 2,183,887 shares of the Company&rsquo;s common stock.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I></I></P>

<!-- Field: Page; Sequence: 87; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>Balance with Related Parties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Nature</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">June 30, <BR> 2024</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&nbsp;31,<BR> 2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TP HK<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 37%; text-align: left">Amount due to the related party</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">78,021</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">68,992</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Wellen Sham<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Amount due to the related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">560,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms. Ling Houng Sham <SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Amount due to the related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FLFV Sponsor<SUP>(3)</SUP></FONT></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Amount due to the related party</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">190,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,028,021</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">68,992</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The balance due to TP HK represented the payments made by TP HK on behalf of TP Holdings regarding the office rental fee and employee salary expenses. The balance is interest free and is repayable on demand.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The balance due to Mr. Wellen Sham represented the promissory notes
    of $560,000 for extension of FLFV. The balance due to Ms. Ling Houng Sham represented promissory notes of $200,000 for extension of FLFV.&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Among the promissory notes issued to Mr. Wellen Sham, of which $260,000
    bears interest rate of 8% per annum and was payable on June 21, 2024, and $300,000 bears interest rate of 10% and was payable on September
    19, 2024. As of the date of this &nbsp;Prospectus, the Company has not settled the promissory notes with Mr. Wellen Sham.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The promissory notes were issued to Ms. Ling Houng Sham on May 22,
    2024 and June 18, 2024, respectively, both bear interest rate of 8% per annum and are payable on June 21, 2024. As of the date of this
    Prospectus, the Company has not settled the promissory notes with Ms. Ling Houng Sham.&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In May and June 2024, FLFV issued three promissory notes to the FLFV Sponsor in exchange for an aggregated loans of $190,000 from the FLFV Sponsor, among which 50,000 was payable on closing of the Business Combination, and $140,000 was payable on July 21, 2024. As of the date of this Prospectus, the Company has not settled the promissory notes with FLFV Sponsor.&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B></B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 88; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_014"></A>MATERIAL AGREEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><I>Promissory Notes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June 21, 2024, the Company issued (1) an unsecured
promissory note of $300,000 (the &ldquo;WCL Note I&rdquo;) to Wellen Sham, to evidence a loan of $300,000 provided by Mr. Sham to the
Company, (2) an unsecured promissory note of $70,000 (the &ldquo;WCL Note II&rdquo;) to Sam Yu, an individual designated by the Sponsor,
to evidence a loan of $70,000 provided by Mr. Yu to the Company, and (3) an unsecured promissory note of $70,000 (the &ldquo;WCL Note
III,&rdquo; together with the WCL Note I and WCL Note II, the &ldquo;WCL Notes&rdquo;) to Sau Fong Yeung, an individual designated by
the Sponsor, to evidence a loan of $70,000 provided by Ms. Yeung to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The WCL Note I bears interest at a rate per annum
equal to 10% of the outstanding principal balance. The WCL Note I is payable in full upon the earlier of (i) 90 days after the consummation
of the Company&rsquo;s Business Combination, or (ii) the date of the liquidation of the Company (such date, the &ldquo;Maturity Date&rdquo;).
Any of the following will constitute an event of default under the WCL Note I: (i) a failure to pay the outstanding principal balance
within five (5) business days of the Maturity Date; (ii) the commencement of a voluntary or involuntary bankruptcy action; (iii) the breach
of any of Company&rsquo;s obligations under the WCL Note I; (iv) any cross defaults; (v) an enforcement proceeding against the Company;
or (vi) it is or becomes unlawful for the Company to perform any of its obligations under the WCL Note I, or any obligations of the Company
under the WCL Note I are not or cease to be legal, valid, binding or enforceable. Upon the occurrence of an event of default specified
in (i) or (iii) above, Mr. Sham may, by written notice to the Company, declare the WCL Note I to be due immediately and payable, whereupon
the outstanding principal balance of the WCL Note I, and all other amounts payable under the WCL Note I, will become immediately due and
payable without presentment, demand, protest or other notice of any kind. Upon the occurrence of an event of default specified in (ii),
(iv), (v), or (vi) above, the outstanding principal balance of the WCL Note I, and all other sums payable under the WCL Note I, will automatically
and immediately become due and payable, in all cases without any action on the part of Mr. Sham.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mr. Sham had the right, but not the obligation,
to convert the WCL Note I, in whole or in part, respectively, into Units (as defined in the WCL Note I) of the Company, that are identical
to the public units of the Company, subject to certain exceptions, as described in the&nbsp;proxy statement/prospectus included in the
registration statement on Form S-4 (File No. 333-275933), initially filed by the Company with the Securities and Exchange Commission (the
&ldquo;SEC&rdquo;) on December 7, 2023 and declared effective by the SEC on May 10, 2024, by providing the Company with written notice
of the intention to convert at least two (2) business days prior to the closing of the Company&rsquo;s Business Combination. The number
of Units to be received by Mr. Sham in connection with such conversion will be an amount determined by dividing (x) the sum of the outstanding
principal amount payable to Mr. Sham by (y) $10.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The terms and conditions of the WCL Note II and
WCL Note III are substantially identical to the WCL Note I, except, among other things, that (1) the WCL Note II and WCL Note III bear
no interest; and (2) the WCL Note II and WCL Note III are payable in full upon the earlier of (i) 30 days after the consummation of the
Company&rsquo;s Business Combination, or (ii) the date of the liquidation of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On May 22, 2024, the Company issued an unsecured
promissory note of $100,000 (the &ldquo;GCE Note I&rdquo;) to Ling Houng Sham, the spouse of Mr. Sham, to evidence a loan of $100,000
(the &ldquo;GCE Loan I&rdquo;) provided by Ling Houng Sham to the Company. On the same date, the Company issued another unsecured promissory
note of $50,000 (the &ldquo;GCE Note II,&rdquo; together with GCE Note I, the &ldquo;GCE Notes&rdquo;) to Rockridge International Inc
(&ldquo;Rockridge&rdquo;), an entity designated by FLFV&rsquo;s Sponsor, to evidence a loan of $50,000 (the &ldquo;GCE Loan II,&rdquo;
together with GCE Loan I, the &ldquo;GCE Loans&rdquo;) provided by Rockridge to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The GCE Note I bears interest at a rate per annum
equal to 8% of the outstanding principal balance. The GCE Note I is payable in full upon the earlier to occur of (i) the consummation
of the Company&rsquo;s business combination, or (ii) the Maturity Date. Any of the following will constitute an event of default under
the GCE Note I: (i) a failure to pay the principal within five (5) business days of the Maturity Date; (ii) the commencement of a voluntary
or involuntary bankruptcy action, (iii) the breach of any of Company&rsquo;s obligations under the GCE Note I; (iv) any cross defaults;
(v) an enforcement proceeding against the Company; or (vi) it is or becomes unlawful for the Company to perform any of its obligations
under the GCE Note I, or any obligations of the Company under the GCE Note I are not or cease to be legal, valid, binding or enforceable.
Upon the occurrence of an event of default specified in (i) or (iv) above, Ling Houng Sham may, by written notice to the Company, declare
the GCE Note I to be due immediately and payable, whereupon the outstanding principal balance of the GCE Note I, and all other amounts
payable under the GCE Note I, will become immediately due and payable without presentment, demand, protest or other notice of any kind.
Upon the occurrence of an event of default specified in (ii), (iii), (v), (vi) or (vii) above, the outstanding principal balance of the
GCE Note I, and all other sums payable under the GCE Note I, will automatically and immediately become due and payable, in all cases without
any action on the part of Ling Houng Sham.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The terms and conditions of the GCE Note II are
substantially identical to the GCE Note I, except that the GCE Note II bears no interest.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 89; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Forward Purchase Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June 11, 2024, FLFV and Thunder Power entered
into an agreement with (i) Meteora Capital Partners, LP (&ldquo;MCP&rdquo;), (ii) Meteora Select Trading Opportunities Master, LP (&ldquo;MSTO&rdquo;),
and (iii) Meteora Strategic Capital, LLC (&ldquo;MSC&rdquo; and, collectively with MCP and MSTO, the &ldquo;Seller&rdquo;) (the &ldquo;Forward
Purchase Agreement&rdquo;). For purposes of the Forward Purchase Agreement, (i) FLFV is referred to as the &ldquo;Counterparty&rdquo;
prior to the consummation of the Business Combination, while the Company is referred to as the &ldquo;Counterparty&rdquo; after the consummation
of the Business Combination and (ii) &ldquo;Shares&rdquo; means shares of the Class A common stock, par value $0.0001 per share, of FLFV
prior to the closing of the Business Combination (&ldquo;FLFV Shares&rdquo;), and, after the closing of the Business Combination, shares
of common stock, par value $0.0001 per share, of TPHL (&ldquo;PubCo Shares&rdquo;). Capitalized terms used herein but not otherwise defined
have the meanings ascribed to such terms in the Forward Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the terms of the Forward Purchase
Agreement, the Seller intends, but is not obligated, to purchase up to 4,900,000 Shares (the &ldquo;Purchased Amount&rdquo;) pursuant
to the FPA Funding Amount PIPE Subscription Agreement (as defined herein), less the number of FLFV Shares purchased by the Seller separately
from third parties through a broker in the open market (&ldquo;Recycled Shares&rdquo;). The Seller will not be required to purchase an
amount of Shares such that following such purchase, the Seller&rsquo;s ownership would exceed 9.9% of the total Shares outstanding immediately
after giving effect to such purchase, unless the Seller, at its sole discretion, waives such 9.9% ownership limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Forward Purchase Agreement provides for a
prepayment shortfall in an amount in U.S. dollars equal to&nbsp;0.25% of the product of the Recycled Shares and the Initial Price which
is equal to the redemption price of $11.1347&nbsp;(the &ldquo;Prepayment Shortfall&rdquo;). The Seller will pay the Prepayment Shortfall
to the Company on the prepayment date (which amount will be netted from the Prepayment Amount) (the &ldquo;Initial Prepayment Shortfall&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Seller in its sole discretion may sell Recycled
Shares at any time following June 11, 2024 and at any sales price, without payment by the Seller of any early termination obligation until
such time as the proceeds from such sales equal&nbsp;110% of the Prepayment Shortfall (such sales, &ldquo;Shortfall Sales,&rdquo; and
such shares, &ldquo;Shortfall Sale Shares&rdquo;). A sale of shares is only (a) a &ldquo;Shortfall Sale,&rdquo; subject to the terms and
conditions applicable to Shortfall Sale Shares, when a Shortfall Sale Notice is delivered under the Forward Purchase Agreement, and (b)
an Optional Early Termination, subject to the terms and conditions of the Forward Purchase Agreement applicable to Terminated Shares (as
defined in the Forward Purchase Agreement), when an OET Notice (as defined in the Forward Purchase Agreement) is delivered under the Forward
Purchase Agreement, in each case the delivery of such notice in the sole discretion of the Seller (as further described under &ldquo;Optional
Early Termination&rdquo; and &ldquo;Shortfall Sales&rdquo; in the Forward Purchase Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Additionally, following the closing of the Business
Combination and up to 45 calendar days prior to the Valuation Date, Counterparty may, in its sole discretion, request additional Prepayment
Shortfall from Seller in tranches of $500,000 (the &ldquo;Additional Prepayment Shortfall&rdquo; and, together with Initial Prepayment
Shortfall, the &ldquo;Prepayment Shortfall&rdquo;); provided (i) Seller has recovered any prior Prepayment Shortfall, (ii) the VWAP Price
over the prior ten (10) trading days multiplied by the then current freely-tradeable Shares held by Seller be at least six (6) times greater
than the Additional Prepayment Shortfall request and (iii) the total value traded in Counterparty&rsquo;s stock, as reported on the relevant
Bloomberg Screen, be at least six (6) times greater than the Additional Prepayment Shortfall request (with (i), (ii) and (iii) collectively
as the &ldquo;Shortfall Conditions&rdquo;). Notwithstanding the foregoing, Seller may waive the Shortfall Conditions, in whole or in part,
via written consent to Counterparty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Counterparty has agreed to grant the Seller,
for the period beginning on June 11, 2024 and ending on the 12-month anniversary of the Valuation Date, the right, but not the obligation,
in its sole discretion, to invest on the terms offered to the Seller by the Counterparty up to 50% of any future debt, equity, derivative
or any other kind of financing of the Counterparty, as legally permitted (each a &ldquo;Covered Financing&rdquo;). The Seller will be
provided at least ten (10) business day notice to invest in any Covered Financing. For the avoidance of doubt, Covered Financings does
not include any equity line of credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Subscription Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June 11, 2024, FLFV entered into a subscription
agreement (the &ldquo;FPA Funding Amount PIPE Subscription Agreement&rdquo;) with the Seller. Pursuant to the FPA Funding PIPE Subscription
Agreement, Seller agreed to subscribe for and purchase, and FLFV agreed to issue and sell to Seller, prior to the Valuation Date, an aggregate
of up to 4,900,000 FLFV Shares, less the Recycled Shares in connection with the Forward Purchase Agreement, at the Initial Price per share.
On the Closing Date, all outstanding FLFV Shares (including shares issued pursuant to the Subscription Agreement) will be exchanged for
newly issued PubCo Shares in accordance with the terms of the Merger Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I></I></P>

<!-- Field: Page; Sequence: 90; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Registration Rights Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June 15, 2022, FLFV entered into a registration
rights agreement (the &ldquo;Registration Rights Agreement&rdquo;) pursuant to which the holders of the Founder Shares and Private Placement
Units, Working Capital Units issuable upon the conversion of certain working capital loans and any underlying securities will be entitled
to registration rights requiring the Company to register such securities for resale. The holders of these securities are entitled to make
up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain &ldquo;piggy-back&rdquo;
registration rights with respect to registration statements filed subsequent to the completion of the Company&rsquo;s initial Business
Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The
Company will bear the expenses incurred in connection with the filing of any such registration statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Lock-Up&nbsp;Agreement&zwnj;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June 21, 2024, Feutune Light Sponsor LLC (the
&ldquo;Sponsor&rdquo;), US Tiger and certain officers and directors of the Company who are signatories to a letter agreement dated June
12, 2022 in connection with the initial public offering of the Company (the &ldquo;Initial Insiders&rdquo;), and certain shareholders
of TPHL (collectively, the &ldquo;Holders&rdquo;) entered into a lock-up agreement with the Company (the &ldquo;Lock-up Agreement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the Lock-Up Agreement, shares of common
stock of the Company held by a Holder are categorized as (i) &ldquo;Group I Lock-up Shares,&rdquo; referring to 50% of the total number
of shares of common stock of the Company that a Holder that is not an Initial Insider will receive in connection with the Merger (as defined
in the Lock-up Agreement), or 50% of the number of its Parent Founder Shares (as defined below) if a Holder is an Initial Insider, (ii)
&ldquo;Group II Lock-up Shares,&rdquo; referring to the remaining 50% of the total number of shares of common stock of the Company that
a Holder that is not an Initial Insider will receive in connection with the Merger, or the remaining 50% of the number of its Parent Founder
Shares if a Holder is an Initial Insider ; and (iii) &ldquo;Group III Lock-up Shares,&rdquo; referring to the total number of shares of
common stock of the Company underlying its Parent Private Units (as defined below) and Parent Working Capital Units (as defined below)
in connection with the Merger. &ldquo;Parent Founder Shares&rdquo; means 2,443,750 shares of Class B common stock of the Company held
by certain Initial Insiders prior to the completion of the Company&rsquo;s business combination. &ldquo;Parent Private Units&rdquo; means
454,250 FLFV Units (as defined in the Lock-up Agreement) purchased by certain Initial Insiders simultaneously with the consummation of
the Company&rsquo;s initial public offering. &ldquo;Parent Working Capital Units&rdquo; means all private FLFV Units issuable upon conversion
of the maximum aggregate amount of US$3,00,000 of working capital and extension loans, if any, at $10.00 per unit, upon the consummation
of the Company&rsquo;s business combination. The Group I Lock-Up Shares, Group-II Lock-up Shares, Group-III Lock-up Shares are collectively
referred to as &ldquo;Lock-up Shares.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The &ldquo;Lock-up Period&rdquo; means (i) with
respect to the Group I Lock-up Shares, the period commencing at the Effective Time (as defined in the Lock-up Agreement) and ending on
the date that is the earlier to occur of (A) six months thereafter, or (B) the date on which the closing price of each share of common
stock of the Company equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations)
for any 20 trading days within any 30-trading day period commencing after the completion of the Merger; (ii) with respect to the Group
II Lock-up Shares, the period commencing at the Effective Time and ending on the date that is six months thereafter; and (iii) with respect
to the Group III Lock-up Shares, the period commencing at the Effective Time and ending on that date that is 30 days thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Holders will, subject to certain customary
exceptions, agree not to, within the Lock-up Period, (i) sell, offer to sell, contract or agree to sell, pledge or otherwise dispose of,
directly or indirectly, any Lock-up Shares, (ii) enter into a transaction that would have the same effect, (iii) enter into any swap,
hedge or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up
Shares or otherwise or engage in any short sales or other arrangement with respect to the Lock-Up Shares or (iv) publicly announce any
intention to effect any transaction specified in clause (i) or (ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Escrow Agreement&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June 21, 2024, the Company entered into an
escrow agreement (the &ldquo;Escrow Agreement&rdquo;) with Mr. Wellen Sham, Yuanmei Ma and CST, pursuant to which, among other things,
(1) CST will act as the escrow agent under the Escrow Agreement; (2) at the Closing (as defined in the Escrow Agreement), the Company
will deposit with CST 20,000,000 shares (the &ldquo;Earnout Shares&rdquo;) of common stock, par value $0.0001 per share, of the Company
(the &ldquo;Parent Common Stock&rdquo;), less any portion of Earnout Shares that becomes vested and deliverable to Thunder Power Shareholders
(as defined in the Escrow Agreement) at the Closing if any Triggering Event (as defined in the Escrow Agreement) has been achieved prior
to the Closing, to be held by CST in a segregated escrow account (the &ldquo;Earnout Escrow Account&rdquo;) and disbursed therefrom in
accordance with the terms of the Escrow Agreement; and (3) if any portion of the Earnout Shares becomes eligible for release in accordance
with the terms of the Escrow Agreement, CST will release the applicable portion of Earnout Shares from the Earnout Escrow Account in accordance
with the terms of the Escrow Agreement and disburse to each Thunder Power Shareholder the applicable portion of Earnout Shares therefrom
in accordance with the terms of the Escrow Agreement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I></I></P>

<!-- Field: Page; Sequence: 91; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Non-Disclosure, Non-Competition and Non-Solicitation
Agreements&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June 21, 2024, the Company entered into a non-disclosure,
non-competition and non-solicitation agreement (the &ldquo;Non-competition Agreement&rdquo;) with Gen J Holdings LLC and Electric Power
Technology Ltd (collectively, the &ldquo;Non-competing Shareholders&rdquo;), pursuant to which the Non-competing Shareholders agreed,
among other things, (1) not to use the Confidential Information (as defined in the Non-competition Agreement) or disclose all or any part
of the Confidential Information in any form to any third party without the prior written consent of the Company on a case-by-case basis,
(2) during the Restricted Period (as defined in the Non-competition Agreement), not to, directly or indirectly, for the Non-competing
Shareholders&rsquo; own benefit or for the benefit of any other Person (as defined in the Non-competition Agreement) other than the Company
or its subsidiaries, whether as an owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, compete with, undertake
any planning to compete with, or assist or encourage any other Person in competing with or undertaking any planning to compete with, the
Company or any of its subsidiaries, except as otherwise approved by the Board, or contemplated under the Other Agreements (as defined
in the Non-competition Agreement), (3) during the Restricted Period, except as required for the proper performance of the Non-competing
Shareholders&rsquo; obligations under the Non-competition Agreement or otherwise approved by the Board or contemplated under the Other
Agreements, not to, directly or indirectly, and not to assist or encourage any other Person to, (i) solicit or encourage any customer,
vendor, supplier or other business partner of the Company or any of its subsidiaries to terminate, diminish or otherwise change in any
manner adverse to the Company or any of its subsidiaries his, her or its relationship with any of them; or (ii) seek to persuade any such
customer, vendor, supplier or business partner, or any prospective customer, vendor, supplier or business partner of the Company or any
of its subsidiaries, to conduct with anyone else any business or activity that such Person conducts or could conduct with the Company
or any of its subsidiaries, and (4) during the Restricted Period, except as required for the proper performance of the Non-competing Shareholders&rsquo;
obligations under the Non-competition Agreement or otherwise approved by the Board or contemplated under the Other Agreements, not to,
directly or indirectly, and not to assist or encourage any other Person to, (i) hire or engage any employee of the Company or any of its
subsidiaries, (ii) solicit for hiring or engagement any employee of the Company or any of its subsidiaries or seek to persuade any such
employee to discontinue employment, or (iii) solicit or encourage any independent contractor providing services to the Company or any
of its subsidiaries to terminate, diminish or otherwise change in any manner adverse to the Company or any of its subsidiaries his, her
or its relationship with any of them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Westwood Purchase Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On August 20, 2024, the Company entered into a
Common Stock Purchase Agreement (the &ldquo;Westwood Purchase Agreement&rdquo;) and a Registration Rights Agreement (the &ldquo;Westwood
RRA&rdquo;) with Westwood Capital Group LLC, a Delaware limited liability company (&ldquo;Westwood&rdquo;), pursuant to which Westwood
has committed to purchase, subject to certain limitations, up to $100&nbsp;million of the Company&rsquo;s common stock, par value $0.0001&nbsp;per
share (the &ldquo;Total Commitment&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the terms and subject to the conditions
of the Westwood Purchase Agreement, the Company has the right, but not the obligation, to sell to Westwood, and Westwood is obligated
to purchase, up to the Total Commitment. Such sales of common stock by the Company, if any, will be subject to certain limitations, and
may occur from time-to-time in the Company&rsquo;s sole discretion, commencing once certain customary conditions are satisfied, including
the filing and effectiveness of a resale registration statement with the SEC with respect to the shares to be sold to Westwood under the
Westwood Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Westwood has no right to request the Company to
sell any shares of common stock to Westwood, but Westwood is obligated to make purchases as the Company directs, subject to certain conditions.
Shares will be issued from the Company to Westwood pursuant to the Westwood Purchase Agreement, at a price per share calculated based
on the lowest daily volume weighted average price (&ldquo;VWAP&rdquo;) over a&nbsp;three&nbsp;consecutive trading day period commencing
on the date of the applicable purchase notice (&ldquo;VWAP Purchase&rdquo;), less a fixed&nbsp;5% discount to the VWAP for such period.
Among other conditions to effectuating a VWAP Purchase, the Company may not effect a VWAP Purchase if the last closing price of a share
of common stock of the Company on the applicable trading market is below the threshold price of $1.00&nbsp;per share until February 20,
2025 (the &ldquo;Lock-Up Expiration Date&rdquo;) and $1.50&nbsp;per share thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, the Company has agreed to pay Westwood
a commitment fee valued at $1,500,000&nbsp;in the form of&nbsp;150,000&nbsp;shares of common stock (the &ldquo;Commitment Shares&rdquo;)
or an amount of cash (up to $1,500,000), depending on various factors. The Commitment Shares have been issued to Westwood in a private
transaction as restricted securities subject to a lock-up that expires on the Lock-Up Expiration Date (as defined in the Westwood Purchase
Agreement). If on the trading day immediately preceding the Lock-Up Expiration Date the per share value of the common stock of the Company
is less than $10.00 per share (subject to adjustment for any stock dividend, stock split, stock combination, recapitalization or other
similar transaction), the Company shall pay to Westwood an additional cash amount per Commitment Share equal to the difference between
such determined actual value and $10.00&nbsp;(subject to adjustment for any stock dividend, stock split, stock combination, recapitalization
or other similar transaction). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<!-- Field: Page; Sequence: 92; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_015"></A>PRINCIPAL SECURITYHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table and accompanying footnotes
set forth information known to the Company regarding the beneficial ownership of shares of Common Stock by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each person who is, or is expected to be, the beneficial owner of more than 5% of the outstanding shares of the Common Stock of the Company;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each of the Company&rsquo;s current directors and executive officers; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all directors and officers of the Company, as a group.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Beneficial ownership is determined according to
the rules of the SEC, which generally provide that a person has beneficial ownership of a security if he, she or it possesses sole or
shared voting or investment power over that security, including options and warrants that are currently exercisable or exercisable within
sixty (60) days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The beneficial ownership percentages set forth
in the table below are based on 70,716,094 shares of Common Stock issued and outstanding as of Octo<FONT STYLE="background-color: white">ber
18, 2024 and do not take into account (i)&nbsp;the issuance of any shares of Common Stock upon the exercise of Public Warrants or Sponsor
Warrants, (ii)&nbsp; any issuable but unissued Earn Out Shares, and (iii) any issuable but unissued shares of Common Stock pursuant to
the Common Stock Purchase Agreement with Westwood. In computing the number of shares of Common Stoc</FONT>k beneficially owned by a person,
we deemed to be outstanding all shares of Common Stock subject to warrants and convertible notes held by the person that are currently
exercisable or convertible or may be exercised or converted within 60 days of October 18, 2024. The Company did not deem these shares
outstanding, however, for purpose of computing the percentage of ownership of any other person. Unless otherwise noted in the footnotes
to the following table, and subject to applicable community property laws, the persons and entities named in the table have sole voting
and investment power with respect to their beneficially owned Common Stock.&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Name and Address of Beneficial Owner(1)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number&nbsp;of&nbsp;<BR> Shares</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Percent</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic">Directors and Named Executive Officers:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Christopher Nicoll</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 76%; text-align: left">Coleman Bradley</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">26,964</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Mingchih Chen</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Thomas Hollihan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Kevin Vassily</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Pok Ho Man</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left">All directors and officers as a group (5 individuals)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">174,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">Five Percent Holders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wellen Sham<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,249,740</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48.4</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Lu Cai-Ni</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,396,821</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43.39</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individuals and entities affiliated with Feutune Light Sponsor LLC<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,831,112</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.0</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entities affiliated with Meteora Capital, LLC<SUP>(4)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,706,461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.24</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>*</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less than one percent.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise indicated, the business address of each of the following entities or individuals is 221 W 9th St #848, Wilmington, DE 19801.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 93; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,129,066 shares of Common Stock held of record by Gen A Holdings LLC, a Delaware limited liability company, of which the AS Family Trust is the sole member. Mr. Sham is the investment trust advisor for the AS Family Trust and in such capacity has the voting and dispositive power over the shares of Common Stock owned by such trust. Accordingly, Mr. Sham may be deemed to have or share the beneficial ownership of the shares of Common Stock held directly by Gen A Holdings LLC. The principal place of business of Gen A Holdings LLC is 108 W 13th St, Ste. 100, Wilmington DE 19801.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,129,066 shares of Common Stock held of record by Gen M Holdings LLC, a Delaware limited liability company, of which the MS Family Trust is the sole member. Mr. Sham is the investment trust advisor for the MS Family Trust and in such capacity has the voting and dispositive power over the shares of Common Stock owned by such trust. Accordingly, Mr. Sham may be deemed to have or share the beneficial ownership of the shares of Common Stock held directly by Gen M Holdings LLC. The principal place of business of Gen M Holdings LLC is 108 W 13th&nbsp;St, Ste. 100, Wilmington DE 19801.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,258,133 shares of Common Stock held of record by Gen J Holdings LLC, a Delaware limited liability company, of which the JS Family Trust is the sole member. Mr. Sham is the investment trust advisor for the JS Family Trust and in such capacity has the voting and dispositive power over the shares of Common Stock owned by such trust. Accordingly, Mr. Sham may be deemed to have or share the beneficial ownership of the shares of Common Stock held directly by Gen J Holdings LLC. The principal place of business of Gen J Holdings LLC is 108 W 13th St, Ste. 100, Wilmington DE 19801.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,834,898 shares of Common Stock held of record by Electric Power Technology Ltd, a Taiwanese public company listed in Taiwan (Taiwan List Co. 4529), of which Mr. Sham is a chairperson. Mr. Sham and Ling Houng Sham have a 19.36% interest in the ordinary shares of Electric Power Technology Ltd, and companies with which Mr. Sham is affiliated with have a 20.31% interest in the ordinary shares of Electric Power Technology Ltd. Accordingly, Mr. Sham may be deemed to have or share the beneficial ownership of the shares of Common Stock held directly by Electric Power Technology Ltd. Mr. Sham and Ling Houng Sham disclaim beneficial ownership of the shares held of record by Electric Power Technology Ltd. The principal business address of Electric Power Technology Ltd is 4F, No. 632 Guangfu South Road, Da&rsquo;an District, Taipei Taiwan.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,129,066 shares of Common Stock held of record by Old Gen Holdings LLC, a Delaware limited liability company, of which Mr. Sham is the primary beneficiary. Accordingly, Mr. Sham may be deemed to have or share the beneficial ownership of the shares of Common Stock held directly by Old Gen Holdings LLC. The principal place of business of Old Gen Holdings LLC is 108 W 13th St, Ste. 100, Wilmington DE 19801.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">585,624 shares of Common Stock held of record by Ling Houng Sham, wife of Mr. Sham.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,183,887 shares of Common Stock held of record by Mr. Wellen Sham, former Chief Executive Officer of TPHL prior to consummation of the Business Combination.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents shares directly held by individuals and entities affiliated with Feutune Light Sponsor LLC, the sponsor of FLFV&rsquo;s initial public offering: (i) 488,076 shares of Common Stock held directly by Verakin JX (U.S.), Inc., (ii) 1,171,518 shares of Common Stock held directly by Sau Fong Yeung (an individual), and (iii) 1,171,518 shares of Common Stock held directly by Sam Yu (an individual). </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents (i) 2,047,541 shares of Common Stock held directly by MSTO, (ii) 1,285,022 shares of Common Stock held directly by MCP, and (iii) 373,898 shares of Common Stock held directly by MSC. Voting and investment power over the securities held by these entities resides with its investment manager, Meteora Capital, LLC. Mr. Vikas Mittal serves as the managing member of Meteora Capital, LLC and may be deemed to be the beneficial owner of the securities held by such entities. Mr. Mittal disclaims any beneficial ownership over such securities except to the extent of his pecuniary interest therein. The business address of the Meteora Entities is 1200 N Federal Hwy, Ste 200, Boca Raton, FL 33432. </FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 94; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_016"></A>SELLING SECURITYHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Selling Securityholders may from time to time offer and sell any
or all of the shares of Common Stock set forth below pursuant to this prospectus. When we refer to the &quot;Selling Securityholder&quot;
in this prospectus, we refer to Westwood and Benjamin and their permitted transferees that hold any interest in the shares of Common Stock
after the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The shares offered by Westwood will be acquired
at a 5% discount to market prices. As a result, Westwood may receive a higher rate of return on sales than public stockholders who purchase
shares at market prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth information concerning the shares of
Common Stock that may be offered by the Selling Securityholders. The amounts shown assume that all shares offered under this prospectus
will be sold. However, we cannot predict whether the Selling Securityholders will in fact sell any or all of such shares. Additionally,
the Selling Securityholders may have sold, transferred or otherwise disposed of some or all of their shares since the date on which the
information was provided to us. Any changed information will be set forth in a prospectus supplement or amendments to the registration
statement of which this prospectus is a part, if and when necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our registration of the shares does not necessarily
mean that the Selling Securityholders will sell all or any of the Common Stock. The following table sets forth certain information provided
by or on behalf of the Selling Securityholders as of January 13, 2025. The Selling Securityholders may sell all, some or none of such securities
in this offering. Unless otherwise indicated, to our knowledge, Westwood has sole voting and sole investment power with respect to all
securities that it beneficially owns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares&nbsp;<BR>
Beneficially<BR>
Owned Prior to<BR>
the Offering</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares Being<BR>
Registered for Sale Hereby</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares&nbsp;<BR>
Beneficially<BR>
Owned After the<BR>
Offering</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of Selling Securityholder</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;&nbsp;%<SUP>(1)</SUP> &nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>%</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Westwood Capital Group LLC <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4</FONT></TD>
    <TD STYLE="width: 1%">)</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 6%">&mdash;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 6%">&mdash;
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Benjamin Securities, Inc. <SUP>(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8,570</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8,570</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&mdash;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&mdash;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less than one percent.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on the total of 70,724,664 shares of Common Stock outstanding
as of January 13, 2025.&nbsp;&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The address of Westwood Capital Group LLC is 961 Broadway Woodmere, NY 11598.</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The address of Benjamin Securities, Inc. is 3 West Garden Street Suite 407, Pensacola, FL 32502. </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to such number of shares of Common Stock having an aggregate offering
price of $100 million.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 95; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_017"></A>DESCRIPTION OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The following summary of certain material provisions
of the Company&rsquo;s securities does not purport to be complete and is subject to the provisions of the Charter, the Bylaws and applicable
law. The applicable provisions of the Charter and the Bylaws that are filed with the Registration Statement of which this prospectus forms
a part should be read carefully and in their entirety.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Authorized and Outstanding Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Charter authorizes the issuance of 1,100,000,000
shares, consisting of 1,000,000,000 shares of Common Stock and 100,000,000 shares of preferred stock. As of June 21, 2024, upon consummation
of the Business Combination, there were 45,880,057 shares of Common Stock (without taking into account the Earnout Shares) and no shares
of preferred stock outstanding. As of the date of this Prospectus, there are 50,716,094 shares of Common Stock (without taking into account
the Earnout Shares) and 0 shares of preferred stock outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Voting rights</I></B>. Except as otherwise
provided herein or expressly required by law, each holder of Common Stock is entitled to one vote per share on matters to be voted on
by stockholders. The holders of Common Stock possess all voting power for the election of our directors and all other matters requiring
stockholder action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Dividend rights</I></B>. Subject to applicable
law and the rights and preferences of any holders of any outstanding series of preferred stock, holders of Common Stock are entitled to
receive dividends when, as, and if declared by the Board in accordance with applicable law, in its discretion, out of funds legally available
therefor. We have not historically paid any cash dividends on the Common Stock and do not intend to pay cash dividends in the foreseeable
future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Rights upon liquidation, dissolution, and
winding up</I></B>. Subject to applicable law, the rights, if any, of the holders of any outstanding series of the preferred stock, in
the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, after payment or provision for payment
of the debts and other liabilities of the Company, the holders of the shares of Common Stock shall be entitled to receive all the remaining
assets of the Company available for distribution to its stockholders <I>pro rata</I> in accordance with the number of shares of Common
Stock held by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Preemptive or other rights</I></B>. There
are no preemptive rights or sinking fund provisions applicable to Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Charter provides that shares of preferred
stock may be issued from time to time in one or more series. The Board is authorized to fix designations, powers, including voting powers,
full or limited, or no voting powers, preferences, and the relative participating, optional or other special rights of the shares of each
series of preferred stock and any qualifications, limitations, and restrictions thereof, including without limitation, dividend rights,
conversion rights, redemption privileges and liquidation preferences, and to increase or decrease (but not below the number of shares
of such series then outstanding) the number of shares of any series as shall be stated and expressed in the resolutions of the Board,
to the fullest extent permitted by the General Corporation Law of the State of Delaware (&ldquo;DGCL&rdquo;). The Board may, without stockholder
approval, issue preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders
of Common Stock and could have anti-takeover effects. The ability of the Board to issue preferred stock without stockholder approval could
have the effect of delaying, deferring, or preventing a change of control or the removal of management. The Company currently has no shares
of preferred stock outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Public Stockholder Warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There are currently outstanding an aggregate of
10,537,475 Public Warrants, which will entitle the holder to acquire shares of our Common Stock.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each whole Warrant will entitle the registered
holder to purchase one share of our Common Stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time
commencing 30 days after June 21, 2024, provided that we have an effective registration statement under the Securities Act covering the
shares of our Common Stock issuable upon exercise of the Warrants and a current prospectus relating to them is available (or we permit
holders to exercise their Warrants on a cashless basis under the circumstances specified in the Warrant Agreement) and such shares are
registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of holder. Pursuant
to the Warrant Agreement, a warrant holder may exercise its Warrants only for a whole number of shares of our Common Stock. This means
only a whole Warrant may be exercised at a given time by a warrant holder. The Warrants will expire five years after June 21, 2024, at
5:00 p.m., New York City time, or earlier upon redemption or liquidation.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 96; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power will not be obligated to deliver
any of our Common Stock pursuant to the exercise of a Warrant and will have no obligation to settle such Warrant exercise unless a registration
statement under the Securities Act with respect to the Thunder Power Common Stock underlying the Warrants is then effective and a prospectus
relating thereto is current, subject to Thunder Power satisfying its obligations described below with respect to registration. No Warrant
will be exercisable and we will not be obligated to issue a share of Thunder Power Common Stock upon exercise of a Warrant unless the
share of Thunder Power Common Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt under the
securities laws of the state of residence of the registered holder of the Warrants. In the event that the conditions in the two immediately
preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant will not be entitled to exercise such Warrant
and such Warrant may have no value and expire worthless. In no event will Thunder Power be required to net cash settle any Warrant. In
the event that a registration statement is not effective for the exercised Warrants, the purchaser of a unit containing such Warrant will
have paid the full purchase price for the unit solely for the share of Thunder Power Common Stock underlying such unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power has agreed that as soon as practicable,
but in no event later than 30 business days after the Closing, it will use its reasonable best efforts to file with the SEC a registration
statement for the registration, under the Securities Act, of the Thunder Power Common Stock issuable upon exercise of the Warrants. We
will use our best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and
a current prospectus relating thereto, until the expiration of the Warrants in accordance with the provisions of the Warrant Agreement.
If a registration statement covering the shares of Thunder Power Common Stock issuable upon exercise of the Warrants is not effective
by 60th business day after the Closing, warrant holders may, until such time as there is an effective registration statement and during
any period when we will have failed to maintain an effective registration statement, exercise Warrants on a &ldquo;cashless basis&rdquo;
in accordance with Section 3(a)(9) of the Securities Act or another exemption. As of the date hereof, the Warrants may be exercised on
a &ldquo;cashless basis.&rdquo; Notwithstanding the above, if Thunder Power Common Stock are at the time of any exercise of a Warrant
not listed on a national securities exchange such that they satisfy the definition of a &ldquo;covered security&rdquo; under Section 18(b)(1)
of the Securities Act, we may, at our option, require holders of Public Warrants who exercise their Warrants to do so on a &ldquo;cashless
basis&rdquo; in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or
maintain in effect a registration statement, and in the event we do not so elect, we will use our best efforts to register or qualify
the shares under applicable blue sky laws to the extent an exemption is not available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Redemption of Public Warrants when the price per share of Common
Stock equals or exceeds $16.50.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Once the Public Warrants become exercisable, the
Company may call the outstanding Public Warrants for redemption:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in whole and not in part;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at a price of $0.01 per Public Warrant;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon a minimum of 30 days&rsquo; prior written notice of redemption to each warrant holder; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if, and only if, the closing price per share of Common Stock equals or exceeds $16.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a&nbsp;30-trading&nbsp;day period ending three trading days before the Company sends the notice of redemption to the warrant holders.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If and when the Warrants become redeemable by
Thunder Power for cash, Thunder Power may exercise its redemption right even if Thunder Power is unable to register or qualify the underlying
securities for sale under all applicable state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thunder Power has established the last of the
redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the
Warrant exercise price. If the foregoing conditions are satisfied and Thunder Power issues a notice of redemption of the Warrants, each
warrant holder will be entitled to exercise his, her or its Warrant prior to the scheduled redemption date. However, the price of the
Thunder Power Common Stock may fall below the $16.50 redemption trigger price (as adjusted for stock splits, stock capitalizations, reorganizations,
recapitalizations and the like) as well as the $11.50 Warrant exercise price after the redemption notice is issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 97; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If Thunder Powers calls the Warrants for redemption
as described above, our management will have the option to require any holder that wishes to exercise his, her or its warrant to do so
on a &ldquo;cashless basis.&rdquo; In determining whether to require all holders to exercise their warrants on a &ldquo;cashless basis,&rdquo;
our management will consider, among other factors, our cash position, the number of Warrants that are outstanding and the dilutive effect
on our stockholders of issuing the maximum number of shares of Thunder Power Common Stock issuable upon the exercise of our warrants.
If our management takes advantage of this option, all holders of Warrants would pay the exercise price by surrendering their Warrants
for that number of shares of Thunder Power Common Stock equal to the quotient obtained by dividing (x) the product of the number of Thunder
Power Common Stock underlying the warrants, multiplied by the excess of the &ldquo;fair market value&rdquo; of our Thunder Power Common
Stock (defined below) over the exercise price of the Warrants by (y) the fair market value. The &ldquo;fair market value&rdquo; will mean
the average closing price of the Thunder Power Common Stock for the ten trading days ending on the third trading day prior to the date
on which the notice of redemption is sent to the holders of Warrants. If our management takes advantage of this option, the notice of
redemption will contain the information necessary to calculate the number of shares of Thunder Power Common Stock to be received upon
exercise of the Warrants, including the &ldquo;fair market value&rdquo; in such case. Requiring a cashless exercise in this manner will
reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an
attractive option to us if we do not need the cash from the exercise of the Warrants after our initial Business Combination. If we call
our Warrants for redemption and our management does not take advantage of this option, the holders of the private placement warrants and
their permitted transferees would still be entitled to exercise their private placement warrants for cash or on a cashless basis using
the same formula described above that other warrant holders would have been required to use had all warrant holders been required to exercise
their warrants on a cashless basis, as described in more detail below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A holder of a Warrant may notify us in writing
in the event it elects to be subject to a requirement that such holder will not have the right to exercise such Warrant, to the extent
that after giving effect to such exercise, such person (together with such person&rsquo;s affiliates), to the warrant agent&rsquo;s actual
knowledge, would beneficially own in excess of 9.8% (or such other amount as specified by the holder) of the Thunder Power Common Stock
outstanding immediately after giving effect to such exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the number of outstanding shares of Thunder
Power Common Stock is increased by a stock dividend payable in shares of Thunder Power Common Stock, or by a split-up of common stock
or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Thunder
Power Common Stock issuable on exercise of each Warrant will be increased in proportion to such increase in the outstanding shares of
Common Stock. A rights offering to holders of Common Stock entitling holders to purchase Thunder Power Common Stock at a price less than
the fair market value will be deemed a stock dividend of a number of shares of Thunder Power Common Stock equal to the product of (i)
the number of shares of Thunder Power Common Stock actually sold in such rights offering (or issuable under any other equity securities
sold in such rights offering that are convertible into or exercisable for Thunder Power Common Stock) and (ii) the quotient of (x) the
price per share Thunder Power Common Stock paid in such rights offering and (y) the fair market value. For these purposes (i) if the rights
offering is for securities convertible into or exercisable for shares of Thunder Power Common Stock, in determining the price payable
for Thunder Power Common Stock, there will be taken into account any consideration received for such rights, as well as any additional
amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of shares of Thunder Power
Common Stock as reported during the ten trading-day period ending on the trading day prior to the first date on which the Thunder Power
Common Stock trades on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, if we, at any time while the warrants
are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Thunder Power
Common Stock on account of such Thunder Power Common Stock (or other securities into which the warrants are convertible), other than (a)
as described above, (b) certain ordinary cash dividends, (c) to satisfy the rights of the holders of Thunder Power Common Stock in connection
with a proposed initial Business Combination, or (d) in connection with the redemption of our public shares upon our failure to complete
our initial business combination, then the warrant exercise price will be decreased, effective immediately after the effective date of
such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share of Thunder Power Common
Stock in respect of such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the number of outstanding shares of Thunder
Power Common Stock is decreased by a consolidation, combination, reverse share split or reclassification of Thunder Power Common Stock
or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar
event, the number of shares of Thunder Power Common Stock issuable on exercise of each warrant will be decreased in proportion to such
decrease in outstanding share of Thunder Power Common Stock.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 98; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Whenever the number of shares of Thunder Power
Common Stock purchasable upon the exercise of the Warrants is adjusted, as described above, the Warrant exercise price will be adjusted
by multiplying the Warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number
of shares of Thunder Power Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the
denominator of which will be the number of shares of Thunder Power Common Stock so purchasable immediately thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, if (x) we issue additional shares
of Thunder Power Common Stock or equity-linked securities for capital raising purposes in connection with the closing of our initial Business
Combination at an issue price or effective issue price of less than $9.20 per share of Thunder Power Common Stock (with such issue price
or effective issue price to be determined in good faith by our Board and, in the case of any such issuance to our initial stockholders
or their affiliates, without taking into account any founder shares held by our initial stockholders or such affiliates, as applicable,
prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and
interest thereon, available for the funding of our initial Business Combination on the date of the consummation of our initial Business
Combination (net of redemptions), and (z) the volume weighted average trading price of Thunder Power Common Stock during the 20 trading-day
period starting on the trading day after the day on which we consummate our initial business combination is below $9.20 per share, the
exercise price of the Warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly
Issued Price, and the $16.50 per share redemption trigger price described above under &ldquo;<I>&mdash; Redemption of warrants when the
price per share of common stock equals or exceeds $16.50</I>&rdquo; will be adjusted (to the nearest cent) to be equal to 180% of the
higher of the Market Value and the Newly Issued Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In case of any reclassification or reorganization
of the outstanding Thunder Power Common Stock (other than those described above or that solely affects the par value of such Thunder Power
Common Stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger
in which we are the continuing corporation and that does not result in any reclassification or reorganization of outstanding Thunder Power
Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety
or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right
to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the Thunder Power Common
Stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares
of Thunder Power Common Stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received
if such holder had exercised their warrants immediately prior to such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The warrants will be issued in registered form
under a warrant agreement between Continental, as warrant agent, and us. The warrant agreement provides that the terms of the warrants
may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, and that all other modifications
or amendments will require the vote or written consent of the holders of at least 50% of the then outstanding public warrants, and, solely
with respect to any amendment to the terms of the private placement warrants, at least 50% of the then outstanding private placement warrants.
You should review a copy of the warrant agreement, which has been filed as an exhibit to FLFV&rsquo;s Annual Report on Form 10-K for the
fiscal year ended December 31, 2023, and the amendment to such warrant agreement, as disclosed on June 21, 2024 in FLFV&rsquo;s Current
Report on Form 8-K filed with the SEC on June 27, 2024, for a complete description of the terms and conditions applicable to the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The warrants may be exercised upon surrender of
the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse
side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless
basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised. The warrant holders
do not have the rights or privileges of holders of common stock and any voting rights until they exercise their warrants and receive Thunder
Power Common Stock. After the issuance of Thunder Power Common Stock upon exercise of the warrants, each holder will be entitled to one
vote for each share held of record on all matters to be voted on by stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No fractional shares will be issued upon exercise
of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon
exercise, round down to the nearest whole number the number of shares of Thunder Power Common Stock to be issued to the warrant holder.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 99; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have agreed that, subject to applicable law,
any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement will be brought and enforced
in the courts of the State of New York or the United States District Court for the Southern District of New York, and we irrevocably submit
to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding or claim. See &ldquo;<I>Risk Factors
&mdash; The Warrant Agreement designates the courts of the State of New York or the United States District Court for the Southern District
of New York as the exclusive forum for certain types of actions and proceedings that may be initiated by holders of the warrants</I>&rdquo;
for more information. This provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act or
any claim for which the federal district courts of the United States of America are the sole and exclusive forum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Private Warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The private placement warrants (including the
Thunder Power Common Stock issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable until
30&nbsp;days after the Closing of FLFV&rsquo;s initial Business Combination (except in limited circumstances). The private placement warrants
have terms and provisions that are identical to those of the warrants sold as part of the units in the IPO, including as to exercise price,
exercisability and exercise period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Anti-Takeover Effects of Provisions of the Second Amended and Restated
Charter, the Bylaws and Applicable Delaware Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain provision of our Charter, Bylaws and the
laws of the State of Delaware, where Thunder Power is incorporated, may discourage or make more difficult a takeover attempt that a stockholder
might consider in his or her best interest. These provisions may also adversely affect prevailing market prices of our Common Stock. Thunder
Power believes that the benefits of increased protection give Thunder Power the potential ability to negotiate with the proponent of an
unsolicited proposal to acquire or restructure Thunder Power and outweigh the disadvantage of discouraging those proposals because negotiation
of the proposals could result in an improvement of their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Authorized but Unissued Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Delaware law does not require stockholder approval
for any issuance of authorized shares. However, the listing requirements of Nasdaq, which would apply if and so long as the Thunder Power
Common Stock remains listed on Nasdaq require stockholder approval of certain issuances equal to or exceeding 20% of the then outstanding
voting power or the then outstanding number of shares of Common Stock. Additional shares that may be used in the future may be issued
for a variety of corporate purposes, including future public offerings, to raise additional capital, or to facilitate acquisitions. The
existence of authorized but unissued and unreserved common stock and preferred stock could make more difficult or discourage an attempt
to obtain control of Thunder Power by means of a proxy contest, tender offer, merger, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Number of Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Second Amended and Restated Charter and the
Thunder Power Bylaws provide that, subject to any rights of holders of preferred stock to elect additional directors under specified circumstances,
the number of directors may be fixed from time to time pursuant to a resolution adopted by the Thunder Power Board. The initial number
of directors was set at five.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Requirements for Advance Notification of Stockholder
Meetings, Nominations and Proposals</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Bylaws establish advance notice procedures
with respect to stockholder proposals and nomination of candidates for election as directors, other than nominations made by or at the
direction of the Thunder Power Board or a committee of the Thunder Power Board. In order to be &ldquo;properly brought&rdquo; before
a meeting, a stockholder will have to comply with advance notice requirements and provide Thunder Power with certain information. Generally,
to be timely, a stockholder&rsquo;s notice must be received at Thunder Power&rsquo;s principal executive offices not less than 90&nbsp;days
nor more than 120&nbsp;days prior to the first anniversary of the immediately preceding annual meeting of stockholders. The Bylaws also
specify requirements as to the form and content of a stockholder&rsquo;s notice. The Bylaws allow the chairman of the meeting at a meeting
of the stockholders to adopt rules and regulations for the conduct of meetings which may have the effect of precluding the conduct of
certain business at a meeting if the rules and regulations are not followed. These provisions may also defer, delay, or discourage a
potential acquirer from conducting a solicitation of proxies to elect the acquirer&rsquo;s own slate of directors or otherwise attempting
to influence or obtain control of Thunder Power.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 100; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Stockholder Action by Written Consent</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Second Amended and Restated Charter provides
that, subject to the terms of any series of Thunder Power preferred stock and the applicable provisions of DGCL, any actions required
to be taken or permitted to be taken at any annual or special meeting of the stockholders of Thunder Power may be taken without a meeting,
without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, are signed by the holders
of the outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at
a meeting at which all shares entitled to vote thereon were present and voted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Cumulative Voting</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under Delaware law, a corporation may grant stockholders
cumulative voting rights for the election of directors in its certificate of incorporation. . The Second Amended and Restated Charter
does not authorize cumulative voting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Limitations on Liability and Indemnification
of Officers and Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The DGCL authorizes corporations to limit or eliminate
the personal liability of directors and officers of corporations and their stockholders for monetary damages for breaches of directors&rsquo;
and officers&rsquo; fiduciary duties, subject to certain exceptions. Thunder Power&rsquo;s Second Amended and Restated Charter includes
a provision that eliminates the personal liability of directors and officers for damages for any breach of fiduciary duty as a director
or officer except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL as the same exists
or may hereafter be&nbsp;amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Bylaws provide that Thunder Power shall indemnify
and advance expenses to Thunder Power&rsquo;s directors and officers to the fullest extent authorized by the DGCL.&nbsp;Thunder Power&rsquo;s
Bylaws also is expressly authorize Thunder Power to carry directors&rsquo; and officers&rsquo; liability insurance providing indemnification
for Thunder Power&rsquo;s directors, officers, and certain employees for some liabilities. Thunder Power believes that these indemnification
and advancement provisions and insurance are useful to attract and retain qualified directors and executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The limitation of liability, advancement and indemnification
provisions in the Second Amended and Restated Charter and the Thunder Power Bylaws may discourage stockholders from bringing lawsuit against
directors or officers for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative
litigation against directors and officers, even though such an action, if successful, might otherwise benefit Thunder Power and its stockholders.
In addition, your investment may be adversely affected to the extent Thunder Power pays the costs of settlement and damage awards against
directors and officer pursuant to these indemnification provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There is currently no pending material litigation
or proceeding involving any of Thunder Power&rsquo;s directors, officers, or employees for which indemnification is sought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Dissenters&rsquo; Rights of Appraisal and Payment</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the DGCL, the Company&rsquo;s stockholders
will not have appraisal rights in connection with a merger or consolidation of the Company while Thunder Power&rsquo;s Common Stock is
either listed on a national securities exchange or held of record by more than 2,000 holders, subject to certain exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Stockholders&rsquo; Derivative Actions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the DGCL, any Company stockholder may bring
an action in the Company&rsquo;s name to procure a judgment in Thunder Power&rsquo;s favor, also known as a derivative action, provided
that the stockholder bringing the action is a holder of the Company&rsquo;s shares at the time of the transaction to which the action
relates or such stockholder&rsquo;s stock thereafter devolved by operation of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Transfer Agent and Warrant Agent</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The transfer agent, registrar for the Common Stock
and warrant agent is Continental Transfer&nbsp;&amp; Trust Company, LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Rule 144</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to Rule 144, a person who has beneficially
owned restricted shares or warrants of Thunder Power for at least six months would be entitled to sell their securities provided that
(i) such person is not deemed to have been an affiliate of Thunder Power at the time of, or at any time during the three months preceding,
a sale and (ii) Thunder Power is subject to the Exchange Act periodic reporting requirements for at least three months before the sale
and have filed all required reports under Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as we
were required to file reports) preceding the sale.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 101; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Persons who have beneficially owned restricted
shares or warrants of Thunder Power for at least six months but who are affiliates of Thunder Power at the time of, or at any time during
the three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within
any three-month period only a number of securities that does not exceed the greater of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1% of the total number of shares of Thunder Power Common Stock then outstanding; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the average weekly reported trading volume of the Thunder Power Common Stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Sales by Thunder Power affiliates under Rule 144
are also limited by manner of sale provisions and notice requirements and to the availability of current public information about Thunder
Power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Restrictions on the Use of Rule&nbsp;144
by Shell Companies or Former Shell Companies</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Rule&nbsp;144 is not available for the resale
of securities initially issued by shell companies (other than business combination related shell companies) or issuers that have been
at any time previously a shell company. However, Rule&nbsp;144 also includes an important exception to this prohibition if the following
conditions are met:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the issuer of the securities that was formerly a shell company has ceased to be a shell company;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the issuer of the securities is subject to the reporting requirements of Section&nbsp;13 or 15(d)&nbsp;of the Exchange&nbsp;Act;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the issuer of the securities has filed all Exchange&nbsp;Act reports and material required to be filed, as applicable, during the preceding 12&nbsp;months (or such shorter period that the issuer was required to file such reports and materials), other than Form&nbsp;8-K&nbsp;reports; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at least one year has elapsed from the time that the issuer filed current Form&nbsp;10 type information with the SEC reflecting its status as an entity that is not a shell company.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result, the Sponsor, Thunder Power&rsquo;s
officers, directors and other affiliates will be able to sell the Thunder Power Common Stock they receive upon conversion of their founder
shares and private placement warrants, as applicable, pursuant to Rule&nbsp;144 without registration one year after the Company has filed
current Form&nbsp;10 information with the SEC reflecting the loss of its shell company status.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Following the Closing, Thunder Power is no longer
be a shell company, and so, once the conditions listed above are satisfied, Rule&nbsp;144 will become available for the resale of the
above-noted&nbsp;restricted securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Listing of Common Stock and Public Warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Common Stock are listed on Nasdaq under the
symbol &ldquo;AIEV.&rdquo;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 102; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_018"></A>MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a discussion of certain U.S.
federal income tax considerations relating to the ownership and disposition of our common stock or warrants. This discussion is limited
to holders that hold our common stock or warrants as &ldquo;capital assets&rdquo; for U.S. federal income tax purposes (generally, property
held for investment). This summary is based on the provisions of the Internal Revenue Code (the &ldquo;Code&rdquo;), final, temporary,
and proposed treasury regulations promulgated under the Code (the &ldquo;Treasury Regulations&rdquo;), administrative pronouncements,
and judicial decisions, all as in effect on the date hereof. These authorities may change or be subject to differing interpretations.
Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect holders to which this
section applies. We have not sought and will not seek any rulings from the Internal Revenue Service (the &ldquo;IRS&rdquo;) or opinion
from counsel with respect to the statements made and the conclusions reached in the following discussion, and there can be no assurance
that the IRS or a court will agree with such statements and conclusions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This discussion does not purport to be a complete
analysis of all potential tax considerations relating to the ownership and disposition of our common stock or warrants, and this discussion
does not address all aspects of U.S. federal income taxation that may be relevant to particular holders in light of their personal circumstances.
In addition, this summary does not address the Medicare tax on certain investment income, U.S. federal estate or gift tax laws, any state,
local or non-U.S. tax laws, or any tax treaties. This summary also does not address tax considerations applicable to investors that may
be subject to special treatment under the U.S. federal income tax laws, including but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a bank, a financial institution, or a financial service entity;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a tax-exempt organization;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a real estate investment trust;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an S corporation, partnership or pass-through entity (or an investor in an S corporation or other pass-through entity);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an insurance company;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a regulated investment company or a mutual fund;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">pension plans;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a &ldquo;controlled foreign corporation&rdquo; or a &ldquo;passive foreign investment company;&rdquo;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a dealer or broker in stocks and securities, or currencies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a trader in securities that elects mark-to-market treatment;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a holder that is liable for the alternative minimum tax;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a holder that received our common stock or warrants through the exercise of an employee stock option, through a tax qualified retirement plan, or otherwise as compensation;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a U.S. Holder (as defined below) that has a functional currency other than the U.S. dollar;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a holder that holds our common stock or warrants as part of a hedge, straddle, constructive sale, conversion or other integrated transaction;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a person required to accelerate the recognition of any item of gross income with respect to our common stock or warrants as a result of such income being recognized on an applicable financial statement; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a U.S. expatriate.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For purposes of this discussion, the term &ldquo;U.S.
Holder&rdquo; means a holder of our common stock or warrants that is for U.S. federal income tax purposes (1) an individual citizen or
resident of the United States, (2) a corporation (or any other entity treated as a corporation for U.S. federal income tax purposes) organized
in or under the laws of the United States or any state thereof or the District of Columbia, (3) a trust if (a) a court within the United
States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to
control all substantial decisions of the trust or (b) such trust has made a valid election to be treated as a U.S. person for U.S. federal
income tax purposes or (4) an estate, the income of which is includible in gross income for U.S. federal income tax purposes regardless
of its source. A &ldquo;Non-U.S. Holder&rdquo; means a holder of our common stock or warrants (other than a partnership or other entity
or arrangement classified as a partnership for U.S. federal income tax purposes) that is not a U.S. Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an entity or an arrangement treated as a partnership
for U.S. federal income tax purposes holds our common stock or warrants, the U.S. federal income tax considerations relating to the ownership
and disposition of our common stock or warrants and the purchase, exercise, disposition and lapse of our warrants to a partner in such
partnership (or owner of such entity) generally will depend on the status of the partner and the activities of the partnership (or entity).
Any entity or arrangement treated as a partnership for U.S. federal income tax purposes that holds our common stock or warrants, and
any partners in such partnership, are urged to consult their own tax advisors with respect to the applicable tax consideration in light
of their specific circumstances.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 103; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The tax considerations relating to the ownership
and disposition of our common stock or warrants will depend on your specific situation. You should consult with your own tax advisor as
to the tax considerations relating to the ownership and disposition of our common stock or warrants and the purchase, exercise, disposition
and lapse of our warrants in your particular circumstances, including the applicability and effect of any applicable alternative minimum
tax and any state, local, foreign, or other tax laws, and of changes in those laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">THIS DISCUSSION OF U.S. FEDERAL INCOME TAX CONSIDERATIONS
IS FOR GENERAL INFORMATION PURPOSES ONLY AND IS NOT TAX ADVICE. PROSPECTIVE HOLDERS SHOULD CONSULT THEIR TAX ADVISORS CONCERNING THE U.S.
FEDERAL INCOME TAX CONSIDERATIONS RELEVANT TO THEM OF OWNING AND DISPOSING OF OUR SECURITIES, AS WELL AS THE APPLICATION OF ANY, STATE,
LOCAL AND NON-U.S. INCOME, ESTATE AND OTHER TAX CONSIDERATIONS. IN ADDITION, PROSPECTIVE HOLDERS SHOULD CONSULT WITH THEIR TAX ADVISORS
WITH RESPECT TO POTENTIAL CHANGES IN UNITED STATES FEDERAL TAX LAW AS WELL AS POTENTIAL CHANGES IN STATE, LOCAL OR NON-U.S. TAX LAWS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Tax Considerations for U.S. Holders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Taxation of Distributions</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we pay distributions in cash or other property
(other than certain distributions of our stock or rights to acquire our stock) to U.S. Holders of shares of our common stock, such distributions
generally will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and
profits, as determined under U.S. federal income tax principles. Distributions in excess of current and accumulated earnings and profits
will constitute a return of capital that will be applied against and reduce (but not below zero) the U.S. Holder&rsquo;s adjusted tax
basis in our common stock. Any remaining excess will be treated as gain realized on the sale or other disposition of the common stock
and will be treated as described under the section of this prospectus titled &ldquo;<I>Tax Considerations for U.S. Holders&mdash;Gain
or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock or Warrants</I>&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dividends that we pay to a U.S. Holder that is
a corporation generally will qualify for the dividends received deduction (at varying percentages based upon such U.S. Holder&rsquo;s
ownership percentage in the Company) if the requisite holding period is satisfied. Dividends that exceed certain thresholds in relation
to a corporate U.S. holder&rsquo;s tax basis in the stock could be characterized as an &ldquo;extraordinary dividend&rdquo; (as defined
in Section 1059 of the Code) subject to special rules. With certain exceptions (including, but not limited to, dividends treated as investment
income for purposes of investment interest deduction limitations), and provided certain holding period requirements are met, dividends
that we pay to a non-corporate U.S. Holder will generally constitute &ldquo;qualified dividends&rdquo; that will be subject to tax at
the maximum tax rate accorded to long-term capital gains. If the applicable holding period and other applicable requirements are not satisfied,
then a corporation may not be able to qualify for the dividends received deduction and would have taxable income equal to the entire dividend
amount. Likewise, if the applicable holding period and other applicable requirements are not satisfied, then non-corporate U.S. Holders
may be subject to tax on such dividend at regular ordinary income tax rates instead of the preferential rate that applies to qualified
dividend income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Gain or Loss on Sale, Taxable Exchange or Other Taxable
Disposition of Common Stock or Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A U.S. Holder generally will recognize gain or
loss on the sale, taxable exchange or other taxable disposition of our common stock or warrants. Any such gain or loss will be capital
gain or loss and will be long-term capital gain or loss if the U.S. Holder&rsquo;s holding period for our common stock or warrants so
disposed of exceeds one year. Long-term capital gains recognized by non-corporate U.S. Holders generally will be eligible for taxation
at reduced rates. The amount of capital gain or loss recognized will generally be equal to the difference between (1) the sum of the amount
of cash and the fair market value of any property received in such disposition and (2) the U.S. Holder&rsquo;s adjusted tax basis in its
common stock or warrants so disposed of. A U.S. Holder&rsquo;s adjusted tax basis in its common stock or warrants generally will equal
the U.S. Holder&rsquo;s acquisition cost less any prior distributions treated as a return of capital. The deductibility of capital losses
is subject to limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Exercise or Lapse of a Warrant</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except as discussed below with respect to the
cashless exercise of a warrant, a U.S. Holder generally will not recognize taxable gain or loss from the acquisition of common stock upon
exercise of a warrant for cash. A U.S. Holder&rsquo;s tax basis in the common stock received upon exercise of a warrant generally will
be an amount equal to the sum of the U.S. Holder&rsquo;s initial investment in the warrant and the exercise price. It is unclear whether
a U.S. Holder&rsquo;s holding period for the shares of common stock received upon exercise of the warrants will commence on the date of
exercise of the warrant or the day following the date of exercise of the warrants. In either case, the holding period of shares of common
stock received upon exercise of a warrant will not include the period during which the U.S. Holder held the warrants. If a warrant is
allowed to lapse unexercised, a U.S. Holder generally will recognize a capital loss equal to such holder&rsquo;s tax basis in the warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The tax consequences of a cashless exercise of
a warrant are not clear under current tax law. A cashless exercise may be tax-free, either because the exercise is not a realization event
or because the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either situation, a U.S. Holder&rsquo;s
tax basis in the common stock received would equal the U.S. Holder&rsquo;s basis in the warrant. If the cashless exercise were treated
as not being a realization event, it is unclear whether a U.S. holder&rsquo;s holding period for the common stock received would be treated
as commencing on the date of exercise of the warrant or on the day following the date of exercise of the warrant. If the cashless exercise
were treated as a recapitalization, the holding period of the common stock received would include the holding period of the warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">It is also possible that a cashless exercise
could be treated in part as a taxable exchange in which a gain or loss would be recognized. In such event, a U.S. Holder could be deemed
to have surrendered warrants equal to the number of common stock shares having a value equal to the exercise price for the total number
of warrants to be exercised. A U.S. Holder would recognize capital gain or loss in an amount equal to the difference between the fair
market value of the warrants deemed surrendered and the U.S. Holder&rsquo;s tax basis in the warrants deemed surrendered. In this case,
a U.S. Holder&rsquo;s tax basis in the common stock received would equal the sum of the fair market value of the warrants deemed surrendered
and the U.S. Holder&rsquo;s tax basis in the warrants exercised. It is unclear whether a U.S. Holder&rsquo;s holding period for the common
stock received would commence on the date of exercise of the warrant or the day following the date of exercise of the warrant.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 104; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Due to the absence of authority on the U.S. federal
income tax treatment of a cashless exercise, there can be no assurance which, if any, of the alternative tax consequences and holding
periods described above would be adopted by the IRS or a court of law. Accordingly, U.S. Holders should consult their tax advisors regarding
the tax consequences of a cashless exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Possible Constructive Distributions</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The terms of each warrant provide for an adjustment
to the number of shares of our common stock for which the warrant may be exercised or to the exercise price of the warrant in certain
events. An adjustment which has the effect of preventing dilution generally is not taxable. The U.S. Holders of the warrants would, however,
be treated as receiving a constructive distribution from us if, for example, the adjustment increases the warrant holders&rsquo; proportionate
interest in our assets or earnings and profits (e.g., through an increase in the number of shares of our common stock that would be obtained
upon exercise) as a result of a distribution of cash to the holders of shares of our common stock which is taxable to the U.S. Holders
of such shares. For example, if the exercise price of the warrants is decreased as a result of certain taxable dividends paid to holders
of our common stock (as contemplated by the terms of the warrant in certain circumstances), then the amount by which such exercise price
was decreased could be considered an increase in the warrant holder&rsquo;s proportionate interest in our assets or earnings and profits,
which may result in a constructive distribution to holders of the warrants. Such constructive distribution would be subject to tax as
described &ldquo;<I>Tax Considerations for U.S. Holders&mdash;Taxation of Distributions</I>&rdquo; above in the same manner as if the
U.S. Holders of the warrants received a cash distribution from us equal to the fair market value of such increased interest. For certain
information reporting purposes, we are required to determine the date and amount of any such constructive distributions. Recently proposed
Treasury regulations, which we may rely on prior to the issuance of final regulations, specify how the date and amount of constructive
distributions are determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Tax Considerations for Non-U.S. Holders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Taxation of Distributions</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In general, any distributions (other than certain
distributions of our stock or rights to acquire our stock) that we make to a Non-U.S. Holder of shares of common stock, to the extent
paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles), will constitute
dividends for U.S. federal income tax purposes and, provided such dividends are not effectively connected with the Non-U.S. Holder&rsquo;s
conduct of a trade or business within the United States (or, if a tax treaty applies, are attributable to a U.S. permanent establishment
or fixed base maintained by the Non-U.S. Holder), we will be required to withhold tax from the gross amount of the dividend at a rate
of 30%, unless such Non-U.S. Holder is eligible for a reduced rate of withholding tax under an applicable income tax treaty and provides
proper certification of its eligibility for such reduced rate (usually on an IRS Form W-8BEN or W-8BEN-E). Any distribution not constituting
a dividend will be treated first as reducing (but not below zero) the Non-U.S. Holder&rsquo;s adjusted tax basis in its shares of common
stock and, to the extent such distribution exceeds the Non-U.S. Holder&rsquo;s adjusted tax basis, as gain realized from the sale or other
disposition of the common stock, which will be treated as described under the section of this prospectus titled &ldquo;<I>Tax Considerations
for Non-U.S. Holders&mdash;Gain on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock or Warrants</I>&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The withholding tax generally does not apply to
dividends paid to a Non-U.S. Holder who provides an IRS Form W-8ECI, certifying that the dividends are effectively connected with the
Non-U.S. Holder&rsquo;s conduct of a trade or business within the United States. Instead, the effectively connected dividends will be
subject to regular U.S. federal income tax as if the Non-U.S. Holder were a U.S. resident, subject to an applicable income tax treaty
providing otherwise. A corporate Non-U.S. Holder receiving effectively connected dividends may also be subject to an additional &ldquo;branch
profits tax&rdquo; imposed at a rate of 30% (or a lower applicable income tax treaty rate).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Exercise or Lapse of a Warrant</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The U.S. federal income tax treatment of the exercise
or lapse of a warrant held by a Non-U.S. Holder generally will correspond to the characterization described above under &ldquo;<I>Tax
Considerations for U.S. Holders &ndash; Exercise or Lapse of a Warrant</I>&rdquo;, although to the extent a cashless exercise results
in a taxable exchange, the tax consequences to the non-U.S. Holder would be the same as those described below under &ldquo;<I>Tax Considerations
for Non-U.S. Holders&mdash;Gain on Sale, Exchange or Other Taxable Disposition of Common Stock or Warrants</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Gain on Sale, Exchange, or Other Taxable Disposition
of Common Stock or Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A Non-U.S. Holder will generally not be subject
to U.S. federal income or withholding tax in respect of gain recognized on a sale, exchange or other taxable disposition of common stock
or a sale, taxable exchange, expiration, redemption or other taxable disposition of our common stock or warrants, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the gain is effectively connected with the conduct of a trade or business by the Non-U.S. Holder within the United States (and, if an applicable tax treaty so requires, is attributable to a U.S. permanent establishment or fixed base maintained by the Non-U.S. Holder); or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are or have been a &ldquo;United States real property holding corporation&rdquo; (a &ldquo;USRPHC&rdquo;) for U.S. federal income tax purposes at any time during the shorter of the five-year period ending on the date of disposition or the Non-U.S. Holder&rsquo;s holding period and either (i) the shares of our common stock have ceased to be &ldquo;regularly traded on an established securities market&rdquo; within the meaning of the Treasury Regulations or (ii) the Non-U.S. Holder has owned or is deemed to have owned, at any time within the five-year period preceding the disposition or the Non-U.S. Holder&rsquo;s holding period, whichever period is shorter, more than 5% of our common stock.</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 105; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless an applicable income tax treaty applies,
gain described in the first bullet point above will be subject to tax at generally applicable U.S. federal income tax rates. Any gains
described in the first bullet point above of a Non-U.S. Holder that is a foreign corporation also may be subject to an additional &ldquo;branch
profits tax&rdquo; at a 30% rate (or lower applicable treaty rate).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the second bullet point above applies to a
Non-U.S. Holder, gain recognized by such holder generally will be subject to a tax at applicable U.S. federal income tax rates. In addition,
a buyer of such common stock from a Non-U.S. Holder may be required to withhold U.S. income tax at a rate of 15% of the amount realized
upon such disposition. We will be classified as a USRPHC if the fair market value of our &ldquo;United States real property interests&rdquo;
equals or exceeds 50% of the sum of the fair market value of our worldwide real property interests plus our other assets used or held
for use in a trade or business, as determined for U.S. federal income tax purposes. We do not believe we currently are or will become
a USRPHC; however there can be no assurance in this regard. Non-U.S. Holders are urged to consult their tax advisors regarding the application
of these rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Possible Constructive Distributions.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The terms of each warrant provide for an adjustment
to the number of shares of our common stock for which the warrant may be exercised or to the exercise price of the warrant in certain
events. An adjustment which has the effect of preventing dilution generally is not taxable. Non-U.S. Holders of the warrants would, however,
be treated as receiving a constructive distribution from us if, for example, the adjustment increases the warrant holders&rsquo; proportionate
interest in our assets or earnings and profits (e.g., through an increase in the number of shares of our common stock that would be obtained
upon exercise) as a result of a distribution of cash to the holders of shares of our common stock which is taxable to the Non-U.S. Holders
of such shares. For example, if the exercise price of the warrants is decreased as a result of certain taxable dividends paid to holders
of our common stock (as contemplated by the terms of the warrant in certain circumstances), then the amount by which such exercise price
was decreased could be considered an increase in the warrant holder&rsquo;s proportionate interest in our assets or earnings and profits,
which may result in a constructive distribution to holders of the warrants. Such constructive distribution would be subject to tax as
described &ldquo;<I>Tax Considerations for Non-U.S. Holders&mdash;Taxation of Distributions</I>&rdquo; above in the same manner as if
the Non-U.S. Holders of the warrants received a cash distribution from us equal to the fair market value of such increased interest. For
certain information reporting purposes, we are required to determine the date and amount of any such constructive distributions. Recently
proposed Treasury Regulations, which we may rely on prior to the issuance of final Treasury Regulations, specify how the date and amount
of constructive distributions are determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Foreign Account Tax Compliance Act</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Sections 1471 through 1474 of the Code, and the
Treasury Regulations and administrative guidance issued thereunder (&ldquo;FATCA&rdquo;), impose a 30% withholding tax on any dividends
paid on our common stock, and subject to the discussion of certain proposed Treasury Regulations below, on the gross proceeds from a disposition
of our common stock, in each case if paid to a &ldquo;foreign financial institution&rdquo; or a &ldquo;non-financial foreign entity&rdquo;
(each as defined in the Code) (including, in some cases, when such foreign financial institution or non-financial foreign entity is acting
as an intermediary), unless (i) in the case of a foreign financial institution, such institution enters into an agreement with the U.S.
government to withhold on certain payments, and to collect and provide to the U.S. tax authorities substantial information regarding U.S.
account holders of such institution (which includes certain equity and debt holders of such institution, as well as certain account holders
that are non-U.S. entities with U.S. owners), (ii) in the case of a non-financial foreign entity, such entity certifies that it does not
have any &ldquo;substantial United States owners&rdquo; (as defined in the Code) or provides the applicable withholding agent with a certification
identifying the direct and indirect substantial United States owners of the entity, or (iii) the foreign financial institution or non-financial
foreign entity otherwise qualifies for an exemption from these rules and provides appropriate documentation. Foreign financial institutions
located in jurisdictions that have an intergovernmental agreement with the United States governing these rules may be subject to different
rules. Under certain circumstances, a holder might be eligible for refunds or credits of such taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Proposed Treasury Regulations, if finalized in
their present form, would eliminate the federal withholding tax of 30% applicable to the gross proceeds of a sale or other disposition
of our common stock. The preamble to such proposed Treasury Regulations provides that taxpayers may generally rely on the proposed regulations
until final regulations are issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Non-U.S. holders are encouraged to consult their
own tax advisors regarding the possible implications of FATCA to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Information Reporting and Backup Withholding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Proceeds received in connection with the sale,
exchange or other taxable disposition of our securities may be subject to information reporting to the IRS and U.S. backup withholding.
Backup withholding generally will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes
other required certifications, or who is otherwise exempt from backup withholding and establishes such exempt status. A Non-U.S. Holder
generally will eliminate the requirement for information reporting and backup withholding by providing certification of its foreign status,
under penalties of perjury, on a duly executed applicable IRS Form W-8 or by otherwise establishing an exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Backup withholding is not an additional tax. Amounts
withheld as backup withholding may be credited against a holder&rsquo;s U.S. federal income tax liability, and a holder generally may
claim a refund of any excess amounts withheld under the backup withholding rules by timely filing the appropriate claim for refund with
the IRS and furnishing any required information.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 106; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_019"></A>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are registering Common Stock for possible sale
by the Selling Securityholders from time to time, consisting of up to such number of shares of Common Stock having an aggregate offering
price of $100 million that may be issued to Westwood pursuant to the Purchase Agreement, and 8,570 shares of Common Stock issued to Benjamin
pursuant to the Advisory Agreement. We are required to pay all fees and expenses incidental to the registration of these shares, except
that the Selling Securityholders will bear all commissions and discounts attributable to their sale of shares.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will not receive any proceeds from sales by
the Selling Securityholders, but we will receive proceeds from any sales of Common Stock to Westwood under the Purchase Agreement. The
aggregate proceeds to Westwood will be the purchase price of the securities less any discounts and commissions. We estimate that the total
expenses for the offering will be approximately $20,000.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The shares of Common Stock beneficially owned by the Selling Securityholders
covered by this prospectus may be offered and sold from time to time by the Selling Securityholders. The term &ldquo;Selling Securityholders&rdquo;
includes donees, pledgees, transferees or other successors-in-interest selling shares of Common Stock received after the date of this
prospectus from the Selling Securityholders as a gift, pledge, partnership distribution or other transfer. The Selling Securityholders
will act independently from us in making decisions with respect to the timing, manner and size of each sale. Such sales may be made on
one or more exchanges or in the over-the-counter market or otherwise, at prices and under terms then prevailing or at prices related to
the then current market prices or in negotiated transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each of the Selling Securityholders may sell its shares of Common Stock
by one or more of, or a combination of, the following methods:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchases by a broker-dealer as principal and resale by such broker-dealer for its own account pursuant to this prospectus;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">block trades in which the broker-dealer so engaged will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an over-the-counter distribution in accordance with the rules of the applicable exchange;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">privately negotiated transactions;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through trading plans entered into by the Selling Securityholder pursuant to Rule 10b5-1 under the Exchange Act, that are in place at the time of an offering pursuant to this prospectus and any applicable prospectus supplement hereto that provide for periodic sales of its securities on the basis of parameters described in such trading plans;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker-dealers may agree with the Selling Securityholder to sell a specified number of such shares at a stipulated price per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in &ldquo;at the market&rdquo; offerings, as defined in Rule 415 under the Securities Act, at negotiated prices, at prices prevailing at the time of sale or at prices related to such prevailing market prices, including sales made directly on a national securities exchange or sales made through a market maker other than on an exchange or other similar offerings through sales agents;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a combination of any such methods of sale; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other method permitted by applicable law, or any combination of the foregoing.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Additionally, any shares that qualify for sale
pursuant to Rule 144 may be sold under Rule 144, rather than pursuant to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt"></P>

<!-- Field: Page; Sequence: 107; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent required, this prospectus may be
amended or supplemented from time to time to describe a specific plan of distribution. In connection with distributions of the shares
or otherwise, the Selling Securityholders may enter into hedging transactions with broker-dealers or other financial institutions. In
connection with such transactions, broker-dealers or other financial institutions may engage in short sales of shares of Common Stock
(with any such short sales to be made only after effectiveness of the registration statement of which this prospectus forms a part) in
the course of hedging transactions, broker-dealers or other financial institutions may engage in short sales of shares of Common Stock
in the course of hedging the positions they assume with Selling Securityholders. The Selling Securityholders may also sell shares of Common
Stock short and redeliver the shares to close out such short positions. The Selling Securityholders may also enter into option or other
transactions with broker-dealers or other financial institutions which require the delivery to such broker-dealer or other financial institution
of shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus
(as supplemented or amended to reflect such transaction). The Selling Securityholders may also pledge shares to a broker-dealer or other
financial institution, and, upon a default, such broker-dealer or other financial institution, may effect sales of the pledged shares
pursuant to this prospectus (as supplemented or amended to reflect such transaction).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Selling Securityholders may enter into derivative transactions
with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable
prospectus supplement indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus
and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities pledged by any
Selling Securityholders or borrowed from any Selling Securityholders or others to settle those sales or to close out any related open
borrowings of stock, and may use securities received from any Selling Securityholders in settlement of those derivatives to close out
any related open borrowings of stock. The third party in such sale transactions will be an underwriter and will be identified in the applicable
prospectus supplement (or a post-effective amendment). In addition, any Selling Securityholders may otherwise loan or pledge securities
to a financial institution or other third party that in turn may sell the securities short using this prospectus. Such financial institution
or other third party may transfer its economic short position to investors in our securities or in connection with a concurrent offering
of other securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In effecting sales, broker-dealers&nbsp;or agents engaged by the Selling
Securityholders may arrange for other broker-dealers&nbsp;to participate. Broker-dealers&nbsp;or agents may receive commissions, discounts
or concessions from the Selling Securityholders in amounts to be negotiated immediately prior to the sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In offering the shares covered by this prospectus, the Selling Securityholders
and any broker-dealers&nbsp;who execute sales for the Selling Securityholders may be deemed to be &ldquo;underwriters&rdquo; within the
meaning of the Securities Act in connection with such sales. Any profits realized by the Selling Securityholders and the compensation
of any broker-dealer&nbsp;may be deemed to be underwriting discounts and commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order to comply with the securities laws of
certain states, if applicable, the shares must be sold in such jurisdictions only through registered or licensed brokers or dealers. In
addition, in certain states the shares may not be sold unless they have been registered or qualified for sale in the applicable state
or an exemption from the registration or qualification requirement is available and is complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have advised the Selling Securityholders that the anti-manipulation&nbsp;rules
of Regulation&nbsp;M under the Exchange&nbsp;Act may apply to sales of shares in the market and to the activities of the Selling Securityholders
and its affiliates. In addition, we will make copies of this prospectus available to the Selling Securityholders for the purpose of satisfying
the prospectus delivery requirements of the Securities Act. The Selling Securityholders may indemnify any broker-dealer&nbsp;that participates
in transactions involving the sale of the shares against certain liabilities, including liabilities arising under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have agreed to indemnify Westwood against liabilities, including
liabilities under the Securities Act and state securities laws, relating to the registration of the shares offered by this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have agreed with Westwood to keep the registration statement of
which this prospectus constitutes a part effective until all of the shares covered by this prospectus have been disposed of pursuant to
and in accordance with the registration statement or the securities have been withdrawn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<!-- Field: Page; Sequence: 108; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_020"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The validity of any securities offered by this
prospectus will be passed upon for us by Pryor Cashman LLP, New York, New York. If the validity of any securities is also passed upon
by counsel for the underwriters, dealers or agent of an offering of those securities, that counsel will be named in the applicable prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_021"></A>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The consolidated financial statements of Thunder
Power Holdings Limited as of December&nbsp;31, 2023 and 2022, and for each of the two years in the period ended December&nbsp;31, 2023,
included in this prospectus, have been so included in reliance on the report of Assentsure PAC, an independent registered public accounting
firm, given on the authority of said firm as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_022"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have filed with the SEC a registration statement
on&nbsp;Form&nbsp;S-1&nbsp;under the Securities Act with respect to the securities offered by this prospectus. This prospectus, which
forms a part of such registration statement, does not contain all of the information included in the registration statement. For further
information pertaining to us and our securities, you should refer to the registration statement and to its exhibits. The registration
statement has been filed electronically and may be obtained in any manner listed below. Whenever we make reference in this prospectus
to any of our contracts, agreements or other documents, the references are not necessarily complete. If a contract or document has been
filed as an exhibit to the registration statement or a report we file under the Exchange&nbsp;Act, you should refer to the copy of the
contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit to
a registration statement or report is qualified in all respects by the filed exhibit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We file annual, quarterly and current reports,
proxy statements and other information with the SEC . Our filings with the SEC are available to the public over the Internet at the SEC&rsquo;s
website at <I>www.sec.gov</I> and on our website, free of charge, at <I>www.aiev.ai/en</I>. The information contained on, or that may
be accessed from or that is hyperlinked to, our website is not a part of, and is not incorporated into, this prospectus.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 109; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_023"></A>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Information Not Required in Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&thinsp;13.
Other Expenses of Issuance and Distribution.</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is an estimate of the expenses (all
of which are to be paid by the registrant) that we may incur in connection with the securities being registered hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid">Amount</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">SEC registration fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">900.55</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">Miscellaneous</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>*</U></FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline double">*</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These fees are calculated based on the securities offered and the number of issuances and accordingly cannot be determined at this time.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will bear all costs, expenses and fees in connection with the registration
of the securities, including with regard to compliance with state securities or &ldquo;blue sky&rdquo; laws. The Selling Securityholders,
however, will bear all underwriting commissions and discounts, if any, attributable to their sale of the securities. All amounts are estimates
except the SEC registration fee and the FINRA filing fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&thinsp;14.
Indemnification of Directors and Officers.</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Section 145 of the DGCL provides, generally, that
a corporation shall have the power to indemnify any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or
in the right of the corporation) by reason of the fact that such person is or was a director, officer, employee or agent of the corporation
against all expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with
such action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed
to the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe his
or her conduct was unlawful. A corporation may similarly indemnify such person for expenses actually and reasonably incurred by such person
in connection with the defense or settlement of any action or suit by or in the right of the corporation, provided that such person acted
in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, in
the case of claims, issues and matters as to which such person shall have been adjudged liable to the corporation, provided that a court
shall have determined, upon application, that, despite the adjudication of liability but in view of all of the circumstances of the case,
such person is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In accordance with Section 102(b)(7) of the DGCL,
our Charter provides that a director will not be personally liable to us or our stockholders for monetary damages for breach of fiduciary
duty as a director, except for liability (i) for any breach of the director&rsquo;s duty of loyalty to us or our stockholders, (ii) for
acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of
the DGCL, or (iv) for any transaction from which the director derived an improper personal benefit. No such provision shall eliminate
or limit the liability of a director for any act or omission occurring prior to the date when such provision became effective. Accordingly,
these provisions will have no effect on the availability of equitable remedies such as an injunction or rescission based on a director&rsquo;s
breach of his or her duty of care.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Charter provides that we will indemnify the
present and former directors and officers to the maximum extent permitted by the DGCL and that such indemnification will not be exclusive
of any other rights to which those seeking indemnification may be entitled under any bylaw provision, agreement, vote of stockholders
or disinterested directors or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have entered into indemnification agreements
with each of our current directors and executive officers. These agreements require us to indemnify these individuals to the fullest extent
permitted under Delaware law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as
a result of any proceeding against them as to which they could be indemnified. We also intend to enter into indemnification agreements
with future directors and executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any repeal or amendment of provisions of our Charter
affecting indemnification rights, whether by our stockholders or by changes in law, or the adoption of any other provisions inconsistent
therewith, will (unless otherwise required by law) be prospective only, except to the extent such amendment or change in law permits us
to provide broader indemnification rights on a retroactive basis, and will not in any way diminish or adversely affect any right or protection
existing at the time of such repeal or amendment or adoption of such inconsistent provision with respect to any act or omission occurring
prior to such repeal or amendment or adoption of such inconsistent provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Bylaws include the provisions relating to
advancement of expenses and indemnification rights consistent with those which are set forth in our Charter. In addition, our Bylaws provide
for a right of indemnity to bring a suit in the event a claim for indemnification or advancement of expenses is not paid in full by us
within a specified period of time. Our Bylaws also permit us to purchase and maintain insurance, at our expense, to protect us and/or
any director, officer, employee or agent of our corporation or another entity, trust, or other enterprise against any expense, liability,
or loss, whether or not we would have the power to indemnify such person against such expense, liability, or loss under the DGCL.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 110; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any repeal or amendment of provisions of our Bylaws
affecting indemnification rights, whether by our board of directors, stockholders or by changes in applicable law, or the adoption of
any other provisions inconsistent therewith, will (unless otherwise required by law) be prospective only, except to the extent such amendment
or change in law permits us to provide broader indemnification rights on a retroactive basis, and will not in any way diminish or adversely
affect any right or protection existing thereunder with respect to any act or omission occurring prior to such repeal or amendment or
adoption of such inconsistent provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have entered into indemnification agreements
with each of our officers and directors. These agreements require us to indemnify these individuals to the fullest extent permitted under
Delaware law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any
proceeding against them as to which they could be indemnified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&thinsp;15.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Recent Sales of Unregistered Securities.</B>&nbsp;&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.5pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Subscription Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with entering the FPA, on June 11,
2024, the Company entered into a subscription agreement (the &ldquo;FPA Funding Amount PIPE Subscription Agreement&rdquo;, or &ldquo;Meteora
Agreements&rdquo;) with (i) Meteora Capital Partners, LP (&ldquo;MCP&rdquo;), (ii) Meteora Select Trading Opportunities Master, LP (&ldquo;MSTO&rdquo;),
and (iii) Meteora Strategic Capital, LLC (&ldquo;MSC&rdquo; and, collectively with MCP and MSTO, the &ldquo;Seller&rdquo;). Pursuant to
the FPA Funding PIPE Subscription Agreement, Seller agreed to subscribe for and purchase, and the Company agreed to issue and sell to
Seller an aggregate of up to 4,900,000 shares of Common Stock, less certain shares, at the Initial Price (as defined in the FPA) per share.
On the Closing of the Business Combination, all outstanding shares of FLFV Shares (including shares issued pursuant to the Subscription
Agreement) were exchanged for newly issued Common Stock, in accordance with the terms of the Merger Agreement. The issuance was made in
a transaction not involving a public offering pursuant to an exemption from the registration requirements of the Securities Act of 1933
(the &ldquo;1933 Act&rdquo;), in reliance upon Section 4(a)(2) of the 1933 Act and Rule 506(b) of Regulation D (&ldquo;Regulation D&rdquo;)
as promulgated by the U.S. Securities and Exchange Commission under the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the Meteora Agreements, on July 10,
2024, we issued an aggregate of 3,706,461 shares of our common stock to Meteora Entities. Such issuance was not registered under the Securities
Act in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D as
promulgated by the SEC under the Securities Act. A total of 100,000 shares were paid by the Company as commission in connection with such
issuance.<I>Letter Agreement for the Settlement of All Outstanding Notes and Waiver of Claims</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to Feutune Light Acquisition Corporation&rsquo;s
registration statement on Form S-1 (File No. 333-264221) relating to its initial public offering (the &ldquo;IPO&rdquo;), which was declared
effective by the SEC on June 14, 2022, the Sponsor, and its designees or affiliates, may but were not required to provide working capital
loans (the &ldquo;Working Capital Loans&rdquo;) to the Company, up to $3,000,000 of which may be converted into working capital units
(the &ldquo;Working Capital Units&rdquo;), at the price of $10.00 per unit at the option of the lender, upon the consummation of the initial
business combination of the Company, and such Working Capital Units would be identical to the private units sold in the private placement
consummated simultaneously with the IPO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of June 21, 2024, the Sponsor had provided
a total of $2,636,000 in Working Capital Loans and had elected to convert all such Working Capital Loans into 263,600 Working Capital
Units, which include 263,600 shares of Class A common stock, par value $0.0001 per share (the &ldquo;Working Capital Shares&rdquo;), 263,600
warrants, each of which may be exercised into one share of Class A common stock of the Company (the &ldquo;Working Capital Warrants&rdquo;),
and 263,600 rights, each of which entitles the holder to receive one-tenth of one Class A common stock of the Company at the closing of
a business combination (the &ldquo;Working Capital Rights&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June 21, 2024, the Company, the Sponsor and
all members of the Sponsor entered into a letter agreement (the &ldquo;Letter Agreement&rdquo;) to convert all Working Capital Loans into
263,600 Working Capital Units, which, upon Closing (as defined below) of the Company&rsquo;s business combination, would entitle the Sponsor
to: (x) receive 263,600 common stock of the Company converted, on a one-for-one basis, from the 263,600 Working Capital Shares; (y) 263,600
warrants of the Company, whose terms are set forth in the Amended Warrant Agreement, converted, on a one-for-one basis, from 263,600 warrants
of the Company under the Warrant Agreement; and (z) 26,360 shares of common stock of the Company converted, on a ten-for-one basis, from
the 263,600 Working Capital Rights. All securities issued pursuant to the letter agreement were issued pursuant to the exemption from
registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended, and are subject to such transfer restrictions and
lock-up terms as set forth in a certain Private Unit Subscription Agreement, dated June 15, 2022, by and between the Company and the Sponsor,
and the Lock-Up Agreement provided above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In exchange for the foregoing, the Sponsor and
its members agreed that all the balances and obligations associated with the Working Capital Loans have been satisfied and discharged
and the Company and its affiliates are released from all potential claims or obligations from any promissory notes issued for the Working
Capital Loans.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>&nbsp;</I></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 111; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Westwood Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On August 20, 2024, the Company entered into Westwood
Purchase Agreement and a registration rights agreement with Westwood, pursuant to which Westwood has committed to purchase, subject to
certain limitations, up to $100 million of the Company&rsquo;s common stock, par value $0.0001 per share (the &ldquo;Total Commitment&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the terms and subject to the conditions
of the Purchase Agreement, the Company has the right, but not the obligation, to sell to Westwood, and Westwood is obligated to purchase,
up to the Total Commitment. Such sales of common stock by the Company, if any, will be subject to certain limitations, and may occur from
time-to-time in the Company&rsquo;s sole discretion, commencing once certain customary conditions are satisfied, including the filing
and effectiveness of a resale registration statement with the SEC with respect to the shares to be sold to Westwood under the Purchase
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Westwood has no right to request the Company to
sell any shares of common stock to Westwood, but Westwood is obligated to make purchases as the Company directs, subject to certain conditions.
Shares will be issued from the Company to Westwood pursuant to the Purchase Agreement, at a price per share calculated based on the lowest
daily volume weighted average price (&ldquo;VWAP&rdquo;) over a three consecutive trading day period commencing on the date of the applicable
purchase notice (&ldquo;VWAP Purchase&rdquo;), less a fixed 5% discount to the VWAP for such period. Among other conditions to effectuating
a VWAP Purchase, the Company may not effect a VWAP Purchase if the last closing price of a share of common stock of the Company on the
applicable trading market is below the threshold price of $1.00 per share until February 20, 2025 (the &ldquo;Lock-Up Expiration Date&rdquo;)
and $1.50 per share thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On August 20, 2024, the Company has paid Westwood
a commitment fee valued at $1,500,000 in the form of 150,000 shares of common stock (the &ldquo;Commitment Shares&rdquo;), subject to
a lock-up that expires on the Lock-Up Expiration Date. If on the trading day immediately preceding the Lock-Up Expiration Date the per
share value of the common stock of the Company is less than $10.00 per share (subject to adjustment for any stock dividend, stock split,
stock combination, recapitalization or other similar transaction), the Company shall pay to Westwood an additional cash amount per Commitment
Share equal to the difference between such determined actual value and $10.00 (subject to adjustment for any stock dividend, stock split,
stock combination, recapitalization or other similar transaction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Promissory Notes for General Corporate Expenses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On May 22, 2024, the Company issued an unsecured
promissory note of $100,000 (the &ldquo;GCE Note I&rdquo;) to Ling Houng Sham, the spouse of Wellen Sham, Chief Executive Officer of Thunder
Power, to evidence a loan of $100,000 (the &ldquo;GCE Loan I&rdquo;) provided by Ling Houng Sham to the Company. On the same date, the
Company issued another unsecured promissory note of $50,000 (the &ldquo;GCE Note II,&rdquo; together with GCE Note I, the &ldquo;GCE Notes&rdquo;)
to Rockridge international Inc (&ldquo;Rockridge&rdquo;), an entity designated by Feutune Light Sponsor LLC (the &ldquo;Sponsor&rdquo;),
the sponsor of the Company, to evidence a loan of $50,000 (the &ldquo;GCE Loan II,&rdquo; together with GCE Loan I, the &ldquo;GCE Loans&rdquo;)
provided by Rockridge to the Company. The GCE Loans are expected to be used for payments of the Company&rsquo;s general corporate expenses,
including those related to the consummation of the business combination with Thunder Power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The GCE Note I bears interest at a rate per annum
equal to 8% of the outstanding principal balance. The GCE Note I is payable in full upon the earlier to occur of (i) the consummation
of the Company&rsquo;s business combination, or (ii) the Maturity Date. Any of the following will constitute an event of default under
the GCE Note I: (i) a failure to pay the principal within five (5) business days of the Maturity Date; (ii) the commencement of a voluntary
or involuntary bankruptcy action, (iii) the breach of any of Company&rsquo;s obligations under the GCE Note I; (iv) any cross defaults;
(v) an enforcement proceeding against the Company; or (vi) it is or becomes unlawful for the Company to perform any of its obligations
under the GCE Note I, or any obligations of the Company under the GCE Note I are not or cease to be legal, valid, binding or enforceable.
Upon the occurrence of an event of default specified in (i) or (iv) above, Ling Houng Sham may, by written notice to the Company, declare
the GCE Note I to be due immediately and payable, whereupon the outstanding principal balance of the GCE Note I, and all other amounts
payable under the GCE Note I, will become immediately due and payable without presentment, demand, protest or other notice of any kind.
Upon the occurrence of an event of default specified in (ii), (iii), (v), (vi) or (vii) above, the outstanding principal balance of the
GCE Note I, and all other sums payable under the GCE Note I, will automatically and immediately become due and payable, in all cases
without any action on the part of Ling Houng Sham.&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 112; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Ling Houng Sham has the right, but not the obligation,
to convert the GCE Note I, in whole or in part, respectively, into the Units of the Company, that are identical to the public units of
the Company, subject to certain exceptions, as described in the Company&rsquo;s Final Prospectus, by providing the Company with written
notice of the intention to convert at least two (2) business days prior to the closing of the business combination. The number of Units
to be received by Ling Houng Sham in connection with such conversion will be an amount determined by dividing (x) the sum of the outstanding
principal amount payable to each Ling Houng Sham by (y) $10.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The terms and conditions of the GCE Note II are
substantially identical to the GCE Note I, except that the GCE Note II bears no interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The issuances of the GCE Notes were made pursuant
to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Promissory Notes for Working Capital Loans</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June 21, 2024, the Company issued (1) an unsecured
promissory note of $300,000 (the &ldquo;WCL Note I&rdquo;) to Wellen Sham, to evidence a loan of $300,000 provided by Mr. Sham to the
Company, (2) an unsecured promissory note of $70,000 (the &ldquo;WCL Note II&rdquo;) to Sam Yu, an individual designated by the Sponsor,
to evidence a loan of $70,000 provided by Mr. Yu to the Company, and (3) an unsecured promissory note of $70,000 (the &ldquo;WCL Note
III,&rdquo; together with the WCL Note I and WCL Note II, the &ldquo;WCL Notes&rdquo;) to Sau Fong Yeung, an individual designated by
the Sponsor, to evidence a loan of $70,000 provided by Ms. Yeung to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The WCL Note I bears interest at a rate per annum
equal to 10% of the outstanding principal balance. The WCL Note I is payable in full upon the earlier of (i) 90 days after the consummation
of the Company&rsquo;s business combination, or (ii) the date of the liquidation of the Company (such date, the &ldquo;Maturity Date&rdquo;).
Any of the following will constitute an event of default under the WCL Note I: (i) a failure to pay the outstanding principal balance
within five (5) business days of the Maturity Date; (ii) the commencement of a voluntary or involuntary bankruptcy action; (iii) the breach
of any of Company&rsquo;s obligations under the WCL Note I; (iv) any cross defaults; (v) an enforcement proceeding against the Company;
or (vi) it is or becomes unlawful for the Company to perform any of its obligations under the WCL Note I, or any obligations of the Company
under the WCL Note I are not or cease to be legal, valid, binding or enforceable. Upon the occurrence of an event of default specified
in (i) or (iii) above, Mr. Sham may, by written notice to the Company, declare the WCL Note I to be due immediately and payable, whereupon
the outstanding principal balance of the WCL Note I, and all other amounts payable under the WCL Note I, will become immediately due and
payable without presentment, demand, protest or other notice of any kind. Upon the occurrence of an event of default specified in (ii),
(iv), (v), or (vi) above, the outstanding principal balance of the WCL Note I, and all other sums payable under the WCL Note I, will automatically
and immediately become due and payable, in all cases without any action on the part of Mr. Sham.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mr. Sham has the right, but not the obligation,
to convert the WCL Note I, in whole or in part, respectively, into Units (as defined in the WCL Note I) of the Company, that are identical
to the public units of the Company, subject to certain exceptions, as described in the proxy statement/prospectus included in the registration
statement on Form S-4 (File No. 333-275933), initially filed by the Company with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
on December 7, 2023 and declared effective by the SEC on May 10, 2024, by providing the Company with written notice of the intention to
convert at least two (2) business days prior to the closing of the Company&rsquo;s business combination. The number of Units to be received
by Mr. Sham in connection with such conversion will be an amount determined by dividing (x) the sum of the outstanding principal amount
payable to Mr. Sham by (y) $10.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The terms and conditions of the WCL Note II and
WCL Note III are substantially identical to the WCL Note I, except, among other things, that (1) the WCL Note II and WCL Note III bear
no interest; and (2) the WCL Note II and WCL Note III are payable in full upon the earlier of (i) 30 days after the consummation of the
Company&rsquo;s business combination, or (ii) the date of the liquidation of the Company.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 113; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_024"></A>Item&thinsp;16.
Exhibits and Financial Statement Schedules.</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1&dagger;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000101376223007036/ea187367ex2-1_feutune.htm">Agreement and Plan of Merger, dated as of October 26, 2023, by and among Feutune Light Acquisition Corp., Feutune Light Merger Sub, Inc., and Thunder Power Holdings Limited (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed with the SEC on October 27, 2023).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024024171/ea020213801ex1-1_feutune.htm">First Amendment to Agreement and Plan of Merger, dated as of March 19, 2024, by and among Feutune Light Acquisition Corporation, Feutune Light Merger Sub, Inc., and Thunder Power Holdings Limited (incorporated by reference to Exhibit 1.1 to the Current Report on Form 8-K filed on March 20, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024044483/ea0201386-08.htm#T2025">Form of Third Amended and Restated Certificate of Incorporation of Thunder Power Holdings, Inc. (incorporated by reference to Annex C to the Company&rsquo;s Proxy Statement/Prospectus filed with the SEC pursuant to Rule 424(b)(3) (File No. 333-275933) on May 17, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1912582/000121390024044483/ea0201386-08.htm#T2027"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Bylaws of Thunder Power Holdings, Inc. (incorporated by reference to Annex E to the Company&rsquo;s Proxy Statement/Prospectus filed with the SEC pursuant to Rule 424(b)(3) (File No. 333-275933) on May 17, 2024).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024056282/ea020833401ex10-1_thunder.htm">Amended and Restated Warrant Agreement, dated June 21, 2024, by and between Feutune Light Acquisition Corporation and Continental Stock Transfer &amp; Trust Company (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on June 27, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Pryor Cashman LLP.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390022033883/ea161808ex10-1_feutunelight.htm">Letter Agreement, dated June 15, 2022, among Feutune Light Acquisition Corporation and certain stockholders (incorporated by reference to Exhibit 10.1 to Feutune Light Acquisition Corporation&rsquo;s Current Report on Form 8-K filed with the SEC on June 21, 2022).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024046032/ea020672101ex10-1_feutune.htm">Promissory Note, dated May 20, 2024, issued by Feutune Light Acquisition Corporation to Thunder Power Holdings Limited (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on May 22, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024046032/ea020672101ex10-2_feutune.htm">Promissory Note, dated May 22, 2024, issued by Feutune Light Acquisition Corporation to Ling Houng Sham (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the SEC on May 22, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024046032/ea020672101ex10-3_feutune.htm">Promissory Note, dated May 22, 2024, issued by Feutune Light Acquisition Corporation to Rockridge International Inc. (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed with the SEC on May 22, 2024).</A></FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 114; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024056282/ea020833401ex10-6_thunder.htm">Promissory Note, dated June 21, 2024, issued by Feutune Light Acquisition Corporation to Wellen Sham (incorporated by reference to Exhibit 10.6 to the Current Report on Form 8-K filed with the SEC on June 27, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024056282/ea020833401ex10-7_thunder.htm">Promissory Note, dated June 21, 2024, issued by Feutune Light Acquisition Corporation to Sam Yu (incorporated by reference to Exhibit 10.7 to the Current Report on Form 8-K filed with the SEC on June 27, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024056282/ea020833401ex10-8_thunder.htm">Promissory Note, dated June 21, 2024, issued by Feutune Light Acquisition Corporation to Sau Fong Yeung (incorporated by reference to Exhibit 10.8 to the Current Report on Form 8-K filed with the SEC on June 27, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024052216/ea020771601ex10-1_feutune.htm">Forward Purchase Agreement, dated June 11, 2024, by and among Feutune Light Acquisition Corporation, Thunder Power Holdings Limited, Meteora Select Trading Opportunities Master, LP, Meteora Capital Partners, LP and Meteora Strategic Capital, LLC (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on June 12, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024052216/ea020771601ex10-2_feutune.htm">Subscription Agreement, dated June 11, 2024, by and among Feutune Light Acquisition Corporation, Meteora Select Trading Opportunities Master, LP, Meteora Capital Partners, LP and Meteora Strategic Capital, LLC (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the SEC on June 12, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024056282/ea020833401ex10-2_thunder.htm">Escrow Agreement, dated June 21, 2024, by and between Feutune Light Acquisition Corporation, Wellen Sham, Yuanmei Ma and Continental Stock Transfer &amp; Trust Company (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the SEC on June 27, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1912582/000121390024056282/ea020833401ex10-9_thunder.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory Note Settlement Agreement, dated June 21, 2024, by and between Feutune Light Acquisition Corporation and certain promissory noteholders (incorporated by reference to Exhibit 10.9 to the Current Report on Form 8-K filed with the SEC on June 27, 2024).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.12</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024056282/ea020833401ex10-3_thunder.htm">Form of Non-Competition Agreement (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed with the SEC on June 27, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.13</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024056282/ea020833401ex10-4_thunder.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Lock-up Agreement (incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K filed with the SEC on June 27, 2024).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.14#</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024056282/ea020833401ex10-5_thunder.htm">Form of Indemnification Agreement (incorporated by reference to Exhibit 10.5 to the Current Report on Form 8-K filed with the SEC on June 27, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.15</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024056282/ea020833401ex10-9_thunder.htm">Letter Agreement date June 21, 2024, among Feutune Light Acquisition Corporation and certain stockholders (incorporated by reference to Exhibit 10.9 to Feutune Light Acquisition Corporation&rsquo;s Current Report on Form 8-K filed with the SEC on June 27, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.16#</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024044483/ea0201386-08.htm#T2026">2024 Omnibus Equity Incentive Plan (incorporated by reference to Annex D to the Company&rsquo;s Proxy Statement/Prospectus filed with the SEC pursuant to Rule 424(b)(3) (File No. 333-275933) on May 17, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.17</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024071464/ea021178501ex10-1_thunder.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock Purchase Agreement, dated August 20, 2024, by and between Thunder Power Holdings, Inc. and Westwood Capital Group LLC (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on August 21, 2024).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.18</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024071464/ea021178501ex10-2_thunder.htm">Registration Rights Agreement, dated August 20, 2024, by and between Thunder Power holdings, Inc. and Westwood Capital Group LLC (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the SEC on August 21, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.19</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024095053/ea021871701ex10-19_thunder.htm">Promissory Note, dated October 10, 2024, issued by Thunder Power Holdings, Inc. to Wellen Sham (incorporated by reference to Exhibit 10.19 to Thunder Power Holdings, Inc.&rsquo;s Registration Statement on Form S-1 filed with the SEC on November 6, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.20#</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024095053/ea021871701ex10-20_thunder.htm">Employment Agreement with Ho Pok Man (incorporated by reference to Exhibit 10.20 to Thunder Power Holdings, Inc.&rsquo;s Registration Statement on Form S-1 filed with the SEC on November 6, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.21#</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024095053/ea021871701ex10-21_thunder.htm">Employment Agreement with Christopher Nicoll (incorporated by reference to Exhibit 10.21 to Thunder Power Holdings, Inc.&rsquo;s Registration Statement on Form S-1 filed with the SEC on November 6, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.22**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea022634201ex10-22_thunder.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory Note, dated September 11, 2024, issued by Thunder Power Holdings, Inc. to Wellen Sham </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.23**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea022634201ex10-23_thunder.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory Note, dated October 16, 2024, issued by Thunder Power Holdings, Inc. to Wellen Sham </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.24**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea022634201ex10-24_thunder.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory Note, dated November 13, 2024, issued by Thunder Power Holdings, Inc. to Wellen Sham </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.25**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea022634201ex10-25_thunder.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory Note, dated December 10, 2024, issued by Thunder Power Holdings, Inc. to Wellen Sham </FONT></A></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 115; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 9%">10.26**</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%"><A HREF="ea022634201ex10-26_thunder.htm">Capital Markets Advisory Agreement, dated May 15, 2024, by and between Thunder Power Holdings, Inc. and Benjamin Securities, Inc.</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>10.27**</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea022634201ex10-27_thunder.htm">First Amendment to Capital Markets Advisory Agreement, dated June 21, 2024, by and between Thunder Power Holdings, Inc. and Benjamin Securities, Inc.</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1912582/000121390024095053/ea021871701ex14_thunder.htm">Code of Business Conduct (incorporated by reference to Exhibit 14 to Thunder Power Holdings, Inc.&rsquo;s Registration Statement on Form S-1 filed with the SEC on November 6, 2024).</A></FONT></TD></TR>

<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024095053/ea021871701ex21-1_thunder.htm">List of Subsidiaries of Thunder Power Holdings, Inc (incorporated by reference to Exhibit 21.1 to Thunder Power Holdings, Inc.&rsquo;s Registration Statement on Form S-1 filed with the SEC on November 6, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Assentsure PAC, independent registered public accounting firm for Thunder Power Holdings, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Pryor Cashman LLP (included in Exhibit 5.1).</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_025"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on signature page to initial filing of this Registration Statement).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024095053/ea021871701ex99-1_thunder.htm">Audit Committee Charter (incorporated by reference to Exhibit 99.1 to Thunder Power Holdings, Inc.&rsquo;s Registration Statement on Form S-1 filed with the SEC on November 6, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024095053/ea021871701ex99-2_thunder.htm">Compensation Committee Charter (incorporated by reference to Exhibit 99.2 to Thunder Power Holdings, Inc.&rsquo;s Registration Statement on Form S-1 filed with the SEC on November 6, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024095053/ea021871701ex99-3_thunder.htm">Nominating and Corporate Governance Committee Charter (incorporated by reference to Exhibit 99.3 to Thunder Power Holdings, Inc.&rsquo;s Registration Statement on Form S-1 filed with the SEC on November 6, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024095053/ea021871701ex99-4_thunder.htm">Audited Consolidated Financial Statements as of December 31, 2023 of Thunder Power Holdings Limited <U STYLE="text-decoration: none">(incorporated by reference to Exhibit 99.4 to Thunder Power Holdings, Inc.&rsquo;s Registration Statement on Form S-1 filed with the SEC on November 6, 2024)</U></A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1912582/000121390024095053/ea021871701ex99-5_thunder.htm">Unaudited Consolidated Financial Statements as of June 30, 2024&nbsp;of Thunder Power Holdings Limited <U STYLE="text-decoration: none">(incorporated by reference to Exhibit 99.5 to Thunder Power Holdings, Inc.&rsquo;s Registration Statement on Form S-1 filed with the SEC on November 6, 2024)</U></A></FONT></TD></TR>

<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea022634201ex-fee_thunder.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table.</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To be filed by amendment.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed herewith</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&dagger;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain portions of this exhibit (indicated by &ldquo;***&rdquo;) have been omitted pursuant to Item 601(b)(10)(iv) of Regulation&nbsp;S-K&nbsp;because it is not material and is the type of information that the Registrant treats as private or confidential. The Registrant agrees to furnish supplementally a copy of such schedules, or any section thereof, to the SEC upon request.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">#</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate management contract or compensatory plan or arrangement.</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 116; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&thinsp;17.
Undertakings.</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(1) To file, during any period in which offers
or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.5pt; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.75in">(i) To include any prospectus required
by section 10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.5pt; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.75in">(ii) To reflect in the prospectus any
facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed
that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the Commission pursuant to Rule 424(b) (&sect; 230.424(b) of this chapter) if, in the aggregate, the changes
in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Filing
Fee Tables&rdquo; or &ldquo;Calculation of Registration Fee&rdquo; table, as applicable, in the effective registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.5pt; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.75in">(iii) To include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information
in the registration statement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(2) That, for the purpose of determining any liability
under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(4) To file a post-effective amendment to the registration
statement to include any financial statements required by Item 8.A of Form 20-F (&sect; 249.220f of this chapter) at the start of any
delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the
Act (15 U.S.C. 77j(a)(3)) need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective
amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information
in the prospectus is at least as current as the date of those financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(5) That, for the purpose of determining liability
under the Securities Act of 1933 to any purchaser:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.5pt; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.75in">(A) Each prospectus filed by the registrant
pursuant to Rule 424(b)(3) (&sect; 230.424(b)(3) of this chapter) shall be deemed to be part of the registration statement as of the date
the filed prospectus was deemed part of and included in the registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.5pt; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.75in">(B) Each prospectus required to be
filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) (&sect; 230.424(b)(2), (b)(5), or (b)(7) of this chapter) as part of a registration
statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) (&sect; 230.415(a)(1)(i),
(vii), or (x) of this chapter) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall
be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used
after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in
Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a
new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates,
and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that
no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated
or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as
to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration
statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(6) For the purpose of determining any liability
of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant
undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means
of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or
sell such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.5pt; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.75in">(i) Any preliminary prospectus or prospectus
of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.5pt; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.75in">(ii) Any free writing prospectus relating
to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.5pt; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.75in">(iii) The portion of any other free
writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided
by or on behalf of the undersigned registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.5pt; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0.75in">(iv) Any other communication that is
an offer in the offering made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 117; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_025"></A>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly
authorized in the City of Wilmington, State of Delaware, January 14, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THUNDER POWER HOLDINGS, INC.</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Christopher Nicoll</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher Nicoll</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">KNOW ALL PERSONS BY THESE PRESENTS, that each
of the undersigned constitutes and appoints Christopher Nicoll and Pok Man Ho, and each of them, as his or her true and lawful attorneys-in-fact
and agents, with full powers of substitution and resubstitution, for such person and in his or her name, place and stead, in any and all
capacities, to sign this registration statement on Form S-1 (including any pre-effective and post-effective amendments), and to file the
same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto
said attorney-in-fact and agent, acting alone, full power and authority to do and perform each and every act and thing requisite and necessary
to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying
and confirming that such attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 25%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;Christopher Nicoll</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer </FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 14, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher Nicoll</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<I>Principal Executive Officer</I>) and Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;Pok Man Ho</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim Chief Financial Officer </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 14, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pok Man Ho</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<I>Principal Financial Officer</I>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;Dr. Chen ChiWen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and Chairman of the Board</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 14, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr. Chen ChiWen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;Mingchih Chen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 14, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mingchih Chen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Ferdinand Kaiser</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 14, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ferdinand Kaiser</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Kevin Vassily</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 14, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kevin Vassily</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
























































































</BODY>
</HTML>
[{"type": "S-1", "sequence": "1", "filename": "ea0226342-s1_thunder.htm", "description": "REGISTRATION STATEMENT", "secsgml_size_bytes": 1182174}]
{"company-data": {"conformed-name": "Thunder Power Holdings, Inc.", "cik": "0001912582", "assigned-sic": "3711", "organization-name": "04 Manufacturing", "irs-number": "874620515", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-284279", "film-number": "25530173"}, "business-address": {"street1": "221 W 9TH ST #848", "city": "WILMINGTON", "state": "DE", "zip": "19801", "phone": "909-214-2482"}, "mail-address": {"street1": "221 W 9TH ST #848", "city": "WILMINGTON", "state": "DE", "zip": "19801"}, "former-company": {"former-conformed-name": "Feutune Light Acquisition Corp", "date-changed": "20220222"}}
As filed with the U.S. Securities and Exchange
Commission on January 14, 2025.
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Thunder Power Holdings, Inc.
(Exact Name of Registrant as Specified in its
Charter)
Delaware
3711
87-4620515
(State or Other Jurisdiction of
Incorporation or Organization)
(Primary Standard Industrial
Classification Code No.)
(I.R.S. Employer
Identification No.)
221 W 9th St #848
Wilmington, Delaware 19801
Telephone: (909) 214-2482
(Address, Including Zip Code, and Telephone
Number, Including Area Code, of Registrant's Principal Executive Offices)
Christopher Nicoll
Chief Executive Officer
221 W 9th St #848
Wilmington, Delaware 19801
Telephone: (909) 214-2482
(Name, Address, Including Zip Code, and Telephone
Number, Including Area Code, of Agent for Service)
Copies to:
Elizabeth Fei Chen, Esq.
Pryor Cashman LLP
7 Times Square
New York, NY 10036
Tel: 212-326-0199
Approximate date of commencement of proposed
sale to the public:
From time to time after the effective date of this Registration Statement.
If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒
If this Form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, anon-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company"
and "emerging growth company" in Rule 12b-2 under the Exchange Act:
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☒
Emerging growth company
☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
The registrant hereby amends
this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further
amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a)
of the Securities Act or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission,
acting pursuant to said Section 8(a), may determine.
The information in this preliminary prospectus
is not complete and may be changed. The securities described herein may not be sold until the Registration Statement filed with the Securities
and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy the securities
described herein in any jurisdiction where the offer or sale is not permitted.
PRELIMINARY PROSPECTUS
SUBJECT TO COMPLETION DATED JANUARY 14, 2025
THUNDER POWER HOLDINGS, INC.
Up to such number of shares of Common Stock
having an aggregate offering price of $100 million
and 8,570 shares of Common Stock
This prospectus relates to the resale or other
disposition from time to time of up to such number of shares of common stock, par value $0.0001 per share (the "Common Stock")
having an aggregate offering price of $100 million, of Thunder Power Holdings, Inc. (the "Company", "we" or "us")
by Westwood Capital Group LLC ("Westwood"), consisting of shares of Common Stock that may be issued to Westwood pursuant to
the Common Stock Purchase Agreement dated August 20, 2024 (the "Purchase Agreement"). This prospectus also relates to the
resale or other disposition from time to time by Benjamin Securities, Inc. ("Benjamin", and collectively with Westwood, the
"Selling Securityholders"), of up to 8,570 shares of Common Stock of the Company issued by the Company to Benjamin pursuant
to that certain Capital Markets Advisory Agreement, as amended June 21, 2024 (the "Advisory Agreement") as compensation for
Benjamin's services.
Under the Purchase Agreement, we have the right
to sell to Westwood, and Westwood is obligated to purchase, up to $100 million of our Common Stock, subject to certain limitations. The
purchase price for shares sold under the Purchase Agreement will be based on the lowest daily volume weighted average price of our Common
Stock during a three consecutive trading day period following delivery of a purchase notice, less a 5% discount.
We are not selling any securities under this prospectus
and will not receive any proceeds from the sale of shares by Westwood. However, we will receive proceeds from sales of our Common Stock
to Westwood under the Purchase Agreement. Westwood will bear all commissions and discounts, if any, attributable to the sale of the shares.
The Selling Securityholders may sell or otherwise dispose of the Common
Stock described in this prospectus in various ways and at varying prices. See "Plan of Distribution" for more information.
Based on the terms of the Purchase Agreement, Westwood will acquire shares at a 5% discount to market prices, creating an incentive to
sell our Common Stock. While Westwood may experience a positive rate of return on their investment, public securityholders may not experience
a similar rate of return due to differences in purchase prices.
We will pay the expenses of registering these
shares, but all selling and other expenses incurred by Westwood will be paid by Westwood.
Our Common Stock is listed on the Nasdaq Global Market under the symbol
"AIEV". On January 13, 2025, the closing price of our Common Stock was $0.34 per share.
We are an "emerging growth company"
as that term is used in the Jumpstart Our Business Startups Act of 2012, or JOBS Act, and as such, we have elected to take advantage of
certain reduced public company reporting requirements for this prospectus and future filings. See "
Risk Factors
" and
"
Summary—Emerging Growth Company
" for additional information.
Investing in our securities involves a high
degree of risk. You should review carefully the risks and uncertainties described under the heading "
Risk Factors
"
of this prospectus to read about factors you should consider before buying shares of our Common Stock.
Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.
The date of this prospectus is January 14, 2025.
TABLE OF CONTENTS
Page
ABOUT THIS PROSPECTUS
ii
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
iii
PROSPECTUS SUMMARY
1
RISK FACTORS
11
USE OF PROCEEDS
42
DETERMINATION OF OFFERING PRICE
43
DIVIDEND POLICY
43
SUMMARY HISTORICAL FINANCIAL INFORMATION OF THUNDER POWER
44
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
45
BUSINESS
52
MANAGEMENT
73
EXECUTIVE COMPENSATION
79
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
81
OTHER MATERIAL AGREEMENTS
83
PRINCIPAL SECURITYHOLDERS
87
SELLING SECURITYHOLDERS
89
DESCRIPTION OF OUR SECURITIES
90
MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
97
PLAN OF DISTRIBUTION
101
LEGAL MATTERS
103
EXPERTS
103
WHERE YOU CAN FIND MORE INFORMATION
103
PART II INFORMATION NOT REQUIRED IN PROSPECTUS
II-1
EXHIBIT INDEX
II-5
SIGNATURES
II-9
i
ABOUT THIS PROSPECTUS
This prospectus is part of a Registration Statement on Form S-1 that
we filed with the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Securities
Act"). Our registration of the securities covered by this prospectus does not mean that either we or the Selling Securityholders
will issue, offer or sell any of the securities registered hereunder. Under this shelf registration process, the Selling Securityholders
may, from time to time, sell the securities offered by them described in this prospectus. We will not receive any proceeds from the sale
by the Selling Securityholders of the securities offered by them described in this prospectus, but we will receive proceeds from any sales
of Common Stock to Westwood under the Purchase Agreement.
Neither we nor the Selling Securityholders have authorized anyone to
provide you with any information or to make any representations other than those contained in this prospectus or any applicable prospectus
supplement. Neither we nor the Selling Securityholders take responsibility for, or provide any assurance as to the reliability of, any
other information that others may give you. Neither we nor the Selling Securityholders are making an offer to sell these securities in
any jurisdiction where the offer or sale is not permitted. The information appearing in this prospectus or any applicable prospectus supplement
is accurate only as of the date on the front of the document, and any information we have incorporated by reference is accurate only as
of the date of the document incorporated by reference, regardless of the time of delivery of this prospectus or any applicable prospectus
supplement, or any sale of securities. Our business, financial condition, results of operations and prospects may have changed since that
date.
We may also provide a prospectus supplement or
post-effective amendment to the Registration Statement to add information to, or update or change information contained in, this prospectus.
You should read both this prospectus and any applicable prospectus supplement or post-effective amendment to the Registration Statement
together with the additional information to which we refer you in the sections of this prospectus under the heading "
Where You
Can Find More Information
."
Prior to June 21, 2024, we were known as Feutune
Light Acquisition Corporation, a Delaware corporation ("FLFV"), and Feutune Light Merger Sub, Inc., a Delaware corporation
and wholly owned subsidiary of FLFV ("Merger Sub"). On October 26, 2023, we entered into a business combination agreement
(as amended, the "Business Combination Agreement") with Thunder Power Holdings Limited, a British Virgin Islands company ("Thunder
Power"), pursuant to which on June 21, 2024, Thunder Power merged with and into Merger Sub, with Merger Sub surviving the merger
as a wholly owned subsidiary of FLFV (the "Merger" and, together with the other transactions contemplated by the Business
Combination Agreement and any other agreement executed and delivered in connection therewith, the "Business Combination").
At the closing of the Business Combination (the "Closing"), FLFV was renamed as "Thunder Power Holdings, Inc."
Unless the context indicates otherwise, references in this prospectus to the "Company," "Thunder Power Holdings,"
"we," "us," "our" and similar terms refer to Thunder Power Holdings, Inc. (f/k/a Feutune Light Acquisition
Corporation). References to "FLFV" refer to our predecessor company prior to the consummation of the Business Combination.
This prospectus may contain and incorporate by
reference, and any prospectus supplement may contain and incorporate by reference, market data and industry statistics and forecasts that
are based on information from independent industry and research organizations, other third-party sources (including industry publications,
surveys and forecasts), and management estimates. Management estimates are derived from publicly available information released by independent
industry analysts and third-party sources, as well as data from our internal research, and are based on assumptions made by us upon reviewing
such data and our knowledge of such industry and markets, which we believe to be reasonable. Although we believe these sources are reliable,
we do not guarantee the accuracy or completeness of this information and we have not independently verified this information. In addition,
the market and industry data and forecasts that may be included or incorporated by reference in this prospectus or any prospectus supplement
may involve estimates, assumptions and other risks and uncertainties and are subject to change based on various factors, including those
discussed under the heading "
Risk Factors
" contained in this prospectus or any applicable prospectus supplement, and
under similar headings in other documents that are incorporated by reference into this prospectus. These and other factors, including
those described in "
Cautionary Note Regarding Forward-Looking Statements
" could cause results to differ materially
from those expressed in the estimates made by the independent parties and by us.
ii
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains "forward-looking
statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act of 1934, as amended (the
"Exchange Act"). Forward-looking statements include, but are not limited to, statements regarding our or our management team's
expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that are not statements of historical
fact and those that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying
assumptions, are forward-looking statements. Forward-looking statements include information regarding our future plans and goals, as well
as our expectations with respect to:
●
Our
business strategy and future growth prospects;
●
Our
industry;
●
Our future profitability, cash flows and liquidity;
●
Our financial strategy, budget, projections and operating results;
●
The
amount, nature and timing of our capital expenditures and the impact of such expenditures on our performance;
●
The availability and terms of capital;
●
Our research, development and production activities;
●
The market for our future products and services;
●
Competition within our industry;
●
Government regulations; and
●
General economic conditions.
These forward-looking statements may be accompanied
by words such as "anticipate," "believe," "continue," "could," "estimate,"
"expect," "intends," "may," "might," "outlook," "plan," "possible,"
"become," "potential," "predict," "project," "should," "would,"
"likely," "future," "budget," "pursue," "seek," "target,", "objective,"
"opportunity," "mission," "goal," "positioned" and similar expressions that are predictions
of or indications of future events or trends that do not relate to historical matters, but the absence of these words does not mean that
a statement is not forward-looking.
You should not rely on forward-looking statements
as predictions of future events. We have based the forward-looking statements contained in this prospectus primarily on our current expectations,
projections and assumptions about future events and trends that we believe may affect our business, financial condition and operating
results. While our management considers these expectations, projections and assumptions to be reasonable, they are inherently subject
to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult
to predict and many of which are beyond our control. Accordingly, forward-looking statements in this prospectus and in any document incorporated
herein by reference should not be relied upon as representing the Company's views as of any subsequent date, and the Company does
not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether
as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Numerous factors could cause our actual results
to differ materially from those described in forward-looking statements, including, but not limited to, the following:
●
the Company's ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition and the ability of the Company to grow and manage growth profitably following the Closing;
●
the future financial performance of the company following the Business Combination;
●
the ability of the Company to maintain the listing of its Common Stock on Nasdaq, and the potential liquidity and trading of such securities;
●
the effect of existing and future laws and governmental regulations (or interpretations thereof) on us, and on our current or future suppliers;
●
a decline in demand for electronic vehicles;
●
the price and availability of competitor's products and services, including those manufactured or provided by manufacturers of non-electric vehicles;
●
the Company's ability to acquire or license rights to intellectual property and technologies that are at the core of the Company's planned products, on acceptable terms and in a timely manner;
●
the Company's ability to obtain, maintain, protect and enforce intellectual property rights, including those obtained through any future intellectual property licensing agreements;
iii
●
make milestone, royalty or other payments due under any license or collaboration agreements;
●
Uncertainty related to the timing, pace and extent of an economic recovery in the United States and elsewhere, which in turn will likely affect demand for our products and services;
●
Inflationary factors, such as increases in labor costs, material costs and overhead costs;
●
the financial and business performance of the Company, including financial projections and business metrics and any underlying assumptions thereunder;
●
the Company's ability to successfully and timely develop and market its technology and products, and otherwise implement its growth strategy;
●
risks relating to the Company's operations and business, including information technology and cybersecurity risks, potential deterioration in relationships between the Company and its employees;
●
Introduction of new technologies or services by competitors in our industry, including using new technologies subject to patent or other intellection property protections;
●
risks relating to potential disruption of current plans, operations and infrastructure of the Company as a result of the consummation of the Business Combination;
●
risks that the post-combination company experiences difficulties managing its growth and expanding operations;
●
the impact of geopolitical, macroeconomic and market conditions, including the ongoing war between Russia and Ukraine, the war between Israel and Hamas, and the global response to such hostilities which may negatively impact our operating results;
●
the ability to successfully select, execute or integrate future acquisitions into the business;
●
operating hazards, natural disasters, weather-related delays and other matters beyond our control;
●
Acts of terrorism, war or political or civil unrest in the United States or beyond;
●
Federal, state and local regulations impacting any aspect of our research, production and development activities, including public pressure on governmental bodies and regulatory agencies to regulate our industry;
●
the effects of any future litigation; and
●
other risks and uncertainties set forth in this prospectus in the section entitled "
Risk Factors
".
If any of these risks materialize or our assumptions
prove incorrect, actual results, performance, achievements or plans could differ materially from those expressed or implied in any forward-looking
statements. The risks and uncertainties above are not exhaustive, and there may be additional risks that the Company does not presently
know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements reflect the Company's expectations, plans or forecasts of future
events and views as of the date of this prospectus. The Company anticipates that subsequent events and developments will cause the Company's
assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the
Company specifically disclaims any obligation to do so. All forward-looking statements attributable to the Company or persons acting on
its behalf are expressly qualified in their entirety by the foregoing cautionary statements. These forward-looking statements should not
be relied upon as representing the Company's assessments as of any date subsequent to the date of this prospectus. Accordingly,
undue reliance should not be placed upon the forward-looking statements.
iv
PROSPECTUS SUMMARY
This summary highlights selected information
appearing in this prospectus. Because it is a summary, it may not contain all of the information that may be important to you. To understand
this offering fully, you should read this entire prospectus carefully, including the information set forth in the sections under the headings
"Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations,"
"Business" and the consolidated financial statements and related notes included in the exhibits to this prospectus and elsewhere
in this prospectus before making an investment decision. Unless the context indicates otherwise, references in this prospectus to the
"Company," "Thunder Power Holdings," "we," "us," "our" and similar terms refer
to Thunder Power Holdings, Inc. (f/k/a Feutune Light Acquisition Corporation) following the consummation of the Business Combination.
References to "FLFV" refer to our predecessor company prior to the consummation of the Business Combination and refers to
"TPHL" refer to Thunder Power Holdings Limited, prior to the consummation of the Business Combination.
The Company
Thunder Power Holdings, Inc., a Delaware corporation,
was incorporated in January 2022 as a blank check company under the name Feutune Light Acquisition Corporation ("FLFV"). In
June 2024, the Company completed its Business Combination with Thunder Power Holdings Limited ("TPHL"), which resulted in
TPHL becoming a wholly-owned subsidiary of the Company. TPHL is a technology innovator and a prospective manufacturer of premium electric
vehicles ("EVs"). TPHL's wholly-owned subsidiary, Thunder Power New Energy Vehicle Development Company Limited, a company
established in accordance with the laws and regulations of the British Virgin Islands on October 19, 2016 ("TP NEV"), has
developed several proprietary technologies which are the building blocks of the Thunder Power family of EVs. TPHL is a holding company
with no operations that was incorporated under the laws and regulations of the British Virgin Islands with limited liability on September
30, 2015. TPHL is focused on design and development of high-performance electric vehicles.
The Company's vision is to demonstrate the
potential of its proprietary technologies through the manufacture and sale of premium EVs. Thunder Power believes that its competitive
advantages include the potential to develop a Limited-Edition Coupe with a target driving range of up to 750 kilometers, or 466 miles,
which is described below, a comparatively short charge time, based on testing data of our prototypes, and a number of proprietary technologies
resulting in lighter weight and a revolutionary chassis design.
The Company expects to offer eco-friendly, premium
EVs positioned to earn market share based on design, quality, comfort, range, and price. Among other advantages, the Company's proprietary
technologies are expected to significantly increase the driving range for its EVs while allowing for faster recharging and lower costs
of ownership.
Product Development
The Company is focused on the development and
manufacturing of premium EVs with differentiated designs and solutions for every lifestyle. With four models currently featured in the
Company's phased development and roll-out strategy, the Compact City Car, the microcar, the Limited-Edition Coupe & Long-Range
Sedan. Thunder Power intends to target not only consumers who desire EVs, but also consumers who desire practical and innovative EVs,
as well as consumers who seek a luxury experience. Leveraging Thunder Power's modular integration concept starting with the modularized
chassis system patented by Thunder Power's affiliates, the Company intends to create a family of EVs which share common parts and
modules, thereby requiring lower investment and reducing design and production time. Thunder Power intends to launch the Compact City
Car first, with the potential for collaborations, sharing existing platforms, allowing an even earlier launch date.
Thunder Power's management team has implemented
a formal quarterly internal review process to monitor technical development, market potential, feasibility of anticipated model launch
times, as well as risks and opportunities. Management believes that this quarterly review process may enable the Company to better navigate
the often rapidly changing market conditions and to adjust, if and when necessary, the Company's business development plan, including
without limitation allocation of resources of marketing, research and development activities (among other things).
Compact City Car
Thunder Power currently intends to produce the
Compact City Car prototype (the "City Car" or project name "Chloe") from 2027, utilizing a different chassis
and suspension than that of the Coupe and Sedan. The City Car is intended to target a younger urban demographic of first-time car buyers
who want to "do the right thing" by purchasing an EV and see their car as an extension of their personality and lifestyle.
We expect that the City Car will have a target driving range of up to 350 kilometers (217 miles) and believe that it will be perfect
for city living, daily commutes, or on a busy college campus. The City Car is expected to be available in a range of bold colors and
configurations and we hope to feature various collaborations with figures from the fashion and art worlds. We anticipate that the City
Car will be positioned with an attractive retail price range in the segment ranging from $30,000 to $45,000 USD.
1
Limited Edition Coupe
Subject to the Company's
ability to obtain additional financing and subject to favorable market conditions, Thunder Power currently hopes to complete development
of a limited number of Limited-Edition Coupe. Production is expected to be outsourced to European manufacturing partners, but may be
delayed until the Company secures sufficient additional financing. Thunder Power is in discussions with a few potential European manufacturing
partners but has not entered into a memorandum of understanding with any such potential partner. Based on prototype and simulation testing,
the Coupe has a target range of up to 750 kilometers (466 miles), and is intended to offer high-end European styling with superior comfort,
performance, and craftsmanship. The targeted market for this car is wealthy consumers who are interested in an EV that stands out from
the pack by combining eye-catching European styling with the highest standards of comfort, performance, and craftsmanship. The retail
price is under management's review, targeted in the segment ranging from $100,000 to $200,000 USD, with the final price depending
on customer's choice of personalization options.
Long-Range Sedan
The Long-Range Sedan (the "Sedan")
is expected to serve as one of the Company's premium EVs, targeted to be affordable to a wider demographic of customers. The Sedan
utilizes the same chassis as the Coupe, thereby affording a similarly luxurious drive. The Sedan prototype is expected to have a target
driving range of up to 700 kilometers (435 miles). Based on preliminary research, the Company expects that the Sedan will cost less to
produce than the Coupe, and is therefore targeted to be available in the $50,000 to $80,000 USD price segment. Launch of this project
is subject to the Company's ability to obtain additional financing and subject to favorable market conditions.
Microcar
The Microcar segment is already well established
in Europe and forecast to offer significant growth potential in Asia, with markets traditionally dominated by motorcycles. According
to McKinsey Future Mobility's 2022 survey "Minimobility might be the next big thing". As consumer preferences shift
towards innovative and sustainable solutions, coupled with the rising demand for versatile, eco-friendly transport, electric microcars
are poised to redefine the urban mobility landscape and reach a total addressable market of $340 billion annually across China, Europe,
and North America by 2030.
The first Microcar project is planned as a low-volume joint venture
using the platform of an existing manufacturer in 2026, whilst adding Thunder Power's classical Italian design signature. Assuming
successful development of the market a unique TP version is foreseen from 2029 production.
The Microcar bridges the gap between cars and motorcycles offering
affordable urban motoring to drivers as young as 14 in certain markets. Development costs are limited due to the existing competencies
of the industrial partner, with a high upside in terms of volume potential.
Technology
Thunder Power is an automotive company that plans
to use innovative EV technology to set new standards for sustainable transportation. Thunder Power is negotiating and securing licensing
rights to intellectual property of its affiliates, which have developed the cutting-edge EV technology that the Company believes could
set a new benchmark for EVs. Core to Thunder Power's DNA is achievement of technical excellence, which the Company hopes to secure
through licensing of intellectual property from its affiliates for proprietary technologies such as the modular flexible chassis system,
wireless charging, multi-link suspension system, lightweight engineering, the battery pack and battery management system ("BMS"),
the thermal management system ("TMS") and the use of certain EV traction drivetrain products ("EV TDP").
At this time, the Company does not hold the intellectual
property rights to the traction motor, which rights are owned by Mr. Wellen Sham, the former chief executive officer of TPHL, in his capacity
as an individual inventor. Currently, there is no licensing agreement for this technology in place between the Company and Mr. Sham.
The EV TDP has various core competencies that
are critical to the Company's products. We believe that the EV TDP is energy efficient. The product contains a synchronous motor
with both PM (permanent magnet) and reluctance torque and has a high-fill factor bar-wound design. The inverter drive has a maximum efficiency
vector control, which we believe could achieve high efficiency in a broad speed and power range. Additionally, we believe that it could
benefit our EVs by providing a greater driving range and lower battery capacity requirements, as compared to those of our competitors'
vehicles. We believe that the EV TDP is scalable. The product's power range is believed to be 50~250 kW. is the EV TDP features
of standardized stator diameter and its output power is varied by changing stack lamination; therefore, we believe that it allows a broad
spectrum application for various types of EVs. We believe that EV TDP is highly integrated with the liquid cooling motor, inverter drive
and gear, which in turn makes the EV TDP compact and lightweight, and optimized for system performance. Finally, we believe that the EV
TDP is cost effective. The EV TDP has a low-pressure loss cooling tunnel design, integrated cooling jacket and a motor frame design.
2
Intellectual Property
Thunder Power, as a holding company, does not
own any patents. Patents are primarily owned by Thunder Power's wholly owned subsidiary, TP NEV, except for the EV TDP, the patent
for which is owned by Mr. Wellen Sham in his capacity as an individual inventor. There is no licensing agreement in place currently between
Thunder Power and TP NEV or Mr. Sham. These patents are predominantly utility patents, with a number of design patents.
Through TP NEV, Thunder Power is expected to have
access to 154 issued U.S. patents once it secures a licensing agreement. TP NEV's patents underpin key areas of Thunder Power's
technologies. We hope to develop or acquire rights to additional intellectual property and proprietary technology as our financing activities
progress. Technologies that we expect to have access to, through licensing agreements, and intend to invest in and develop include engineering
software, drivetrain systems and controls, infotainment, cybersecurity, telematics and electrical architecture hardware and software.
As we develop our technology, we will continue to build our intellectual property portfolio, including by pursuing patent and other intellectual
property protection when we believe it is possible, cost-effective, beneficial, and consistent with our overall intellectual property
protection strategy.
Generally, the terms of individual issued patents
extend for varying periods depending on the date of filing of the patent application or the date of patent issuance and the legal term
of patents in the countries in which they are obtained. Generally, utility patents issued for applications filed in the United States
are granted a term of 20 years from the earliest effective filing date of a non-provisional patent application, assuming the patent has
not been terminally disclaimed over a commonly-owned patent or a patent naming a common inventor, or over a patent not commonly owned
but that was disqualified as prior art as the result of activities undertaken within the scope of a joint research agreement. The life
of a patent, and the protection it affords, is therefore limited and once the patent lives of our issued patents have expired, we may
face competition, including from other competing technologies. The duration of foreign patents varies in accordance with provisions of
applicable local law, but typically is also 20 years from the earliest effective filing date. The actual protection afforded by a patent
may vary from country to country and can depend upon many factors, including the type of patent, the scope of its coverage, the availability
of patent term adjustments or extensions, the availability of legal remedies in a particular country and the validity and enforceability
of the patent. As a result, our patent portfolio may not provide us with sufficient rights to exclude others from commercializing products
similar or identical to ours.
Our Competitive Strengths
We believe that our competitive strengths include
the following:
●
Intellectual Property (IP)
— Thunder Power believes that its core competency is its innovative and proprietary technology solutions. Through TP NEV, the Company expects to have 154 patents currently active in the United States, which we expect will be available for use by the Company once license agreements are negotiated.
●
The Patented Battery Pack and Battery Management System (BMS)
— The proprietary BMS is expected to serve as the crown jewel of the technology suite of the Company. We believe that the BMS may prolong the battery life cycle and improve passenger safety by predicting the remaining battery life, such that the EV has sufficient power to reach a safe location and an ability to diagnose potential battery malfunctions. We believe that the BMS system modulates and monitors the temperature range efficiently, which is expected to increase the tolerance of battery cell voltage limits and power output limit.
●
The Patented Thermal Management System
— The patented TMS provides an integrated approach to vehicle heating, drivetrain, and temperature control, that in our internal testing reduced vehicle weight and significantly reduced energy consumption.
●
Modular Production
— We believe that the modularized production approach to the Company's chassis design will allow for lighter vehicle weight and greater commonality of parts across our expected model line-up and may lead to reduced development costs and truncated time required to ramp new models.
●
Shifting Market Dynamics Favor Electric Vehicles
— Globally,
    government regulations are increasingly focused on reducing CO2 emissions and lessening the world's reliance on fossil fuels. So
    long as advances in EV technology and acceptance among end consumers continue to grow, EV makers stand to capture substantial market share
    from traditional combustion engines, particularly as those competitors may be required to increase pricing to offset potentially growing
    development costs necessary for super-efficient engines.
●
Differentiated design
— The Company has previously engaged automotive designers to design and develop prototypes of its EVs under the supervision of its in-house design team. We believe that the eye-catching, stylish designs and ergonomic car interface will set Thunder Power apart from other manufacturers' EV models.
3
Marketing
The marketing strategy is designed to create an
individual premium brand that stands out from the crowd. The target demographics for the core range of Thunder Power's vehicles
is expected to be existing car owners who appreciate the benefits of switching from petrol to electric, but are unwilling to sacrifice
performance, comfort, and safety, and new eco-conscious owners looking to be part of an exclusive ownership group. For the City Car, the
target customers are likely millennial, with a focus on city working and living locals. They could be individuals who want to switch to
something different and more fashionable or anyone who has just recently become financially independent and wants to buy an essential
car for commuting and a city lifestyle.
As the first product to be launched, we expect
that the Coupe will be the technology and design showcase that is intended to help establish brand vision and competencies, and to raise
awareness. The higher volume models are expected to build upon this platform in mainstream segments. We believe that the consumer's
journey in deciding which vehicle to purchase is a short one, which is why we hope to target a wider audience and engage with potential
customers before they even start thinking about buying a car. Thunder Power's current go-to-market strategy seeks to accomplish
this by using flagship showrooms, which the Company hopes to launch in select pilot cities.
Funding and Revenue
We are a pre-revenue company and have not generated
any sales of vehicles to date.
Material Agreements
Promissory Notes
On June 21, 2024, the Company issued (1) an unsecured
promissory note of $300,000 (the "WCL Note I") to Wellen Sham, to evidence a loan of $300,000 provided by Mr. Sham to the
Company, (2) an unsecured promissory note of $70,000 (the "WCL Note II") to Sam Yu, an individual designated by FLFV's
Sponsor, to evidence a loan of $70,000 provided by Mr. Yu to the Company, and (3) an unsecured promissory note of $70,000 (the "WCL
Note III," together with the WCL Note I and WCL Note II, the "WCL Notes") to Sau Fong Yeung, an individual designated
by FLFV's Sponsor, to evidence a loan of $70,000 provided by Ms. Yeung to the Company.
The WCL Note I bears interest at a rate per annum
equal to 10% of the outstanding principal balance. The WCL Note I is payable in full upon the earlier of (i) 90 days after the consummation
of the Company's Business Combination, or (ii) the date of the liquidation of the Company (such date, the "Maturity Date").
Any of the following will constitute an event of default under the WCL Note I: (i) a failure to pay the outstanding principal balance
within five (5) business days of the Maturity Date; (ii) the commencement of a voluntary or involuntary bankruptcy action; (iii) the breach
of any of Company's obligations under the WCL Note I; (iv) any cross defaults; (v) an enforcement proceeding against the Company;
or (vi) it is or becomes unlawful for the Company to perform any of its obligations under the WCL Note I, or any obligations of the Company
under the WCL Note I are not or cease to be legal, valid, binding or enforceable. Upon the occurrence of an event of default specified
in (i) or (iii) above, Mr. Sham may, by written notice to the Company, declare the WCL Note I to be due immediately and payable, whereupon
the outstanding principal balance of the WCL Note I, and all other amounts payable under the WCL Note I, will become immediately due and
payable without presentment, demand, protest or other notice of any kind. Upon the occurrence of an event of default specified in (ii),
(iv), (v), or (vi) above, the outstanding principal balance of the WCL Note I, and all other sums payable under the WCL Note I, will automatically
and immediately become due and payable, in all cases without any action on the part of Mr. Sham.
Mr. Sham had the right, but not the obligation,
to convert the WCL Note I, in whole or in part, respectively, into Units (as defined in the WCL Note I) of the Company, that are identical
to the public units of the Company, subject to certain exceptions, as described in the proxy statement/prospectus included in the
registration statement on Form S-4 (File No. 333-275933), initially filed by the Company with the Securities and Exchange Commission (the
"SEC") on December 7, 2023 and declared effective by the SEC on May 10, 2024, by providing the Company with written notice
of the intention to convert at least two (2) business days prior to the closing of the Company's Business Combination.
The terms and conditions of the WCL Note II and
WCL Note III are substantially identical to the WCL Note I, except, among other things, that (1) the WCL Note II and WCL Note III bear
no interest; and (2) the WCL Note II and WCL Note III are payable in full upon the earlier of (i) 30 days after the consummation of the
Company's Business Combination, or (ii) the date of the liquidation of the Company.
On May 22, 2024, the Company issued an unsecured
promissory note of $100,000 (the "GCE Note I") to Ling Houng Sham, the spouse of Mr. Sham, to evidence a loan of $100,000
(the "GCE Loan I") provided by Ling Houng Sham to the Company. On the same date, the Company issued another unsecured promissory
note of $50,000 (the "GCE Note II," together with GCE Note I, the "GCE Notes") to Rockridge International Inc
("Rockridge"), an entity designated by FLFV's Sponsor, to evidence a loan of $50,000 (the "GCE Loan II,"
together with GCE Loan I, the "GCE Loans") provided by Rockridge to the Company.
4
The GCE Note I bears interest at a rate per annum
equal to 8% of the outstanding principal balance. The GCE Note I is payable in full upon the earlier to occur of (i) the consummation
of the Company's business combination, or (ii) the Maturity Date. Any of the following will constitute an event of default under
the GCE Note I: (i) a failure to pay the principal within five (5) business days of the Maturity Date; (ii) the commencement of a voluntary
or involuntary bankruptcy action, (iii) the breach of any of Company's obligations under the GCE Note I; (iv) any cross defaults;
(v) an enforcement proceeding against the Company; or (vi) it is or becomes unlawful for the Company to perform any of its obligations
under the GCE Note I, or any obligations of the Company under the GCE Note I are not or cease to be legal, valid, binding or enforceable.
Upon the occurrence of an event of default specified in (i) or (iv) above, Ling Houng Sham may, by written notice to the Company, declare
the GCE Note I to be due immediately and payable, whereupon the outstanding principal balance of the GCE Note I, and all other amounts
payable under the GCE Note I, will become immediately due and payable without presentment, demand, protest or other notice of any kind.
Upon the occurrence of an event of default specified in (ii), (iii), (v), (vi) or (vii) above, the outstanding principal balance of the
GCE Note I, and all other sums payable under the GCE Note I, will automatically and immediately become due and payable, in all cases without
any action on the part of Ling Houng Sham.
The terms and conditions of the GCE Note II are
substantially identical to the GCE Note I, except that the GCE Note II bears no interest.
Forward Purchase Agreement
On June 11, 2024, FLFV and Thunder Power entered
into an agreement with (i) Meteora Capital Partners, LP ("MCP"), (ii) Meteora Select Trading Opportunities Master, LP ("MSTO"),
and (iii) Meteora Strategic Capital, LLC ("MSC" and, collectively with MCP and MSTO, the "Seller") (the "Forward
Purchase Agreement"). For purposes of the Forward Purchase Agreement, (i) FLFV is referred to as the "Counterparty"
prior to the consummation of the Business Combination, while the Company is referred to as the "Counterparty" after the consummation
of the Business Combination and (ii) "Shares" means shares of the Class A common stock, par value $0.0001 per share, of FLFV
prior to the closing of the Business Combination ("FLFV Shares"), and, after the closing of the Business Combination, shares
of our Common Stock.
Pursuant to the terms of the Forward Purchase
Agreement, the Seller intends, but is not obligated, to purchase up to 4,900,000 Shares (the "Purchased Amount") pursuant
to the FPA Funding Amount PIPE Subscription Agreement (as defined herein), less the number of FLFV Shares purchased by the Seller separately
from third parties through a broker in the open market ("Recycled Shares"). The Seller will not be required to purchase an
amount of Shares such that following such purchase, the Seller's ownership would exceed 9.9% of the total Shares outstanding immediately
after giving effect to such purchase, unless the Seller, at its sole discretion, waives such 9.9% ownership limitation. The number of
Shares subject to the Forward Purchase Agreement is subject to reduction following a termination of the Forward Purchase Agreement with
respect to such shares as described under "Optional Early Termination" in the Forward Purchase Agreement.
The Forward Purchase Agreement provides for a
prepayment shortfall in an amount in U.S. dollars equal to 0.25% of the product of the Recycled Shares and the Initial Price (as defined
herein) (the "Prepayment Shortfall"). The Seller will pay the Prepayment Shortfall to the Counterparty on the Prepayment Date
(which amount will be netted from the Prepayment Amount) (the "Initial Prepayment Shortfall"). Additionally, following the
closing of the Business Combination and up to 45 calendar days prior to the Valuation Date, Counterparty may, in its sole discretion,
request additional Prepayment Shortfall from Seller in tranches of $500,000 (the "Additional Prepayment Shortfall" and, together
with Initial Prepayment Shortfall, the "Prepayment Shortfall"); provided (i) Seller has recovered any prior Prepayment Shortfall,
(ii) the VWAP Price over the prior ten (10) trading days multiplied by the then current freely-tradeable Shares held by Seller be at least
six (6) times greater than the Additional Prepayment Shortfall request and (iii) the total value traded in Counterparty's stock,
as reported on the relevant Bloomberg Screen, be at least six (6) times greater than the Additional Prepayment Shortfall request (with
(i), (ii) and (iii) collectively as the "Shortfall Conditions"). Notwithstanding the foregoing, Seller may waive the Shortfall
Conditions, in whole or in part, via written consent to Counterparty.
The Counterparty has agreed to grant the Seller,
for the period beginning on June 11, 2024 and ending on the 12-month anniversary of the Valuation Date, the right, but not the obligation,
in its sole discretion, to invest on the terms offered to the Seller by the Counterparty up to 50% of any future debt, equity, derivative
or any other kind of financing of the Counterparty, as legally permitted (each a "Covered Financing"). The Seller will be
provided at least ten (10) business day notice to invest in any Covered Financing. For the avoidance of doubt, Covered Financings does
not include any equity line of credit.
5
Subscription Agreement
On June 11, 2024, FLFV entered into a subscription
agreement (the "FPA Funding Amount PIPE Subscription Agreement") with the Seller. Pursuant to the FPA Funding PIPE Subscription
Agreement, Seller agreed to subscribe for and purchase, and FLFV agreed to issue and sell to Seller, prior to the Valuation Date, an aggregate
of up to 4,900,000 FLFV Shares, less the Recycled Shares in connection with the Forward Purchase Agreement, at the Initial Price per share.
On the Closing Date, all outstanding FLFV Shares (including shares issued pursuant to the Subscription Agreement) will be exchanged for
newly issued shares of Common Stock in accordance with the terms of the Merger Agreement.
Registration Rights Agreement
On June 15, 2022, FLFV entered into a registration
rights agreement (the "Registration Rights Agreement") pursuant to which the holders of the Founder Shares and Private Placement
Units, Working Capital Units issuable upon the conversion of certain working capital loans and any underlying securities will be entitled
to registration rights requiring the Company to register such securities for resale. The holders of these securities are entitled to make
up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain "piggy-back"
registration rights with respect to registration statements filed subsequent to the completion of the Company's initial Business
Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The
Company will bear the expenses incurred in connection with the filing of any such registration statements.
Lock-Up Agreement‌
On June 21, 2024, Feutune Light Sponsor LLC (the
"Sponsor"), US Tiger Securities, Inc. and certain officers and directors of the Company who are signatories to a letter agreement
dated June 12, 2022 in connection with the initial public offering of the Company (the "Initial Insiders"), and certain shareholders
of Thunder Power Holdings Limited ("Thunder Power") (collectively, the "Holders") entered into a lock-up agreement
with the Company (the "Lock-up Agreement").
Pursuant to the Lock-Up Agreement, shares of common
stock of the Company held by a Holder are categorized as (i) "Group I Lock-up Shares," referring to 50% of the total number
of shares of common stock of the Company that a Holder that is not an Initial Insider will receive in connection with the Merger (as defined
in the Lock-up Agreement), or 50% of the number of its Parent Founder Shares (as defined below) if a Holder is an Initial Insider, (ii)
"Group II Lock-up Shares," referring to the remaining 50% of the total number of shares of common stock of the Company that
a Holder that is not an Initial Insider will receive in connection with the Merger, or the remaining 50% of the number of its Parent Founder
Shares if a Holder is an Initial Insider ; and (iii) "Group III Lock-up Shares," referring to the total number of shares of
common stock of the Company underlying its Parent Private Units (as defined below) and Parent Working Capital Units (as defined below)
in connection with the Merger. "Parent Founder Shares" means 2,443,750 shares of Class B common stock of the Company held
by certain Initial Insiders prior to the completion of the Company's business combination. "Parent Private Units" means
454,250 FLFV Units (as defined in the Lock-up Agreement) purchased by certain Initial Insiders simultaneously with the consummation of
the Company's initial public offering. "Parent Working Capital Units" means all private FLFV Units issuable upon conversion
of the maximum aggregate amount of US$3,00,000 of working capital and extension loans, if any, at $10.00 per unit, upon the consummation
of the Company's business combination. The Group I Lock-Up Shares, Group-II Lock-up Shares, Group-III Lock-up Shares are collectively
referred to as "Lock-up Shares."
The "Lock-up Period" means (i) with
respect to the Group I Lock-up Shares, the period commencing at the Effective Time (as defined in the Lock-up Agreement) and ending on
the date that is the earlier to occur of (A) six months thereafter, or (B) the date on which the closing price of each share of common
stock of the Company equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations)
for any 20 trading days within any 30-trading day period commencing after the completion of the Merger; (ii) with respect to the Group
II Lock-up Shares, the period commencing at the Effective Time and ending on the date that is six months thereafter; and (iii) with respect
to the Group III Lock-up Shares, the period commencing at the Effective Time and ending on that date that is 30 days thereafter.
The Holders will, subject to certain customary
exceptions, agree not to, within the Lock-up Period, (i) sell, offer to sell, contract or agree to sell, pledge or otherwise dispose of,
directly or indirectly, any Lock-up Shares, (ii) enter into a transaction that would have the same effect, (iii) enter into any swap,
hedge or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up
Shares or otherwise or engage in any short sales or other arrangement with respect to the Lock-Up Shares or (iv) publicly announce any
intention to effect any transaction specified in clause (i) or (ii).
6
Summary of Risk Factors
Investing in our Common Stock involves risks.
You should carefully read the section of this prospectus under the heading "
Risk Factors
" and the other information
in this prospectus for an explanation of these risks before investing in our Common Stock. In particular, the following considerations
may offset our competitive strengths or have a negative effect on our strategy or operating activities, which could cause a decrease in
the price of our Common Stock and a loss of all or part of your investment.
Risks Related to Thunder Power's Business
and Industry
●
Our limited operating history makes evaluating our business and future prospects difficult and may increase the risk of your investment;
●
The success of our business may depend on attracting prospective customers and retaining sufficient capital to commence mass production. If we are unable to do so, we may not be able to achieve profitability;
●
Our business model has yet to be tested and any failure to commercialize our strategic plans would have an adverse effect on our operating results and business, harm our reputation and could result in substantial liabilities that exceed our resources;
●
Thunder Power's management has limited experience in operating a public company;
●
Our business and prospects will depend significantly on our brand;
●
We are actively negotiating with our affiliates to license the intellectual property and technology rights at the core of our business plan, and our inability to obtain and maintain these licenses could materially affect our business, financial condition, and operating results.
Risks Related to Regulation and Litigation
●
We are subject to substantial laws and regulations that could impose substantial costs, legal prohibitions or unfavorable changes upon our operations or products, and any failure to comply with these laws and regulations, including as they evolve, could substantially harm our business and results of operations;
●
In the future, if we develop or acquire proprietary intellectual property, protecting such intellectual property will be critical to our operations and we may suffer competitive harm from infringement on such rights;
●
We may become subject to product liability claims, which could harm our financial condition and liquidity if we are not able to successfully defend or insure against such claims;
●
We are subject to various environmental, health and safety laws and regulations that could impose substantial costs on us and cause delays in building and subsequently expanding our production facilities;
●
We are subject to risks associated with autonomous driving and advanced driver assistance system technology, and we cannot guarantee that our vehicles will achieve our targeted assisted or autonomous driving functionality within our projected timeframe, if ever;
●
We face risks associated with international operations, including unfavorable regulatory, political, tax and labor conditions, which could harm our business.
Risks Related to Thunder Power's Products and
Services
●
We have not yet commenced mass production, and any significant delay in the design, manufacture, launch and financing could make it difficult for us to commence production and harm our business and prospects;
●
Our prospect for future growth depends upon our ability to establish and maintain relationships with our potential suppliers and source suppliers for our critical components, and to completely build out our supply chain, while effectively managing the risks due to such relationships;
●
The automotive market is highly competitive, and we may not be successful in competing in this industry;
●
Developments in electric vehicle or alternative fuel technology or improvements in the internal combustion engine may adversely affect the demand for our vehicles;
7
●
Increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors, could harm our business;
●
We must develop complex software and technology systems, including in coordination with vendors and suppliers, in order to produce our electric vehicles, and there can be no assurance such systems will be successfully developed;
●
We rely on complex machinery for our operations, and production involves a significant degree of risk and uncertainty in terms of operational performance, safety, security and costs;
●
If our vehicles fail to perform as expected, our ability to develop, market and sell or lease our products could be harmed;
●
Our vehicles will make use of lithium-ion battery cells, which have been observed to catch fire or vent smoke and flame.
Risks Related to Cybersecurity and Data Privacy
●
Any unauthorized control, manipulation, interruption or compromise of or access to our products or information technology systems could result in loss of confidence in us and our products, harm our business and materially adversely affect our financial performance, results of operations or prospects;
●
We are subject to evolving laws, regulations, standards, policies, and contractual obligations related to data privacy and security, and any actual or perceived failure to comply with such obligations could harm our reputation and brand, subject us to significant fines and liability, or otherwise adversely affect our business.
Risks Related to Ownership of Thunder Power's
Securities
●
We are an "emerging growth company" and the reduced disclosure requirements applicable to emerging growth companies may make our Common Stock less attractive to investors and may make it more difficult to compare our financial performance with other public companies;
●
Future sales and issuances of Common Stock or rights to purchase Common Stock could result in additional dilution to our stockholders and could cause the price of our Common Stock to decline;
●
Anti-takeover provisions in our governing documents and under Delaware law could make an acquisition of us more difficult, limit attempts by our stockholders to replace or remove our current management and limit the market price of our Common Stock;
●
Our warrants became exercisable for our Common Stock thirty (30) days after the completion of the Business Combination, which increased the number of shares eligible for future issuance and resale in the public market;
●
If we do not file and maintain a current and effective prospectus relating to the Common Stock issuable upon exercise of our warrants, warrant holders will only be able to exercise such warrants on a "cashless basis."
Risks Related to Finance, Accounting and
Tax Matters
●
We may need to raise additional funds and these funds may not be available to us when needed. If we cannot raise additional funds when we need them, our business, prospects, financial condition and operating results could be negatively affected;
●
Our financial results may vary significantly from quarter to quarter;
●
Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our financial condition and results of operations.
Corporate Information and Principal Executive
Offices
FLFV, our predecessor company, was incorporated
in the State of Delaware on January 19, 2022 for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination involving FLFV and one or more businesses. FLFV consummated the initial public offering
of its securities on June 21, 2022 (the "IPO").
On June 21, 2024, FLFV consummated its Business
Combination with TPHL pursuant to that certain Agreement and Plan of Merger, dated as of October 26, 2023 (as amended on March 19, 2024
and April 5, 2024, the "Merger Agreement"). In the Business Combination, TPHL merged with and into Merger Sub, with Merger
Sub continuing as the surviving corporation and a wholly-owned direct subsidiary of FLFV. In connection with the Business Combination,
FLFV changed its name to Thunder Power Holdings, Inc. Our corporate office is located at 221 W 9th St #848, Wilmington, DE 19801 and its
telephone number is (909) 214-2482.
8
Emerging Growth Company Status
We are an "emerging growth company"
as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "Jobs Act").
As an emerging growth company, we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply
with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act"), reduced
disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements
of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously
approved. Additionally, Section 107 of the Jobs Act provides that that an "emerging growth company" can take advantage of
the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.
Accordingly, an "emerging growth company" may delay the adoption of certain accounting standards until those standards would
otherwise apply to private companies. We intend to take advantage of the benefits of this extended transition period.
We will remain an emerging growth company until
the earliest of (i) the last day of our first fiscal year (a) following the fifth anniversary of FLFV's IPO (June 21,
2027), (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be
a "large accelerated filer" under the rules of the SEC with at least $700.0 million of outstanding securities held by non-affiliates; and
(ii) the date on which we have issued more than $1.00 billion in non-convertible debt securities during the prior
three-year period.
As a result, the information in this prospectus
and that we provide to our investors in the future may be different than what you might receive from other public reporting companies.
Smaller Reporting Company
We are a "smaller reporting company"
as defined in the Rule 12b-2 of the Exchange Act and in Item 10(f)(1) of Regulation S-K. We may continue to be a smaller reporting company
even after we are no longer an emerging growth company. We may take advantage of certain of the scaled disclosures available to smaller
reporting companies and will be able to take advantage of these scaled disclosures for so long as the market value of our voting and non-voting Common
Stock held by non-affiliates is less than $250.0 million measured on the last business day of our second fiscal quarter,
or our annual revenue is less than $100.0 million during the most recently completed fiscal year and the market value of our voting
and non-voting Common Stock held by non-affiliates is less than $700.0 million measured on the last business
day of our second fiscal quarter.
We intend to rely on exemptions from certain disclosure
requirements that are available to smaller reporting companies, such as reduced disclosure obligations regarding executive compensation
in this prospectus and our periodic reports and proxy statements.
Controlled Company Status
Because Mr. Wellen Sham and the entities with
which he is affiliated, have voting and dispositive power over a majority of our voting stock, we are a controlled company under the Sarbanes-Oxley
Act and the rules of Nasdaq. Additionally, Mr. Sham and the entities with which he is affiliated are currently, and we expect that they
will continue to be, deemed a group for purposes of certain rules and regulations of the SEC as a result of Mr. Sham's voting and
dispositive power over the shares of Common Stock owned by Mr. Sham and the entities with which he is affiliated. Under the rules of Nasdaq,
a company of which more than 50% of the voting power is held by another person or group of persons acting together is a controlled company
and may elect not to comply with certain Nasdaq corporate governance requirements, including the requirements that: (i) a majority of
the board of directors consist of independent directors as defined under the rules of Nasdaq; (ii) the nominating and corporate governance
committee be composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities;
and (iii) the compensation committee be composed entirely of independent directors with a written charter addressing the committee's
purpose and responsibilities. While we qualify for exemptions from certain corporate governance requirements as a controlled company,
we currently do not intend to rely on such exemptions. See the section under the heading "
Principal Securityholders
"
for additional information.
9
THE OFFERING
Issuer
Thunder Power Holdings, Inc. (f/k/a Feutune Light Acquisition Corporation).
Shares of Common Stock Offered by the Selling Securityholders
Up to such number of shares of Common Stock having an aggregate offering
price of $100 million issuable to Westwood under the Purchase Agreement; and
8,570 shares of Common Stock issued to Benjamin pursuant to the Advisory
Agreement.
Terms of the Offering
The Selling Securityholders will determine when and how they will dispose of the shares of Common Stock registered under this prospectus. The Selling Securityholders will be able to sell all of their shares for so long as the registration statement of which this prospectus forms a part is available for use.
Shares of Common Stock Outstanding
50,724,664 shares of Common Stock (as of January 13, 2025). Does not
include up to 20,000,000 shares of Common Stock that may vest upon the achievement of certain earnout thresholds (the "Earn Out
Shares"). Such shares are not being registered herein. On January 13, 2025, the last quoted sale price of our Common Stock as reported
on Nasdaq was $0.34 per share.
Purchase Price of Securities
The shares of Common Stock will be purchased by Westwood at a price equal to the lowest daily volume weighted average price of our Common Stock during a three consecutive trading day period following delivery of a purchase notice, less a 5% discount, subject to certain limitations including:
●
Floor Price: $1.00 per share until February 20, 2025, and $1.50 per share thereafter
●
Exchange Cap: 19.99% of our outstanding Common Stock immediately prior to the execution of the Purchase Agreement, unless certain conditions are met
●
Ownership Limitation: 4.99% beneficial ownership limitation
Use of Proceeds
We will not receive any proceeds from the sale of shares by the Selling Securityholders in this offering. However, we will receive up to an aggregate of $100 million in gross proceeds from sales of our Common Stock to Westwood under the Purchase Agreement. We expect to use the net proceeds from sales under the Purchase Agreement for working capital and general corporate purposes, including further development of our electric vehicle models. See "Use of Proceeds."
Market for Common Stock
Our Common Stock are listed on the Nasdaq Global Market under the symbol "AIEV."
Risk Factors
See the section titled "
Risk Factors
" and other information included in this prospectus for a discussion of factors you should consider before investing in our securities.
10
RISK FACTORS
Our business involves a high degree of risk.
You should carefully consider the risks described below, together with the other information contained in this prospectus, including our
condensed consolidated financial statements and the related notes appearing elsewhere in this prospectus, as well as the risks, uncertainties
and other information set forth in the reports and other materials filed or furnished by us with the SEC. We cannot assure you that any
of the events discussed in the risk factors below will not occur. These risks could have a material and adverse impact on our business,
prospects, results of operations, financial condition and cash flows. If any such events were to happen, the trading shares of our Common
Stock could decline, and you could lose all or part of your investment.
Risks Related to Thunder Power's Business and
Industry
Our limited operating history makes evaluating our business and
future prospects difficult and may increase the risk of your investment.
We are an early-stage company with a limited
operating history, operating in a rapidly evolving and highly regulated market. Furthermore, we have not released any commercially available
product, and we have no experience manufacturing or selling a commercial product at scale. Because we have not generated revenue, and
as a result of the capital-intensive nature of our business, we expect to continue to incur substantial operating losses for the
foreseeable future.
We have encountered and expect to continue to
encounter risks and uncertainties frequently experienced by early-stage companies in rapidly changing markets, including risks relating
to our ability to, among other things:
●
hire, integrate and retain professional and technical talent, including key members of management;
●
continue to make significant investments in research, development, manufacturing, marketing and sales;
●
successfully obtain, maintain, protect and enforce our intellectual property and defend against claims of intellectual property infringement, misappropriation or other violation;
●
build a well-recognized and respected brand;
●
establish, refine and scale our commercial manufacturing capabilities and distribution infrastructure;
●
establish and maintain satisfactory arrangements with third-party suppliers;
●
establish and expand a customer base;
●
navigate an evolving and complex regulatory environment;
●
anticipate and adapt to changing market conditions, including consumer demand for certain vehicle types, models or trim levels, technological developments and changes in competitive landscape; and
●
successfully design, build, manufacture and market new variants and models of electric vehicles.
You must consider the risks and difficulties we
face as an early stage company with a limited operating history. If we do not successfully address these risks, our business, prospects,
operating results and financial condition will be materially and adversely harmed. We have a very limited operating history on which investors
can base an evaluation of our business, operating results and prospects. There are no assurances that we will be able to secure future
business with potential customers. As an early stage company, it is difficult to predict our future revenues and appropriately budget
for our expenses, and we have limited insight into trends that may emerge and affect our business. In the event that actual results differ
from our estimates or we adjust our estimates in future periods, our operating results and financial position could be materially affected.
Our performance and expectations depend on the successful implementation of management's growth strategies and are based on assumptions
and events over which we have only partial or no control, including, but not limited to, adverse economic conditions, regulatory developments,
our ability to finance our contemplated operations, difficulties in engineering, delays in designs or materials provided by the customer
or a third party, equipment and materials delivery delays, schedule changes, customer scope changes, delays related to obtaining regulatory
permits and rights-of-way, inability to find adequate sources of labor in the locations where we are building new plants, weather-related delays,
delays by customers' contractors in completing their portion of a project, technical or transportation difficulties, cost overruns,
supply difficulties, geopolitical risks and other factors. The assumptions underlying our expectations require the exercise of judgment
and may not occur, and the expectations are subject to uncertainty due to the effects of economic, business, competitive, regulatory,
legislative, and political or other changes.
11
The success of our business may depend on attracting prospective
customers and retaining sufficient capital to commence mass production. If we are unable to do so, we may not be able to achieve profitability.
We currently do not have any customers that our
business depends upon, and our success depends, in large part, on attracting prospective customers and retaining sufficient capital to
commence mass production. We expect to incur significant and sustained marketing expenses to attract prospective customers. In addition,
if our prospective customers perceive our vehicles and services as lacking in quality, value, cost competitiveness with vehicles from
other manufacturers, performance or aesthetic appeal, we may not be able to attract customers. If, for any of these reasons, we are unable
to attract, or to build and maintain a strong customer base, our business, prospects, financial condition, results of operations, and
cash flows may be materially harmed.
If we fail to implement our business strategy,
our financial condition and results of operations could be adversely affected. Our future financial performance and success depend in
large part on our ability to successfully implement our business strategy. We cannot assure you that we will be able to successfully implement
our business strategy or be able to improve our operating results. In particular, we cannot assure you that we will successfully negotiate
and sign contracts with customers and suppliers nor can we assure you that we will be able to successfully execute our contracts if signed.
Implementation of our business strategy may be impacted by factors outside of our control, including competition, price fluctuations,
industry, legal and regulatory changes or developments and general economic and political conditions. Any failure to successfully implement
our business strategy could adversely affect our financial condition and results of operations. We may, in addition, decide to alter or
discontinue certain aspects of our business strategy at any time.
We have incurred net losses each year since our inception and
expect to incur increasing expenses and substantial losses for the foreseeable future.
We have no operating history in the electric vehicle
market and have never generated revenue from product sales. Since inception, we have incurred significant net losses, including a net
loss of $1,561,939 for the six months ended June 30, 2024. We anticipate our losses will increase substantially as we:
●
Continue designing and developing our vehicles
●
Establish manufacturing capabilities
●
Build our brand and marketing operations
●
Develop our distribution infrastructure
●
Invest in research and development
Given the significant capital required to bring
our products to market, we expect to continue incurring substantial losses for the foreseeable future. There is no assurance that we will
ever achieve or sustain profitability. Our lack of operating history in a highly competitive and rapidly evolving industry makes evaluating
our business and future prospects difficult. We face all the risks and uncertainties of an early-stage company in a complex, capital-intensive
industry. If we fail to successfully address these risks and uncertainties, our business, financial condition, and results of operations
will be materially harmed.
If our product development or commercialization
of vehicles is delayed, our costs and expenses may be significantly higher than we currently expect. Because we will incur the costs and
expenses from these efforts before we receive any incremental revenues with respect thereto, we expect our losses in future periods will
be significant.
12
Our business model has yet to be tested and any failure to commercialize
our strategic plans would have an adverse effect on our operating results and business, harm our reputation and could result in substantial
liabilities that exceed our resources.
Investors should be aware of the difficulties
normally encountered by an early stage enterprise, many of which are beyond our control, including substantial risks and expenses in the
course of establishing or entering new markets, organizing operations and undertaking marketing activities. The likelihood of our success
must be considered in light of these risks, expenses, complications, delays and the competitive environment in which we operate. There
is, therefore, nothing at this time upon which to base an assumption that our business plan will prove successful, and we may not be able
to generate significant revenue, raise additional capital or operate profitably. We will continue to encounter risks and difficulties
frequently experienced by early commercial stage companies, including scaling up our infrastructure and headcount, and may encounter unforeseen
expenses, difficulties or delays in connection with our growth. In addition, as a result of the capital-intensive nature of our business,
we can be expected to continue to sustain substantial operating expenses and may not generate sufficient revenues to cover expenditures.
Any investment in our company is therefore highly speculative and could result in the loss of your entire investment.
We may have difficulty managing growth in our business, which
could have a material adverse effect on our business, financial condition and results of operations and our ability to execute its business
plan in a timely fashion.
Because of our small size, growth in accordance
with our business plans, if achieved, may place a significant strain on our financial, technical, operational and management resources.
If we expand our activities, developments and production, and increase the number of projects we are evaluating or in which we participate,
there will be additional demands on our financial, technical and management resources. The failure to continue to upgrade our technical,
administrative, operating and financial control systems or the occurrence of unexpected expansion difficulties could have a material adverse
effect on our business, financial condition and results of operations and our ability to execute our business plan in a timely fashion.
We intend to hire a significant number of additional
personnel, including design and manufacturing personnel and service technicians for our vehicles. Because our vehicles are based on a
different technology platform than traditional internal combustion engines, individuals with sufficient training in electric vehicles
may not be available to hire, and as a result, we will need to expend significant time and expense training the personnel we do hire.
Competition for individuals with experience designing, engineering, manufacturing and servicing electric vehicles is intense, and we may
not be able to identify, attract, integrate, train, motivate or retain additional highly qualified personnel in the future. The failure
to identify, attract, integrate, train, motivate and retain these additional personnel could seriously harm our business and prospects.
If we are unable to grant equity awards, or if we are forced to reduce the value of equity awards we grant due to shortage of shares available
for issuance under our 2024 Omnibus Equity Inventive Plan, we may not be able to attract, hire and retain the personnel necessary for
our business, which would have a material adverse effect on our business, prospects financial condition and results of operations.
In addition, we have no experience in mass manufacturing
our vehicles. We cannot assure our investors that we will be able to develop efficient, automated, low-cost manufacturing capabilities
and processes, and reliable sources of component supply that will enable us to meet the quality, price, engineering, design and production
standards, as well as the production volumes, required to successfully market our vehicles. Any failure to develop such manufacturing
processes and capabilities within our projected costs and timelines could stunt our future growth and impair our ability to produce, market,
service and sell or lease our vehicles successfully. In addition, our success is substantially dependent upon the continued service and
performance of our senior management team and key technical and vehicle management personnel. If any key personnel were to terminate their
employment with us, such termination would likely increase the difficulty of managing our future growth and heighten the foregoing risks.
If we fail to manage our growth effectively, such failure could result in negative publicity and damage to our brand and have a material
adverse effect on our business, prospects, financial condition and results of operations.
13
The proceeds received in the Business Combination will only fund
operations for a limited time and we will need to obtain additional financing to continue operations and execute our business plans. If
we are unable to obtain such financing, we may be unable to complete the development and commercialization of our products and services.
Our operations have consumed substantial amounts
of cash since inception. The net losses of Thunder Power Holdings Limited were $1.82 million and $0.43 million for the years ended December 31,
2023 and 2022, respectively. We anticipate that our future cash requirements will continue to be significant and we will need to obtain
additional financing beyond that being provided by the Business Combination to implement our business plan as described in this prospectus.
Specifically, we may need to raise additional funds to complete the research and development, testing, manufacturing, marketing, and shipping
of our vehicles, as well as to support the continued research and development of our vehicles and the development of other models, and
to build contingencies for unforeseen events. Such financings could include equity financing, which may be dilutive to stockholders, or
debt financing, which would likely restrict our ability to borrow from other sources. In addition, such securities may contain rights,
preferences or privileges senior to those of the rights of the stockholders of the Company upon the closing thereof. Additional funds
may not be available when we need them, on terms attractive to us, or at all.
If adequate funds are not available on a timely
basis, we may be required to curtail the development of our technology, products or services, or materially delay, curtail, reduce or
terminate our research and development and commercialization activities. We could be forced to sell or dispose of our rights or assets.
Any inability to raise adequate funds on commercially reasonable terms could have a material adverse effect on our business, financial
condition, results of operation and prospects, including the possibility that a lack of funds could cause our business to fail and liquidate
with little or no return to investors.
Thunder Power's management has limited experience in operating
a public company.
Thunder Power's management has limited experience
in the management of a publicly traded company. Thunder Power's management team may not successfully or effectively manage its transition
to a public company that will be subject to significant regulatory oversight and reporting obligations under U.S. federal securities laws.
Their limited experience in dealing with the increasingly complex laws pertaining to public companies could be a significant disadvantage
in that it is likely that an increasing amount of their time may be devoted to these activities which will result in less time being devoted
to the management and growth of the post-combination company. Thunder Power may not have adequate personnel with the appropriate
level of knowledge, experience and training in the accounting policies, practices or internal control over financial reporting required
of public companies in the U.S. Any fault in Thunder Power's finance and accounting systems could impact its ability or prevent
it from timely reporting its operating results, timely filing required reports with the SEC and complying with Section 404 of the
Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"). The development and implementation of the standards
and controls necessary for Thunder Power to achieve the level of accounting standards required of a public company in the U.S. may
require costs greater than expected. It is possible that Thunder Power will be required to expand its employee base and hire additional
employees to support its operations as a public company which will increase its operating costs in future periods.
We are actively negotiating with our affiliates to license the
intellectual property and technology rights at the core of our business plan, and our inability to obtain and maintain these licenses
could materially affect our business, financial condition, and operating results.
Our entire business model depends on intellectual
property we do not own. We are actively negotiating with our affiliates to license critical intellectual property and technology rights
that form the core of our business plan. As of the date of this prospectus, we have not secured any licensing agreements. If we fail to
obtain these licenses on favorable terms, or at all, our ability to develop, manufacture, and sell our products would be severely compromised,
potentially rendering our business model unviable. Even if we secure these licenses, we may face challenges in maintaining them, or the
licenses may be terminated, significantly impacting our operations. Our lack of direct ownership of key patents and technologies exposes
us to substantial risk and uncertainty regarding our ability to execute our business strategy.
If we are unable to maintain our planned license
agreements, our ability to continue developing, designing, manufacturing, distributing, and selling our products would be limited and
may require us to stop operations entirely. If any such future license agreement is terminated for any reason, we may be forced to acquire
or develop alternative technology, which we may be unable to do in a commercially feasible manner, if at all, and may require us to use
alternative technology of lower quality or performance standards. This would, in turn, limit, delay or disrupt our ability to offer new
or competitive products and could also increase our costs, which would adversely affect our margins, market share, business, financial
condition, and operating results.
14
The obligations associated with being a public company involve
significant expenses and require significant resources and management attention, which may divert from our business operations.
As a public company, we are subject to the ongoing
reporting requirements of the Exchange Act and Sarbanes-Oxley Act. The Exchange Act requires the filing of annual, quarterly,
and current reports with respect to our business and financial condition. The Sarbanes-Oxley Act requires, among other things, that we
establish and maintain effective internal controls over financial reporting. As a result, we have and expect to continue to incur significant
legal, accounting, and other expenses that TPHL did not incur prior to the Business Combination. For example, these rules and regulations
may make it more difficult or more expensive for us to obtain director and officer liability insurance, and we may be required to accept
reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. Additionally, our officers
and many of our other employees may need to devote substantial time and attention to regulatory compliance which may divert their time
and attention from our business operations.
The inability to attract and retain qualified personnel may adversely
impact our business.
If we fail to attract, hire and retain qualified
personnel, we may not be able to develop, market or sell our products or successfully manage our business. We are dependent upon a highly
skilled, experienced and efficient workforce to be successful. The inability to attract and hire qualified individuals or the loss of
key employees in very skilled areas could have a negative effect on our financial results.
Uninsured losses could result in payment of substantial damages,
which would decrease our cash reserves and could harm our cash flow and financial condition.
In the ordinary course of business, we may be
subject to losses resulting from product liability, accidents, acts of God and other claims against us, for which we may have no insurance
coverage. While we currently carry insurance that is customary for our size and operations, we may not maintain as much insurance coverage
as other original equipment manufacturers do, and in some cases, we may not maintain any at all. Additionally, the policies that we have
may include significant deductibles, and we cannot be certain that our insurance coverage will be sufficient to cover all or any future
claims against us. A loss that is uninsured or exceeds policy limits may require us to pay substantial amounts, which could adversely
affect our financial condition and results of operations. Further, insurance coverage may not continue to be available to us or, if available,
may be at a significantly higher cost, especially if insurance providers perceive any increase in our risk profile in the future.
Our strategy to outsource various elements of the products and
services we sell may subject us to the business risks of our future third-party service providers, which could have a material adverse
impact on our operations.
In areas where we will depend on third-party service
providers for retail product distribution and full-service networks, we will be subject to the risk of customer dissatisfaction with the
quality or performance of the products or services we sell due to third-party service provider's failure. Third-party service providers
may not have the same incentives we do and may not allocate adequate or sufficient time and/or resources for performing services for us.
In addition, business difficulties experienced by a third-party service provider could lead to the interruption of our ability to
distribute products or provide services and ultimately our inability to supply products or services to our customers. Third-party service
provider business interruptions may include, but are not limited to, work stoppages, union negotiations and other labor disputes. Current
or future economic conditions could also impact the ability of third-party service providers to access credit and, thus, impair their
ability to provide us quality services in a timely manner, or at all.
Our business and prospects will depend significantly on our brand.
Our business and prospects will heavily depend
on our ability to develop, maintain and strengthen the "Thunder Power" brand association with luxury and technological excellence.
Promoting and positioning our brand will likely depend significantly on our ability to provide a consistently high-quality customer
experience, an area in which we have limited experience. To promote our brand, we will be required to invest in, and over time we may
be required to change our customer development and branding practices, which could result in substantially increased expenses, including
the need to use traditional media such as television, radio and print advertising. Our ability to successfully position our brand could
also be adversely affected by perceptions about the quality of our competitors' vehicles or our competitors' success. For
example, certain of our competitors have been subject to significant scrutiny for incidents involving their self-driving technology
and battery fires, which could result in similar scrutiny of us.
In particular, any negative publicity, whether
or not true, can quickly proliferate on social media and harm consumer perception and confidence in our brand. The growing use of social
media increases the speed with which information and opinions can be shared and, thus, the speed with which a company's reputation
can be affected. If we fail to correct or mitigate misinformation or negative information, including information spread through social
media or traditional media channels, about us, the products we offer, our customer experience, or any aspect of our brand, our business,
sales and results of operations could be adversely impacted. From time to time, our vehicles or those of our competitors may be evaluated
and reviewed by third parties. Perceptions of our offerings in the marketplace may be significantly influenced by these reviews, which
are disseminated via various media, including the internet. Any negative reviews or reviews which compare us unfavorably to competitors
could adversely affect consumer perception about our vehicles and reduce demand for our vehicles, which could have a material adverse
effect on our business, results of operations, prospects and financial condition.
15
Risks Related to Regulation and Litigation
The SEC and other parties may find that Thunder Power's public-relations information
before the production on any of our EVs may have misled investors or conditioned the market for investors or that we may have omitted
to provide information that investors may reasonably find important to their investment decision.
There is always a risk against making false claims
about the prospects of an EV technology company. One such notable case was United States of America v. Trevor Milton, No. 21-00478,
U.S. District Court, Southern District of New York, 21 Cr. 478 (ER) ("
Nikola"
). Nikola involved
an
electric truck maker who the SEC alleged in 2020-2021 defrauded its investors with false claims about its EV technology. In
a cease-and-desist order against Nikola and the subsequent case S.E.C. v. Milton, No. 21 Civ. 06445 (AKH), the SEC said that Trevor
Milton ("Milton"), the founder and one-time chairperson of Nikola, lied to inflate stock prices during the company's
public-relations campaign to investors by making forward-looking statements since the company had not yet produced a single
vehicle. Other misleading and forward-looking statements included claims about Nikola's technological advancements, in-house production
capabilities, hydrogen production, truck reservations and orders, financial outlook, refueling time, and a potential partnership with
a globally known car maker. Several electric vehicle prototypes of the Sedan and City Car were built by TongGao Advanced Manufacturing
Technology (Taicang) Co. Ltd, an affiliate of TPHL. There prototypes were built for the purpose of showcasing TPHL's technology
and for early fundraising purpose. Thunder Power has not produced a single electric vehicle and all our statements in this prospectus
regarding our production capabilities, technologies, weight, charging time, driving range and potential partnerships are forecasts or
forward-looking statements based on our own beliefs, opinions, and internal research, development and testing.
Some of our directors, officers and assets reside or be located
outside of the United States, which may cause investors difficulty in enforcing judgments against our directors and officers.
Some of our directors and officers reside outside
the United States and a majority of our assets are located outside the United States. As a result, it may be difficult or impossible
to effect service of process within the United States upon these directors and officers, or to recover against those persons on judgments
of United States courts, including judgments predicated upon the civil liability provisions of the United States federal securities
laws. Moreover, it is not certain that a court in the British Virgin Islands, Hong Kong, or Taiwan would award damages on the same
basis as a United States court, or that a British Virgin Islands, Hong Kong, or Taiwanese court would enforce foreign judgments if
it viewed the amount of damages as excessive or inconsistent with local practice or public policy.
Further, the United States may not be declared
by the Government of other countries to be a reciprocating territory for the purposes of enforcement of foreign judgments, and there are
grounds upon which British Virgin Islands, Hong Kong, or Taiwan courts may decline to enforce the judgments of United States
courts. Some remedies available under the laws of the United States, including remedies available under the United States federal
securities laws, may not be allowed in British Virgin Islands, Hong Kong, or Taiwan courts if deemed contrary to public policy in
such jurisdictions.
Our affiliated parties such as our major shareholders may be
involved in governmental investigations and civil litigation relating to the business affairs of companies with which they are, were or
may in the future be affiliated with.
Our controlling shareholder, Mr. Wellen Sham,
is currently the defendant in significant legal proceedings that could materially impact our business. Mr. Sham faces criminal prosecution
in Taiwan on 11 indictments related to securities violations, breaches of fiduciary duty, and other financial matters. Additionally, he
is subject to multiple civil actions seeking his dismissal as chairman of a related company and claiming damages for investors. While
these proceedings do not directly involve our company, they create substantial risks, including:
●
Potential reputational damage affecting our ability to secure partnerships, investments, and customer trust;
●
Diversion of Mr. Sham's attention from our business operations;
●
Possible loss of Mr. Sham's leadership or voting control if legal actions are successful;
●
Challenges in accessing capital markets or obtaining favorable terms from suppliers and partners.
16
Mr. Wellen Sham, TPHL's former Chief
Executive Officer, is a defendant in a claim brought by the Taiwan Taipei District Prosecutor's Office (the "Prosecutor")
in 2022. This claim is currently being litigated in Taiwan Taipei District Court Criminal Division (Taiwan Taipei District Court, Year
2022, Jin-Chong-Su-Zhi, No. 19) by a public Prosecutor. The prosecution is based on 11 indictments involving the following: a securities
purchase which may have been a related party transaction; the use of a non-exclusive license to offset a debt owed to a related party;
an exclusive authorized sales agent agreement for USD 4,950,000; an agreement for parts for an electric four-door sedan for USD 4,480,000;
a land purchase in a non-arm's length related party transaction; executive control over bonuses of USD 150,000, USD 50,000, USD
100,000, and NTD 6,000,000 from affiliates; utilization of funds to cover all expenses associated with a seminar hosted by Thunder Power
Electric Vehicle Limited ("TPEV"); utilization of funds to cover the salaries of employees; and instructions to issue a false
press release with the aim of disseminating rumors or misleading information (collectively, the "Criminal Prosecution"). In
conjunction with the Criminal Prosecution, Taiwan's Securities Investor and Futures Trader Protection Center ("SFIPC"),
based on the content of the Criminal Prosecution, initiated civil actions against Mr. Sham, including: requesting that Mr. Sham
shall bear liability for damages incurred by EPTECH; asserting Mr. Sham should be dismissed from the position of Chairman of EPTECH;
asserting that Mr. Sham shall bear liability for damages incurred by investors of EPTECH; and applying for a provisional seizure
procedure against Mr. Sham. While Thunder Power is unable to predict the outcome of these matters with certainty, in response to
the foregoing accusations, Mr. Sham sought relief by asserting his innocence, appointing a defense attorney, applying for an investigation
of favorable evidence, and actively exercising his right to defend himself.
The outcome of these legal matters is uncertain
and could have far-reaching consequences for our business strategy, operations, and future prospects.
We are subject to substantial laws and regulations that could
impose substantial costs, legal prohibitions or unfavorable changes upon our operations or products, and any failure to comply with these
laws and regulations, including as they evolve, could substantially harm our business and results of operations.
We are or will be subject to complex environmental,
manufacturing, health and safety laws and regulations at numerous jurisdictional levels, including laws relating to the use, handling,
storage, recycling, disposal and human exposure to hazardous materials and with respect to constructing, expanding and maintaining our
facilities. The costs of compliance, including remediating contamination if any is found on our properties and any changes to our operations
mandated by new or amended laws, may be significant. We may also face unexpected delays in obtaining permits and approvals required by
such laws in connection with our manufacturing facilities, which would hinder our ability to continue our commercial manufacturing operations.
Such costs and delays may adversely impact our business prospects and results of operations. Furthermore, any violations of these laws
may result in substantial fines and penalties, remediation costs, third party damages, or a suspension or cessation of our operations.
In addition, models will be to substantial regulation
under international, federal, state and local laws. We have incurred, and expect to continue to incur, significant costs in complying
with these regulations. Any failures to comply could result in significant expenses, delays or fines. In the United States, vehicles
must meet or exceed all federally mandated motor vehicle safety standards to be certified under the federal regulations. Rigorous testing
and the use of approved materials and equipment are among the requirements for achieving federal certification. Any future vehicles will
be subject to substantial regulation under federal, state and local laws and standards. These regulations include those promulgated by
the U.S. Environmental Protection Agency, NHTSA, other federal agencies, various state agencies and various state boards, and compliance
certification is required for each individual vehicle we manufacture for sale. These laws and standards are subject to change from time
to time, and we could become subject to additional regulations in the future, which would increase the effort and expense of compliance.
In addition, federal, state and local laws and industrial standards for electric vehicles are still developing, and we face risks associated
with changes to these regulations, which could have an impact on the acceptance of our electric vehicles, and increased sensitivity by
regulators to the needs of established automobile manufacturers with large employment bases, high fixed costs and business models based
on the internal combustion engine, which could lead them to pass regulations that could reduce the compliance costs of such established
manufacturers or mitigate the effects of government efforts to promote electric vehicles. Compliance with these regulations is challenging,
burdensome, time consuming and expensive. If compliance results in delays or substantial expenses, our business could be adversely affected.
We also expect to become subject to laws and regulations
applicable to the supply, manufacture, import, sale and service of automobiles internationally, including in Europe, the Middle East and
China. Applicable regulations in countries outside of the U.S., such as standards relating to vehicle safety, fuel economy and emissions,
among other things, are often materially different from requirements in the United States. Compliance with such regulations will
therefore require additional time, effort and expense to ensure regulatory compliance in those countries. This process may include official
review and certification of our vehicles by foreign regulatory agencies prior to market entry, as well as compliance with foreign reporting
and recall management systems requirements. There can be no assurance that we will be able to achieve foreign regulatory compliance in
a timely manner and at our expected cost, or at all, and the costs of achieving international regulatory compliance or the failure to
achieve international regulatory compliance could harm our business, prospects, results of operations and financial condition.
17
We may have to choose in the future, or we may be compelled,
to undertake product recalls or take other actions, which could adversely affect our business, prospects, results of operations, reputation
and financial condition.
Product recalls may result in adverse publicity,
damage our reputation and adversely affect our business, prospects, results of operations and financial condition. If a large number of
vehicles are the subject of a recall or if needed replacement parts are not in adequate supply, we may be unable to service and repair
recalled vehicles for a significant period of time. These types of disruptions could jeopardize our ability to fulfill existing contractual
commitments or satisfy demand for our electric vehicles and could also result in the loss of business to our competitors. Such recalls,
whether caused by systems or components engineered or manufactured by us or our suppliers, would involve significant expense and diversion
of management's attention and other resources, which could adversely affect our brand image in our target market and our business,
prospects, results of operations and financial condition.
In the future, if we develop or acquire proprietary intellectual
property, protecting such intellectual property will be critical to our operations and we may suffer competitive harm from infringement
on such rights.
If we develop or acquire new technologies, it
will be critical that we protect our intellectual property assets against third-party infringement. If we develop or acquire intellectual
property, there is a risk that our patent applications may not be granted, or we may not receive sufficient protection of our proprietary
interests. We may also expend considerable resources in defending any future patents against third-party infringement. It may become
critical that we protect our proprietary intellectual property interests to prevent competitive harm.
We are subject to legal proceedings, regulatory disputes and
governmental inquiries that could cause us to incur significant expenses, divert our management's attention, and adversely affect
our business, results of operations, cash flows and financial condition.
From time to time, we may be subject to claims,
lawsuits, government investigations and other proceedings involving product liability, consumer protection, competition and antitrust,
intellectual property, privacy, securities, tax, labor and employment, health and safety, our direct distribution model, environmental
claims, commercial disputes and other matters that could adversely affect our business, results of operations, cash flows and financial
condition. In the ordinary course of business, we have been the subject of complaints or litigation, including claims related to employment
matters.
Litigation and regulatory proceedings may be protracted
and expensive, and the results are difficult to predict. Additionally, our litigation costs could be significant, even if we achieve favorable
outcomes. Adverse outcomes with respect to litigation or any of these legal proceedings may result in significant settlement costs or
judgments, penalties and fines, or require us to modify, make temporarily unavailable or stop manufacturing or selling our vehicles in
some or all markets, all of which could negatively affect our sales and revenue growth and adversely affect our business, prospects, results
of operations, cash flows and financial condition.
The results of litigation, investigations, claims
and regulatory proceedings cannot be predicted with certainty, and determining reserves for pending litigation and other legal and regulatory
matters requires significant judgment. There can be no assurance that our expectations will prove correct, and even if these matters are
resolved in our favor or without significant cash settlements, these matters, and the time and resources necessary to litigate or resolve
them, could harm our business, results of operations, cash flows and financial condition. In addition, the threat or announcement of litigation
or investigations by governmental authorities or other parties, irrespective of the merits of the underlying claims, may itself have an
adverse impact on the trading price of our common stock.
We may become subject to product liability claims, which could
harm our financial condition and liquidity if we are not able to successfully defend or insure against such claims.
We may become subject to product liability claims,
which could harm our business, prospects, results of operations and financial condition. The automotive industry experiences significant
product liability claims, and we face inherent risks of exposure to claims in the event our production vehicles do not perform or are
claimed not to perform as expected or malfunction, resulting in property damage, personal injury or death. We also expect that, as is
true for other automakers, our vehicles will be involved in crashes resulting in death or personal injury, and even if not caused by the
failure of our vehicles, we may face product liability claims and adverse publicity in connection with such incidents. In addition, we
may face claims arising from or related to failures, claimed failures or misuse of new technologies that we expect to offer. In addition,
the battery packs that we produce make use of lithium-ion cells.
On rare occasions, lithium-ion cells can rapidly
release the energy they contain by venting smoke and flames in a manner that can ignite nearby materials as well as other lithium-ion cells.
While we have designed our battery packs to passively contain a single cell's release of energy without spreading to neighboring
modules, there can be no assurance that a field or testing failure of our vehicles or other battery packs that we produce will not occur,
in particular due to a high-speed crash. In addition, although we equip our vehicles with systems designed to detect and warn vehicle
occupants of such thermal events, there can be no assurance that such systems will function as designed or will provide vehicle occupants
with sufficient, or any, warning in all circumstances. Any such events or failures of our vehicles, battery packs or warning systems could
subject us to lawsuits, product recalls or redesign efforts, all of which would be time consuming and expensive.
18
A successful product liability claim against us
could require us to pay a substantial monetary award. Our risks in this area are particularly pronounced in light of the limited field
experience of our vehicles. Moreover, a product liability claim against us or our competitors could generate substantial negative publicity
about our vehicles and business and inhibit or prevent commercialization of our future vehicles, which would have material adverse effect
on our brand, business, prospects and results of operations. Our insurance coverage might not be sufficient to cover all potential product
liability claims, and insurance coverage may not continue to be available to us or, if available, may be at a significantly higher cost.
Any lawsuit seeking significant monetary damages or other product liability claims may have a material adverse effect on our reputation,
business and financial condition.
We may be exposed to delays, limitations and risks related to
the environmental permits and other operating permits required to establish or operate our manufacturing facilities.
Operation of an automobile manufacturing facility
requires land use and environmental permits and other operating permits from federal, state and local government entities. We believe
that we will have the permits necessary to carry out and perform our current plans and operations at our future US manufacturing facilities
based on our current targeted production capacity. We plan to build our manufacturing facilities and construct additional manufacturing
facilities over time to achieve a future target production capacity and will be required to apply for and secure various environmental,
wastewater, and land use permits and certificates of occupancy necessary for the commercial operation of such expanded and additional
facilities. Delays, denials or restrictions on any of the applications for or assignment of the permits to operate our manufacturing facilities
could adversely affect our ability to execute on our business plans and objectives based on our current target production capacity or
our future target production capacity.
We are subject to various environmental, health and safety laws
and regulations that could impose substantial costs on us and cause delays in building and subsequently expanding our production facilities.
Our operations are subject to federal, state and
local environmental laws and regulations and will be subject to international environmental laws, including laws relating to the use,
handling, storage, disposal of and human exposure to hazardous materials. Environmental, health and safety laws and regulations are complex,
and we have limited experience complying with them. Moreover, we may be affected by future amendments to such laws or other new environmental,
health and safety laws and regulations which may require us to change our operations, potentially resulting in a material adverse effect
on our business, prospects, results of operations and financial condition. These laws can give rise to liability for administrative oversight
costs, cleanup costs, property damage, bodily injury, fines and penalties. Capital and operating expenses needed to comply with environmental
laws and regulations can be significant, and violations could result in substantial fines and penalties, third-party damages, suspension
of production or a cessation of our operations.
Contamination at properties we own or operate,
properties we formerly owned or operated or properties to which we sent hazardous substances may result in liability for us under environmental
laws and regulations, including, but not limited to, the Comprehensive Environmental Response, Compensation and Liability Act, which can
impose liability for the full amount of remediation-related costs without regard to fault, for the investigation and cleanup of contaminated
soil and ground water, for building contamination and impacts to human health and for damages to natural resources. The costs of complying
with environmental laws and regulations and any claims concerning noncompliance, or liability with respect to contamination in the future,
could have a material adverse effect on our financial condition or results of operations.
Our operations are also subject to federal, state,
and local workplace safety laws and regulations, including, but not limited to, the Occupational Health and Safety Act, which require
compliance with various workplace safety requirements, including requirements related to environmental safety. These laws and regulations
can give rise to liability for oversight costs, compliance costs, bodily injury (including workers' compensation), fines, and penalties.
Additionally, non-compliance could result
in delay or suspension of production or cessation of operations. The costs required to comply with workplace safety laws can be significant,
and non-compliance could adversely affect our production or other operations, including with respect to the production of our first
models, the Coupe and the City Car, which could have a material adverse effect on our business, prospects and results of operations.
19
We are subject to risks associated with autonomous driving and
advanced driver assistance system technology, and we cannot guarantee that our vehicles will achieve our targeted assisted or autonomous
driving functionality within our projected timeframe, if ever.
Our vehicles are designed with a modularized chassis
system. This approach contrasts with the normal industry practice for internal combustion engine manufacturers ("ICE"), where
other components, such as the engine, gearbox, and fuel tank, need to be taken into consideration before styling can be completed. The
modular chassis allows a much simpler solution for the chassis design, thereby reducing development time and cost with new vehicle development.
Additionally, vehicle stiffness/rigidity is enhanced, and weight is reduced in comparison to the weight of other electric vehicles.
Advanced Driver Assistance Systems ("ADAS")
technologies are emerging and becoming increasingly common in electric vehicles. ADAS is subject to known and unknown risks, and there
have been accidents and fatalities associated with such technologies. The safety of such technologies depends in part on user interaction,
and users, as well as other drivers on the roadways, may not be accustomed to using or adapting to such technologies. In addition, self-driving technologies
are the subject of intense public scrutiny and interest, and previous accidents involving autonomous driving features in other vehicles,
including alleged failures or misuse of such features, have generated significant negative media attention and government investigations.
We and others in our industry are subject to a Standing General Order issued by NHTSA that requires us to report any crashes in which
certain ADAS features were active, and these crash reports will become publicly available. To the extent accidents associated with our
ADAS technologies occur, we could be subject to significant liability, negative publicity, government scrutiny and further regulation.
Any of the foregoing could materially and adversely affect our results of operations, financial condition and growth prospects.
In addition, we face substantial competition in
the development and deployment of ADAS technologies. Many of our competitors, including established automakers and technology companies,
have devoted significant time and resources to developing self-driving technologies. If we are unable to develop competitive Level
2 or more advanced ADAS technologies in-house or acquire access to such technologies via partnerships or investments in other companies
or assets, we may be unable to equip our vehicles with competitive ADAS features, which could damage our brand, reduce consumer demand
for our vehicles or trigger cancellations of reservations and could have a material adverse effect on our business, results of operations,
prospects and financial condition.
ADAS technology is also subject to considerable
regulatory uncertainty, which exposes us to additional risks.
We face risks associated with international operations, including
unfavorable regulatory, political, tax and labor conditions, which could harm our business.
We anticipate having operations in the United States,
Europe and distributions in the United States, European and Asian markets, each that which may be subject to the legal, political,
regulatory and social requirements and economic conditions in these jurisdictions. We are subject to a number of risks associated with
international business activities that may increase our costs, impact our ability to sell, service and manufacture our vehicles, and require
significant management attention. These risks include:
●
conforming our vehicles to various international regulatory requirements where our vehicles are sold, or homologation;
●
establishing localized supply chains and managing international supply chain and logistics costs;
●
establishing sufficient charging points for our customers in those jurisdictions, via partnerships or, if necessary, via development of our own charging networks;
●
difficulty in staffing and managing foreign operations;
●
difficulties attracting customers in new jurisdictions;
●
difficulties establishing international manufacturing operations, including difficulties establishing relationships with or establishing localized supplier bases and developing cost-effective and reliable supply chains for such manufacturing operations and financing such manufacturing operations;
●
foreign government taxes, regulations and permit requirements;
●
inflation as well as fluctuations in foreign currency exchange rates and interest rates, including risks related to any forward currency contracts, interest rate swaps or other hedging activities we undertake;
●
United States and foreign government trade restrictions, tariffs and price or exchange controls;
●
foreign labor laws, regulations and restrictions;
●
foreign data privacy and security laws, regulations and obligations;
●
changes in diplomatic and trade relationships, including political risk and customer perceptions based on such changes and risks;
●
political instability, natural disasters, pandemics, war or events of terrorism; and
●
the strength of international economies.
If we fail to successfully address these risks,
our business, prospects, results of operations and financial condition could be materially harmed.
20
Increasing scrutiny and changing expectations from global regulations,
our investors, customers and personnel with respect to our ESG practices may impose additional costs on us or expose us to new or additional
risks.
There is increased focus, including from governmental
organizations and investors, customers and personnel, on ESG issues such as environmental stewardship, climate change, diversity and inclusion,
racial justice and workplace conduct. There can be no certainty that we will manage such issues successfully, or that we will successfully
meet society's expectations as to our proper role. Negative public perception, adverse publicity or negative comments in social
media could damage our reputation if we do not, or are not perceived to, adequately address these issues. Any harm to our reputation could
impact our personnel's engagement and retention and the willingness of our customers and partners to do business with us.
It is possible that our stakeholders may not be
satisfied with our ESG practices, or the speed of their adoption and our systems may not be adequate to meet increasing global regulations
on ESG topics. Actual or perceived shortcomings with respect to our ESG initiatives and reporting could negatively impact our business.
We could also incur additional costs and require additional resources to monitor, report, and comply with various ESG practices. In addition,
a variety of organizations have developed ratings to measure the performance of companies on ESG topics, and the results of these assessments
are widely publicized. Investment in funds that specialize in companies that perform well in such assessments are increasingly popular,
and major institutional investors have publicly emphasized the importance of such ESG measures to their investment decisions. Unfavorable
ratings of our company or our industries, as well as non-inclusion of our stock on ESG-oriented investment funds, may lead to
negative investor sentiment and the diversion of investment to other companies or industries, which could have a negative impact on our
stock price.
In addition, due to the impacts of climate change,
there are increasing risks to our business, including physical risks such as wildfires, floods, tornadoes or other events, that could
cause disruptions to our supply chain, manufacturing, and corporate functions. We may incur additional costs and resources preparing for
and addressing such risks.
Various states' automobile manufacturer and dealer regulations
may limit Thunder Power's ability to implement its business model for the sale of the Coupe and for the servicing of its entire
family of EVs in the U.S. EV market.
In the United States, state laws regulate
the manufacture, distribution, sale and service of automobiles, and generally require motor vehicle manufacturers and dealers to be licensed
in order to sell vehicles directly to residents. Certain states do not permit automobile manufacturers to be licensed as dealers or to
act in the capacity of a dealer, or otherwise restrict a manufacturer's ability to deliver or service vehicles. To sell vehicles
to residents of states where Thunder Power is not licensed as a dealer, Thunder Power expects to conduct the transfer of title out of
the state. In certain such states, Thunder Power expects to open Studios that serve an educational purpose and where the title transfer
may not occur.
Some automobile dealer trade associations may
challenge the legality of Thunder Power's operations and direct selling operations by OEMs in court and may use administrative and
legislative processes to attempt to prohibit or limit such original equipment manufacturers' ("OEMs") ability to operate
existing stores or expand to new locations. Certain dealer associations may also actively lobbied state licensing agencies and legislators
to interpret existing laws or enact new laws in ways not favorable to Thunder Power's planned direct sales and service model. Thunder
Power expects dealer trade associations to continue to lobby state licensing agencies and legislators to interpret existing laws or enact
new laws in ways not favorable to its business model; however, Thunder Power intends to oppose such efforts to limit its ability to operate
and intends to proactively support legislation that enables its business model.
Should Thunder Power not be allowed to develop
relationships with the largest multi-brand and high-end brand dealers in the U.S. it would be difficult for it as a newcomer
to the U.S. EV market to gain a foothold in the U.S. Thunder Power recognizes that its best strategy for market penetration
is to align itself with a U.S. dealership network, especially for sale of the Coupe, and the eventual servicing of its family of
EVs.
If Thunder Power is successful in building out
its business model without limitations from legislations, trade associations or lobbyist, it may be able to explore having a relationship
with one of the large service providers for EVs in the U.S. This potential partner currently maintains 1,000 technicians, 750 mobile
service trucks and 24/7 call centers for warranty and service processing. This potential partner is currently servicing reputable BYD
commercial vehicles. In addition, a sister company of this potential partner specializes in and is the leading full-service provider
of repair/remanufacture, storage, distribution and logistics, first life extension and recycling services on the entire battery life cycle.
Together these two companies are subsidiaries of a large $21 billion revenue privately held company in the U.S. and would offer
great potential to Thunder Power should the service segment of Thunder Power's business model materializes. Thunder Power has not
entered into any formal discussions or negotiations with this potential partner and there is no guarantee that Thunder Power will ever
do so.
21
ADAS technology is subject to uncertain and evolving regulations.
We expect to introduce certain ADAS technologies
into our vehicles over time. ADAS technology is subject to considerable regulatory uncertainty as the law evolves to catch up with the
rapidly evolving nature of the technology itself, all of which is beyond our control. There is a variety of international, federal and
state regulations that may apply to self-driving and driver-assisted vehicles, which include many existing vehicle standards
that assume a human driver will be controlling the vehicle at all times. There are currently no federal U.S. regulations pertaining
to the safety of self-driving vehicles; however, NHTSA has established recommended guidelines. Certain states have legal restrictions
on self-driving vehicles, and many other states are considering them. In Europe, certain vehicle safety regulations apply to self-driving braking
and steering systems, and certain treaties also restrict the legality of certain higher levels of self-driving vehicles. Self-driving laws
and regulations are expected to continue to evolve in numerous jurisdictions in the United States and foreign countries, which increases
the likelihood of a patchwork of complex or conflicting regulations or may delay products or restrict self-driving features and availability,
which could adversely affect our business. Our vehicles may not achieve compliance with the regulatory requirements in some countries
or jurisdictions for certification and rollout to consumers or satisfy changing regulatory requirements which could require us to redesign,
modify or update our ADAS hardware and related software systems. Any such requirements or limitations could impose significant expense
or delays and could harm our competitive position, which could adversely affect our business, prospects, results of operations and financial
condition.
Our auditor, Assentsure PAC, is headquartered in Singapore, and
is subject to inspection by the PCAOB on a regular basis. To the extent that our independent registered public accounting firm's
audit documentation related to their audit reports for our business activities in Hong Kong or Taiwan, the PCAOB may not be able
inspect such audit documentation and, as such, you may be deprived of the benefits of such inspection and our Common Stock could be delisted
from the stock exchange pursuant to the Holding Foreign Companies Accountable Act.
The Holding Foreign Companies Accountable Act,
or the HFCAA, was enacted on December 18, 2020. The HFCAA states if the SEC determines that we have filed audit reports issued by
a registered public accounting firm that has not been subject to inspection by the Public Company Accounting Oversight Board (the "PCAOB")
for three consecutive years beginning in 2021, the SEC shall prohibit our shares from being traded on a national securities exchange
or in the over-the-counter trading market in the United States.
Pursuant to the HFCAA, the PCAOB issued a Determination
Report on December 16, 2021 which found that the PCAOB is unable to inspect or investigate completely registered public accounting
firms headquartered in parts of the PRC including: (i) Mainland China, and (ii) Hong Kong. In addition, the PCAOB's
report identified the specific registered public accounting firms which are subject to these determinations. Our auditor, Assentsure PAC,
is headquartered in Singapore and is subject to inspection by the PCAOB once every three years or as determined by the PCAOB. Our
auditor is not headquartered in the PRC and was not identified in this report as a firm subject to the PCAOB's determination.
Our independent registered public accounting firm
issued an audit opinion on the financial statements included in this report filed with the SEC and will issue audit reports related to
us in the future. As auditors of companies that are traded publicly in the United States and a firm registered with the PCAOB, our
auditor is required by the laws of the United States to undergo regular inspections by the PCAOB but there is a risk that our auditor's
work papers has not been subjected to inspection by the PCAOB or the PCAOB is currently unable to conduct inspections for reasons unknown
or beyond our control. Inspections of certain other accounting firms that the PCAOB has conducted have identified deficiencies in those
firms' audit procedures and quality control procedures, which may be addressed as part of the inspection process to improve future
audit quality. We are required by the HFCAA to have an auditor that is subject to the inspection by the PCAOB. While our present
auditor is located in the United States and the PCAOB is able to conduct inspections on such auditor, to the extent this status changes
in the future and our auditor's audit documentation related to their audit reports for our company becomes outside of the inspection
by the PCAOB or if the PCAOB is unable to inspect or investigate completely our auditor because of a position taken by an authority in
a foreign jurisdiction, trading in our Ordinary shares could be prohibited under the HFCAA, and as a result our ordinary shares could
be delisted from NASDAQ.
On March 24, 2021, the SEC adopted interim
final rules relating to the implementation of certain disclosure and documentation requirements of the HFCAA, which became effective on
May 5, 2021. We will be required to comply with these rules if the SEC identifies our auditors as having a "non-inspection" year
under a process to be subsequently established by the SEC.
On May 13, 2021, the PCAOB proposed a new
rule for implementing the HFCAA. Among other things, the proposed rule provides a framework for the PCAOB to use when determining,
under the HFCAA, whether it is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction
because of a position taken by one or more authorities in that jurisdiction. The proposed rule would also establish the manner of the
PCAOB's determinations; the factors the PCAOB will evaluate and the documents and information it will consider when assessing whether
a determination is warranted; the form, public availability, effective date, and duration of such determinations; and the process by which
the board of the PCAOB can modify or vacate its determinations. The proposed rule was adopted by the PCAOB on September 22, 2021
and approved by the SEC on November 5, 2021.
22
On June 22, 2021, the U.S. Senate passed
AHFCAA which, if passed by the U.S. House of Representatives and signed into law, would reduce the number of consecutive non-inspection years
required for triggering the prohibitions under the HFCAA from three years to two, under this proposal, if the auditor is not subject
to PCAOB inspections for two consecutive years, it will trigger the prohibition on trading, thus posing more risks on potential delisting
as well as the price of Company's Ordinary shares especially on foreign companies.
The SEC is assessing how to implement other requirements
of the HFCAA, including the listing and trading prohibition requirements described above. The SEC may propose additional rules or guidance
that could impact us if our auditor is not subject to the PCAOB inspection. For example, on August 6, 2020, the President's
Working Group on Financial Markets, or the PWG, issued the Report on Protecting United States Investors from Significant Risks from
Chinese Companies to the then President of the United States. This report recommended the SEC implement five recommendations to address
companies from jurisdictions that do not provide the PCAOB with sufficient access to fulfill its statutory mandate. Some of the concepts
of these recommendations were implemented with the enactment of the HFCAA. However, some of the recommendations were more stringent
than the HFCAA. For example, if a company was not subject to the PCAOB inspection, the report recommended that the transition period
before a company would be delisted would end on January 1, 2022.
On December 2, 2021, the SEC issued amendments
to finalize the interim final rules previously adopted in March 2021, and established procedures to identify issuers and prohibit
the trading of the securities of certain registrants as required by the HFCAA.
While the HFCAA is not currently applicable to
us because our current auditors are subject to PCAOB review, if this changes in the future for any reason, we may be subject to the
HFCAA. The implications of this regulation as applied to us is uncertain. Such uncertainty could cause the market price of our ordinary
shares to be materially and adversely affected, and our securities could be delisted or prohibited from being traded on Nasdaq earlier
than would be required by the HFCAA. If our Common Stock are unable to be listed on another securities exchange, such a delisting
may substantially impair your ability to sell or purchase our Common Stock, and the risk and uncertainty associated with a potential delisting
would have a negative impact on the price of the Common Stock.
Risks Related to Thunder Power's Products and
Services
We have not yet commenced mass production, and any significant
delay in the design, manufacture, launch and financing could make it difficult for us to commence production and harm our business and
prospects.
Our plan to commercially manufacture and sell
our vehicles is dependent upon the timely availability of funds, upon our finalizing of the related design, engineering, component procurement,
testing, build-out and manufacturing plans in a timely manner and also upon our ability to execute these plans within the planned
timeline. Automobile manufacturers often experience delays in the design, manufacture and commercial release of new vehicle models, and
if we experience significant delays in any of the foregoing processes, it would be difficult for us to commence production, which could
harm our business and prospects.
Many of our vehicles are still in the development
and/or testing phase, and may occur later or not at all. Additionally, prior to mass production of our electric vehicles, we will also
need the vehicles to be fully approved for sale according to differing requirements, including but not limited to regulatory requirements,
in the different geographies where we intend to launch our vehicles. Likewise, we may encounter delays with the design, construction,
and regulatory or other approvals necessary to bring online our future manufacturing facility in the United States.
Furthermore, we would rely on third party suppliers
for the development, manufacture, and/or provision and development of many of the key components and materials used in our vehicles, as
well as provisioning and servicing equipment in our manufacturing facilities. We understand that many automobile manufacturers have been
affected by ongoing, industry-wide challenges in logistics and supply chains, such as increased port congestion, intermittent supplier
delays, a shortfall of semiconductor supply, and international travel restrictions preventing supply quality engineers from conducting
in-person visits and quality engineering for parts production. We expect to face these and similar challenges which may affect our
ability, and the ability of our suppliers, to obtain parts, components and manufacturing equipment on a timely basis, and in some instances
have resulted in increased costs. We expect that these industry-wide trends will continue for the foreseeable future. To the extent
our suppliers experience any delays in providing us with or developing necessary components, we could experience delays in delivering
on our timelines.
23
Any significant delay or other complication in
the development, manufacture, launch and production ramp of our future products, features and services, including complications associated
with completing and subsequently expanding our production capacity and supply chain or obtaining or maintaining related regulatory approvals,
or inability to manage such ramps cost-effectively, could materially damage our brand, business, prospects, financial condition and results
of operations.
The continued development of and the ability to
manufacture our vehicles, are and will be subject to risks, including with respect to:
●
our ability to ensure readiness of firmware features and functions to be integrated into the unified hardware network and cloud as planned and on the desired timeline;
●
any delays by us in delivering final component designs to our suppliers;
●
our or our suppliers' ability to successfully tool their manufacturing facilities as planned and on the desired timeline;
●
our ability to ensure a working supply chain and desired supplier part quality and quantity as planned and on the desired timeline;
●
our ability to accurately manufacture vehicles within specified design tolerances;
●
our ability to establish, refine and scale, as well as make significant investments in manufacturing, supply chain management and logistics functions, including the related information technology systems and software applications;
●
our ability to adequately reduce and control the costs of key parts and materials;
●
our ability to manage any transitions or changes in our production process, planned or unplanned;
●
the occurrence of product defects that cannot be remedied without adversely affecting the production;
●
our ability to secure necessary funding;
●
our ability to negotiate and execute definitive agreements with various suppliers for hardware, software, or services necessary to engineer or manufacture our vehicles;
●
our ability to obtain required regulatory approvals and certifications;
●
our ability to comply with environmental, safety, and similar regulations and in a timely manner;
●
our ability to secure necessary components, services, or licenses on acceptable terms and in a timely manner;
●
our ability to attract, recruit, hire, retain and train skilled personnel including supply chain management, supplier quality, manufacturing and logistics personnel;
●
our ability to implement effective and efficient quality controls;
●
delays or disruptions in our supply chain including raw material supplies;
●
our ability to maintain arrangements on commercially reasonable terms with our suppliers, delivery and other partners, after sales service providers, and other operationally significant third parties;
●
other delays, backlog in manufacturing and research and development of new models, and cost overruns; and
●
any other risks identified herein.
We expect that we will require additional financing
to fund our planned operations and expansion plans. If we are unable to arrange for required funds under the terms and on the timeline
that we anticipate, our plans for tooling and building out our manufacturing facilities and for commercial production of our electric
vehicles could be significantly delayed, which would materially adversely affect our business, prospects, financial condition and results
of operations.
24
Our prospect for future growth depends upon our ability to establish
and maintain relationships with our potential suppliers and source suppliers for our critical components, and to completely build out
our supply chain, while effectively managing the risks due to such relationships.
Our success will depend on our ability to enter
into supplier agreements and establish and maintain our relationships with hundreds of suppliers that are critical to the output and production
of our vehicles. We currently have no supply or supplier agreements and the supplier agreements we have been in discussions regarding,
or may enter into with potential key suppliers in the future may have provisions where such agreements can be terminated in various circumstances,
including potentially without cause. To the extent that we do not have long-term supply agreements with guaranteed pricing for our
parts or components, we will be exposed to fluctuations in prices of components, materials and equipment. In addition, our agreements
for the purchase of other components may contain pricing provisions that are subject to adjustment based on changes in market prices of
key commodities. Substantial increases in the prices for such components, materials and equipment, whether due to supply chain or logistics
issues or due to inflation, would increase our operating costs and could reduce our margins if we cannot recoup the increased costs. Any
attempts to increase the announced or expected prices of our vehicles in response to increased costs could be viewed negatively by our
potential customers and could adversely affect our business, prospects, financial condition or results of operations.
We currently have no supply or supplier agreements
and may be at a disadvantage in negotiating supply or supplier agreements for the production of our vehicles as we have not commenced
the mass production of our vehicles. In addition, given that in many cases we are an aggregator of automotive parts produced by third
party manufacturers, there is the possibility that supply or supplier agreements for the parts and components for our vehicles could be
at costs that make it difficult for us to operate profitably.
The automotive market is highly competitive, and we may not be
successful in competing in this industry.
The global automotive market, particularly for
electric and alternative fuel vehicles, is highly competitive, and we expect it will become even more so in the future. In recent years,
the electric vehicle industry has grown, with several companies that focus completely or partially on the electric vehicle market. We
expect additional companies to enter this market within the next several years. Electric vehicle manufacturers with which we compete
include Tesla, BYD, NIO
as well as an increasing number of U.S.-based and international entrants, many of which have
announced plans to begin selling their own electric vehicles in the near-term. We also compete with established automobile manufacturers
in the luxury vehicle segment, many of which have entered or have announced plans to enter the alternative fuel and electric vehicle market
with either fully electric or plug-in hybrid versions of their vehicles. We compete for sales with luxury vehicles with internal
combustion engines from established manufacturers. Many of our current and potential competitors have significantly greater financial,
technical, manufacturing, marketing and other resources than we do and may be able to devote greater resources to the design, development,
manufacturing, distribution, promotion, sale, servicing, and support of their products. In addition, many of these companies have longer
operating histories, greater name recognition, larger and more established sales forces, broader customer and industry relationships and
other resources than we do. Our competitors may be in a stronger position to respond quickly to new technologies and may be able to design,
develop, market and sell their products more effectively than we do. We expect competition in our industry to significantly intensify
in the future in light of increased demand for alternative fuel vehicles, continuing globalization, favorable governmental policies, and
consolidation in the worldwide automotive industry. Our ability to successfully compete in our industry will be fundamental to our future
success in existing and new markets. There can be no assurance that we will be able to compete successfully in our markets.
Our ability to generate meaningful product revenue will depend
on consumer adoption of electric vehicles.
We are developing and producing only electric
vehicles and, accordingly, our ability to generate meaningful product revenue will highly depend on sustained consumer demand for alternative
fuel vehicles in general and electric vehicles in particular. If the market for electric vehicles does not develop as we expect or develops
more slowly than we expect, or if there is a decrease in consumer demand for electric vehicles, our business, prospects, financial condition
and results of operations will be harmed. The market for electric and other alternative fuel vehicles is relatively new, rapidly evolving,
characterized by rapidly changing technologies, price competition, additional competitors, evolving government regulation (including government
incentives and subsidies) and industry standards, frequent new vehicle announcements and changing consumer demands and behaviors. Any
number of changes in the industry could negatively affect consumer demand for electric vehicles in general and our electric vehicles in
particular.
25
In addition, demand for electric vehicles may
be affected by factors directly impacting automobile prices or the cost of purchasing and operating automobiles such as sales and financing
incentives such as tax credits, prices of raw materials and parts and components, cost of fuel, availability of consumer credit, and governmental
regulations, including tariffs, import regulation and other taxes. Volatility in demand may lead to lower vehicle unit sales, which may
result in downward price pressure and adversely affect our business, prospects, financial condition and results of operations. Further,
sales of vehicles in the automotive industry tend to be cyclical in many markets, which may expose us to increased volatility, especially
as we expand and adjust our operations and retail strategies. Specifically, it is uncertain how such macroeconomic factors will impact
us as a new entrant in an industry that has globally been experiencing a recent decline in sales.
Other factors that may influence the adoption
of electric vehicles include:
●
perceptions about electric vehicle quality, safety, design, performance and cost;
●
perceptions about the limited range over which electric vehicles may be driven on a single battery charge;
●
perceptions about the total cost of ownership of electric vehicles, including the initial purchase price and operating and maintenance costs, both including and excluding the effect of government and other subsidies and incentives designed to promote the purchase of electric vehicles;
●
concerns about electric grid capacity and reliability;
●
perceptions about the sustainability and environmental impact of electric vehicles, including with respect to both the sourcing and disposal of materials for electric vehicle batteries and the generation of electricity provided in the electric grid;
●
the availability of other alternative fuel vehicles, including plug-in hybrid electric vehicles;
●
improvements in the fuel economy of the internal combustion engine;
●
the quality and availability of service for electric vehicles, especially in international markets;
●
volatility in the cost of oil and gasoline;
●
government regulations and economic incentives promoting fuel efficiency and alternate forms of energy;
●
access to charging stations and cost to charge an electric vehicle, especially in international markets, and related infrastructure costs and standardization;
●
the availability of tax and other governmental incentives to purchase and operate electric vehicles or future regulation requiring increased use of nonpolluting vehicles; and
●
macroeconomic factors.
The influence of any of the factors described
above or any other factors may cause a general reduction in consumer demand for electric vehicles or our electric vehicles in particular,
either of which would materially and adversely affect our business, results of operations, financial condition and prospects.
Until the foreseeable future our revenue will be significantly
dependent on a limited number of models of electric vehicles.
The Company currently has four models of electric
vehicles featured in its phased development strategy and our revenue in the foreseeable future will be significantly dependent on a limited
number of models. Although we have other vehicle models on our product roadmap, we currently do not expect to introduce another vehicle
model for sale to these four models until at least 2030. We expect to rely on sales from the Limited Edition Coupe (the "Coupe"
or "488"), Long-range Sedan (the "Sedan"), Compact City Car (the "City Car" or "Chloe")
and the Long-range SUV (the "SUV", the Coupe, Sedan, City Car and SUV collectively referred to as the "Models"),
among other sources of financing, for the capital that will be required to develop and commercialize those subsequent models. To the extent
that production of the models is delayed, reduced, or is not well-received by the market for any reason, our revenue and cash flow
would be adversely affected, we may need to seek additional financing earlier than we expect, and such financing may not be available
to us on commercially reasonable terms, or at all.
26
Developments in electric vehicle or alternative fuel technology
or improvements in the internal combustion engine may adversely affect the demand for our vehicles.
We may be unable to keep up with changes in electric
vehicle technology or alternatives to electricity as a fuel source and, as a result, our competitiveness may suffer. Significant developments
in alternative technologies, such as alternative battery cell technologies, hydrogen fuel cell technology, advanced gasoline, ethanol
or natural gas, or improvements in the fuel economy of the internal combustion engine, may materially and adversely affect our business
and prospects in ways we do not currently anticipate. Existing and other battery cell technologies, fuels or sources of energy may emerge
as customers' preferred alternative to the technologies in our electric vehicles. Any failure by us to develop new or enhanced technologies
or processes, or to react to changes in existing technologies, could materially delay our development and introduction of new and enhanced
electric vehicles, which could result in the loss of competitiveness of our vehicles, decreased revenue and a loss of market share to
competitors. In addition, we expect to compete in part on the basis of our vehicles' range, efficiency, charging speeds and performance,
and improvements in the technology offered by competitors could reduce demand for our models or other future vehicles. As technologies
change, we plan to upgrade or adapt our vehicles and introduce new models that reflect such technological developments, but our vehicles
may become obsolete, and our research and development efforts may not be sufficient to adapt to changes in alternative fuel and electric
vehicle technology. Additionally, as new companies and larger, existing vehicle manufacturers continue to enter the electric vehicle space,
we may lose any technological advantage we may have and suffer a decline in our competitive position. Any failure by us to successfully
react to changes in existing technologies or the development of new technologies could materially harm our competitive position and growth
prospects.
We will be dependent on our suppliers and the inability of these
suppliers to deliver necessary components of our products according to our schedule and at prices, quality levels and volumes acceptable
to us, or our inability to efficiently manage these components or to implement or maintain effective inventory management and other systems,
processes and personnel to support ongoing and increased production, could have a material adverse effect on our results of operations
and financial condition.
We will rely on third-party suppliers for
the provision and development of many of the key components and materials used in our vehicles. While we plan to obtain components from
multiple sources whenever possible, many of the components used in our vehicles will be purchased by us from a single, yet unknown, source.
Our limited, and in many cases single-source, supply chain approach exposes us to multiple potential sources of delivery failure or component
shortages for our production. Our potential third-party suppliers may not be able to meet our required product specifications and
performance characteristics, which would impact our ability to achieve our product specifications and performance characteristics as well.
Additionally, our potential third-party suppliers may be unable to obtain required certifications or provide necessary warranties
for their products that are necessary for use in our vehicles.
We may be affected by ongoing, industry-wide challenges
in logistics and supply chains, such as increased port congestion, intermittent supplier delays a shortfall of semiconductor supply, and
international travel restrictions preventing supply quality engineers from conducting in-person visits and quality engineering for
parts production. We expect that these industry-wide trends will continue to affect the ability of us and our suppliers to obtain
parts, components and manufacturing equipment on a timely basis for the foreseeable future, and may result in increased costs. We may
also be impacted by changes in our future supply chain or production needs, including cost increases from our suppliers, in order to meet
our quality targets and development timelines as well as due to design changes. Likewise, any significant increases in our production
may in the future require us to procure additional components in a short amount of time. Our suppliers may not ultimately be able to sustainably
and timely meet our cost, quality and volume needs, requiring us to replace them with other sources. In many cases, our suppliers will
be providing us with custom-designed parts that would require significant lead time to obtain from alternative suppliers, or may
not be available from alternative suppliers at all. If we are unable to obtain suitable components and materials used in our vehicles
from our suppliers or if our suppliers decide to create or supply a competing product, our business could be adversely affected. Further,
if we are unsuccessful in our efforts to control and reduce supplier costs, our results of operations will suffer.
We have not experienced, but may in the future
experience, delays if our suppliers do not meet agreed upon timelines, experience capacity constraints, or deliver components that do
not meet our quality standards. Any disruption in the supply of components, whether or not from a single source supplier, could temporarily
disrupt production of our vehicles until an alternative supplier is able to supply the required material. Any such delay, even if caused
by a delay or shortage in only one part, could significantly affect our ability to meet our planned vehicle production targets. Even in
cases where we may be able to establish alternate supply relationships and obtain or engineer replacement components for our single source
components, we may be unable to do so quickly, or at all, at prices or quality levels that are acceptable to us. This risk is heightened
by the fact that we have less negotiating leverage with suppliers than larger and more established automobile manufacturers, which could
adversely affect our ability to obtain necessary components and materials on a timely basis, on favorable pricing and other terms, or
at all. The industry in which we operate has recently experienced severe supply chain disruptions, and we expect these conditions to continue
for the foreseeable future. Any such supply disruption could materially and adversely affect our results of operations, financial condition
and prospects.
27
Furthermore, as the scale of our vehicle production
increases in the future, we will need to accurately forecast, purchase, warehouse and transport components to our manufacturing facilities
and servicing locations internationally and at much higher volumes. We have not yet scaled production in our manufacturing facilities
to significant volumes or begun servicing vehicles at significant volumes. Accordingly, our ability to scale production and vehicle servicing
and mitigate risks associated with these activities has not been thoroughly tested. If we are unable to accurately match the timing and
quantities of component purchases to our actual needs, successfully recruit and retain personnel with relevant experience, or successfully
implement automation, inventory management and other systems or processes to accommodate the increased complexity in our supply chain
and manufacturing operations, we may incur unexpected production disruption, storage, transportation and write-off costs, which could
have a material adverse effect on our results of operations and financial condition.
Furthermore, unexpected changes in business conditions,
materials pricing, labor issues, wars, governmental changes, tariffs, natural disasters, health epidemics, and other factors beyond our
and our suppliers' control could also affect these suppliers' ability to deliver components to us on a timely basis. We have
also identified certain of our suppliers, including certain suppliers we deem critical, as having poor financial health or being at risk
of bankruptcy. Although we routinely review our suppliers' financial health and attempt to identify alternate suppliers where possible,
the loss of any supplier, particularly a single- or limited-source supplier, or the disruption in the supply of components from our
suppliers, could lead to vehicle design changes, production delays, idle manufacturing facilities and potential loss of access to important
technology and parts for producing, servicing and supporting our vehicles, any of which could result in negative publicity, damage to
our brand and a material and adverse effect on our business, prospects, results of operations and financial condition. In addition, if
our suppliers experience substantial financial difficulties, cease operations or otherwise face business disruptions, we may be required
to provide substantial financial support to ensure supply continuity, which could have an additional adverse effect on our liquidity and
financial condition.
Increases in costs, disruption of supply or shortage of materials,
in particular for lithium-ion cells or semiconductors, could harm our business.
As we scale commercial production of our vehicles
or any future energy storage systems, we have experienced and may continue to experience increases in the cost of or a sustained interruption
in the supply or shortage of materials. Any such increase, supply interruption or shortage could materially and adversely impact our business,
results of operations, prospects and financial condition. In addition, we use various materials in our business, including aluminum, steel,
lithium, nickel, copper, cobalt, neodymium, terbium, praseodymium and manganese, as well as lithium-ion cells and semiconductors
from suppliers.
The prices for these materials fluctuate, and their available supply may be unstable, depending on market
conditions, inflationary pressure and global demand for these materials, including as a result of increased production of electric vehicles,
energy storage products by our competitors and the global supply chain crisis, and could adversely affect our business and results of
operations. For instance, we are exposed to multiple risks relating to lithium-ion cells. These risks include:
●
the inability or unwillingness of current battery manufacturers to build or operate battery cell manufacturing plants to supply the numbers of lithium-ion cells required to support the growth of the electric vehicle industry as demand for such cells increases;
●
an increase in the cost, or decrease in the available supply, of materials, such as cobalt, used in lithium-ion cells;
●
disruption in the supply of cells due to quality issues or recalls by battery cell manufacturers; and
●
fluctuations in the value of any foreign currencies, in which battery cell and related raw material purchases are or may be denominated against the U.S. dollar.
Our ability to manufacture our vehicles or any
future energy storage systems will depend on the continued supply of battery cells for the battery packs used in our products. We have
limited flexibility in changing battery cell suppliers, and any disruption in the supply of battery cells from such suppliers could disrupt
production of our vehicles until a different supplier is fully qualified. Furthermore, our ability to manufacture our vehicles depends
on continuing access to semiconductors and components that incorporate semiconductors. A global semiconductor supply shortage is having
wide-ranging effects across multiple industries and the automotive industry in particular, and it has impacted many automotive suppliers
and manufacturers, including us, that incorporate semiconductors into the parts they supply or manufacture. We have experienced and may
continue to experience an impact on our operations as a result of the semiconductor supply shortage, and such shortage could in the future
have a material impact on us or our suppliers, which could delay or reduce planned production levels of the Models or planned future vehicles,
impair our ability to continue production once started or force us or our suppliers to pay exorbitant rates for continued access to semiconductors,
and of which could have a material adverse effect on our business, prospects and results of operations. In addition, prices and transportation
expenses for these materials fluctuate depending on many factors beyond our control, including fluctuations in supply and demand, currency
fluctuations, tariffs and taxes, fluctuations and shortages in petroleum supply, freight charges and other economic and political factors.
These risks could be further magnified by geographical developments such as the conflict between Ukraine and Russia. Substantial increases
in the prices for our materials or prices charged to us, such as those charged by battery cell or semiconductor suppliers, would increase
our operating costs, and could reduce our margins if we cannot recoup the increased costs through increased prices. Any attempts to increase
product prices in response to increased material costs could result in cancellations of orders and reservations and materially and adversely
affect our brand, image, business, results of operations, prospects and financial condition.
28
Furthermore, currency fluctuations, tariffs or
shortages in petroleum and other economic or political conditions have and may continue to result in significant increases in freight
charges and raw material costs. Substantial increases in the prices for our raw materials or components would increase our operating costs
and could reduce our margins. In addition, a growth in popularity of electric vehicles without a significant expansion in battery cell
production capacity could result in shortages which would result in increased materials costs to us, and would impact our expected manufacturing
and delivery timelines, and adversely affect our business, prospects, financial condition, results of operations, and cash flows.
We must develop complex software and technology systems, including
in coordination with vendors and suppliers, in order to produce our electric vehicles, and there can be no assurance such systems will
be successfully developed.
Our vehicles, use a substantial amount of third-party and
proprietary software and complex technological hardware to operate, some of which is still subject to further development and testing.
The development and implementation of such advanced technologies is inherently complex, and requires coordination with our vendors and
suppliers in order to integrate such technology into our electric vehicles and ensure it interoperates with other complex technology as
designed and as expected.
We may fail to detect defects and errors that
are subsequently revealed, and our control over the performance of third-party services and systems may be limited. Any defects or
errors in, or which are attributed to, our technology, could result in, among other things:
●
delayed production and delivery of our vehicles;
●
delayed market acceptance of our vehicles;
●
loss of customers or inability to attract new customers;
●
diversion of engineering or other resources for remedying the defect or error;
●
damage to our brand or reputation;
●
increased service and warranty costs;
●
legal action by customers or third parties, including product liability claims; and
●
penalties imposed by regulatory authorities.
In addition, if we are unable to develop the software
and technology systems necessary to operate our vehicles, our competitive position will be harmed. We rely on third-party suppliers
to develop a number of technologies for use in our products.
There can be no assurances that our suppliers will be able
to meet the technological requirements, production timing and volume requirements to support our business plan. In addition, such technology
may not satisfy the cost, performance useful life and warranty characteristics we anticipate in our business plan, which could materially
adversely affect our business, prospects and results of operations.
If our manufacturing facilities become inoperable, we will be
unable to produce our vehicles and our business will be harmed.
Any failure to continue commercial production
on schedule, such as a breakdown or interruption of our supply chain, would lead to additional costs and would delay our ability to generate
meaningful revenues. In addition, it could prevent us from gaining the confidence of potential customers, spur cancellations of reservations
for the Models and open the door to increased competition. All of the foregoing could hinder our ability to successfully launch and grow
our business and achieve a competitive position in the market.
We rely on complex machinery for our operations, and production
involves a significant degree of risk and uncertainty in terms of operational performance, safety, security and costs.
We expect to utilize a number of new manufacturing
technologies, techniques and processes for our vehicles, such as motor winding equipment, and we may utilize additional new technologies,
techniques and processes in the future. Certain design features in our vehicles present additional manufacturing challenges, such the
Battery Management System and Thermal Management System. There is no guarantee that we will be able to successfully and timely introduce
and scale any such new processes or features.
We also rely heavily on complex machinery for
our operations, and our production involves a significant degree of uncertainty and risk in terms of operational performance and costs.
Our manufacturing plant employs large-scale, complex machinery combining many components, which may suffer unexpected malfunctions from
time to time and will depend on repairs and spare parts that may not be available when needed.
29
Unexpected malfunctions of the manufacturing plant
components may significantly decrease our operational efficiency, including by forcing manufacturing shutdowns in order to conduct repairs
or troubleshoot manufacturing problems. Our facilities may also be harmed or rendered inoperable by natural or man-made disasters,
including but not limited to earthquakes, tornadoes, flooding, fire, power outages, environmental hazards and remediation, costs associated
with decommissioning of equipment, labor disputes and strikes, difficulty or delays in obtaining governmental permits and licenses, damages
or defects in electronic systems, industrial accidents or health epidemics, such as the recent COVID-19 pandemic, which may render
it difficult or impossible for us to manufacture our vehicles for some period of time. The inability to produce our vehicles or the backlog
that could develop if our manufacturing plant is inoperable for even a short period of time may result in the loss of customers or harm
our reputation. Although we maintain insurance for damage to our property and the disruption of our business, this insurance may not be
sufficient to cover all of our potential losses and may not continue to be available to us on acceptable terms, if at all. Should operational
risks materialize, they may result in the personal injury to or death of our workers, the loss of production equipment, damage to manufacturing
facilities, monetary losses, delays and unanticipated fluctuations in production, environmental damage, administrative fines, increased
insurance costs and potential legal liabilities, all which could have a material adverse effect on our business, results of operations,
cash flows, financial condition or prospects.
If we update or discontinue the use of our manufacturing equipment
more quickly than expected, we may have to shorten the useful lives of any equipment to be retired as a result of any such update, and
the resulting acceleration in our depreciation could negatively affect our financial results.
We have invested and expect to continue to invest
significantly in what we believe is state of the art tooling, machinery and other manufacturing equipment, and we depreciate the cost
of such equipment over their expected useful lives. However, manufacturing technology may evolve rapidly, and we may decide to update
our manufacturing processes more quickly than expected. Moreover, as we ramp the commercial production of our vehicles, our experience
may cause us to discontinue the use of already installed equipment in favor of different or additional equipment. The useful life of any
equipment that would be retired early as a result would be shortened, causing the depreciation on such equipment to be accelerated, and
our results of operations could be negatively impacted.
We have no experience to date in mass manufacturing of our electric
vehicles.
We cannot provide any assurance as to whether
we will be able to develop efficient, automated, low-cost logistics and production capabilities and processes and reliable sources
of component supply that will enable us to meet the quality, price, engineering, design and production standards, as well as the production
volumes, required to successfully mass market our vehicles. Even if we are successful in developing our high volume production capability
and processes and reliably source our component supply, no assurance can be given as to whether we will be able to do so in a manner that
avoids significant delays and cost overruns, including as a result of factors beyond our control such as problems with suppliers and vendors,
or force majeure events, or in time to meet our commercialization schedules, or to store and deliver parts in sufficient quantities to
the manufacturing lines in a manner that enables us to maintain our production ramp curve and rates, or to satisfy the requirements of
customers and potential customers. Any failure to develop such logistics and production processes and capabilities within our projected
costs and timelines could have a material adverse effect on our business, results of operations, prospects and financial condition. Bottlenecks
and other unexpected challenges have and may continue to arise as we ramp production of the models, and it will be important that we address
them promptly while continuing to control our logistics and manufacturing costs. If we are not successful in doing so, or if we experience
issues with our logistics and manufacturing process improvements, we could face further delays in establishing and/or sustaining our production
ramps or be unable to meet our related cost and profitability targets.
If our vehicles fail to perform as expected, our ability to develop,
market and sell or lease our products could be harmed.
Our vehicles or the components installed therein
have in the past and may in the future contain defects in design and manufacture that may cause them not to perform as expected or that
may require repairs, recalls, and design changes, any of which would require significant financial and other resources to successfully
navigate and resolve. Although we will attempt to remedy any issues we observe in our products as effectively and rapidly as possible,
such efforts could significantly distract management's attention from other important business objectives, may not be timely, may
hamper production or may not be to the satisfaction of our customers. Further, our limited operating history and limited field data reduce
our ability to evaluate and predict the long-term quality, reliability, durability and performance characteristics of our battery
packs, powertrains and vehicles. There can be no assurance that we will be able to detect and fix any defects in our products prior to
their sale or lease to customers.
Any defects, delays or legal restrictions on vehicle
features, or other failure of our vehicles to perform as expected, could harm our reputation and result in delivery delays, product recalls,
product liability claims, breach of warranty claims and significant warranty and other expenses, and could have a material adverse impact
on our business, results of operations, prospects and financial condition. Any such defects or noncompliance with legal requirements could
also result in safety recalls. See "
— Risks Related to Regulation and Litigation
." As a new entrant to the
industry attempting to build customer relationships and earn trust, these effects could be
significantly detrimental to us.
Additionally, problems and defects experienced by other electric consumer vehicles could by association have a negative impact on perception
and customer demand for our vehicles.
30
In addition, even if our vehicles function as
designed, we expect that the battery efficiency, and hence the range, of our electric vehicles, like other electric vehicles that use
current battery technology, will decline over time. Other factors, such as usage, time and stress patterns, may also impact the battery's
ability to hold a charge, or could require us to limit vehicles' battery charging capacity, including via over-the-air or other
software updates, for safety reasons or to protect battery capacity, which could further decrease our vehicles' range between charges.
Such decreases in or limitations of battery capacity and therefore range, whether imposed by deterioration, software limitations or otherwise,
could also lead to consumer complaints or warranty claims, including claims that prior knowledge of such decreases or limitations would
have affected consumers' purchasing decisions. Further, there can be no assurance that we will be able to improve the performance
of our battery packs, or increase our vehicles' range, in the future. Any such battery deterioration or capacity limitations and
related decreases in range may negatively influence potential customers' willingness to purchase our vehicles and negatively impact
our brand and reputation, which could adversely affect our business, prospects, results of operations and financial condition.
We face challenges providing charging solutions for our vehicles.
Demand for our vehicles will depend in part on
the availability of charging infrastructure both domestically and internationally. While the prevalence of charging stations has been
increasing, charging station locations are significantly less widespread than gas stations. Globally there are supportive regulations
and funding to build and implement more charging stations. In the U.S., there is a movement toward having a uniform charging adaptor whereby
customers of different brands of electric vehicles may use any charging station. However, there is no assurance that more changing stations
will be built and implemented in the future, or that a uniform charging adaptor will be available in the future.
Insufficient reserves to cover future warranty or part replacement
needs or other vehicle repair requirements, including any potential software upgrades, could materially adversely affect our business,
prospects, financial condition and results of operations.
We provide a new vehicle limited warranty on all
vehicles, components and systems. Warranty reserves will include our management team's best estimate of the projected costs to repair
or to replace items under warranty. Such estimates are inherently uncertain, particularly in light of our limited operating history and
the limited field data available to us, and changes to such estimates based on real-world observations may cause material changes
to our warranty reserves in the future. If our reserves are inadequate to cover future maintenance requirements on our vehicles, our business,
prospects, financial condition and results of operations could be materially and adversely affected. We may become subject to significant
and unexpected expenses as well as claims from our customers, including loss of revenue or damages. There can be no assurances that then-existing reserves
will be sufficient to cover all claims. In addition, if future laws or regulations impose additional warranty obligations on us that go
beyond our manufacturer's warranty, we may be exposed to materially higher warranty, parts replacement and repair expenses than
we expect, and our reserves may be insufficient to cover such expenses.
We may not be able to accurately estimate the supply and demand
for our vehicles, which could result in a variety of inefficiencies in our business and hinder our ability to generate revenue. If we
fail to accurately predict our manufacturing requirements, we could incur additional costs or experience delays.
It is difficult to predict our future revenues
and appropriately budget for our expenses, and we have limited insight into trends that may emerge and affect our business. We will be
required to provide forecasts of our demand to our suppliers several months prior to the scheduled delivery of vehicles to our prospective
customers. Currently, there is no historical basis for making judgments about the demand for our vehicles or our ability to develop, manufacture,
and deliver vehicles, or our profitability in the future. If we overestimate our requirements, our suppliers may have excess inventory,
which indirectly would increase our costs. If we underestimate our requirements, our suppliers may have inadequate inventory, which could
interrupt manufacturing of our products and result in delays in shipments and revenues. In addition, lead times for materials and components
that our suppliers order may vary significantly and depend on factors such as the specific supplier, contract terms and demand for each
component at a given time. If we fail to order sufficient quantities of product components in a timely manner, the delivery of vehicles
to our customers could be delayed, which would harm our business, financial condition and results of operations.
Our vehicles will make use of lithium-ion battery cells,
which have been observed to catch fire or vent smoke and flame.
The battery packs within our vehicles make use
of, and any future energy storage systems will make use of lithium-ion cells. On rare occasions, lithium-ion cells can rapidly
release the energy they contain by venting smoke and flames in a manner that can ignite nearby materials as well as other lithium-ion cells.
While we have designed our battery packs to passively contain a single cell's release of energy without spreading to neighboring
cells, a field or testing failure of our vehicles or other battery packs that we produce could occur. In addition, although we equip our
vehicles with systems designed to detect and warn vehicle occupants of such thermal events, there can be no assurance that such systems
will function as designed or will provide vehicle occupants with sufficient, or any, warning in all crashes. Any such events or failures
of our vehicles, battery packs or warning systems could subject us to lawsuits, product recalls, or redesign efforts, all of which would
be time consuming and expensive. Also, negative public perceptions regarding the suitability of lithium-ion cells for automotive
applications or any future incident involving lithium-ion cells, such as a vehicle or other fire, even if such incident does not
involve our vehicles, could seriously harm our business and reputation.
31
Risks Related to Cybersecurity and Data Privacy
Any unauthorized control, manipulation, interruption or compromise
of or access to our products or information technology systems could result in loss of confidence in us and our products, harm our business
and materially adversely affect our financial performance, results of operations or prospects.
Our products may contain complex information technology
systems. For example, our vehicles are designed with built-in data connectivity to accept and install periodic remote updates to
improve their functionality.
In addition, we expect to collect, store, transmit
and otherwise process data from vehicles, customers, personnel and other third parties as part of our business operations, which may include
personal data or confidential or proprietary information. We also work with third-party service providers and vendors that collect,
store and process such data on our behalf. We have taken certain measures to prevent unauthorized access and plan to continue to deploy
additional measures as we grow. Our third-party service providers and vendors also take steps to protect the security and integrity
of our and their information technology systems and our and their customers' information. However, there can be no assurance that
such systems and measures will not be compromised as a result of intentional misconduct, including by personnel, contractors, or vendors,
as well as by software bugs, human error, or technical malfunctions.
Furthermore, cyber threat actors may in the future
attempt to gain unauthorized access to, modify, alter and use our vehicles, products and systems to (i) gain control of, (ii) change
the functionality, user interface and performance characteristics of and/or (iii) gain access to data stored in or generated by,
our vehicles, products and systems. Advances in technology, new vulnerability discoveries, an increased level of sophistication and diversity
of our products and services, an increased level of expertise of cyber threat actors and new discoveries in the field of cryptography
could lead to a compromise or breach of the measures that we or our third-party service providers use. Some of our products and information
technology systems contain or use open source software, which can create additional risks, including potential security vulnerabilities.
We and our third-party service providers' may in the future be affected by security incidents. Our systems are also vulnerable
to damage or interruption from, among other things, computer viruses, malware, ransomware, killware, wiperware, computer denial or degradation
of service attacks, telecommunications failures, social engineering schemes (such as vishing, phishing or smishing), domain name spoofing,
insider theft, physical theft, fire, terrorist attacks, natural disasters, power loss, war, or misuse, mistake or other attempts to harm
our products and systems. Our data center and our third-party service providers' or vendors' data centers could be subject
to break-ins, sabotage and intentional acts of vandalism causing potential disruptions. Some of our systems will not be fully redundant,
and our disaster recovery planning cannot account for all eventualities. Any problems at our or our third-party service providers'
or vendors' data centers and/or cloud infrastructure could result in lengthy interruptions in our service and our business operations.
There can be no assurance that any security or other operational measures that we or our third-party service providers or vendors
have implemented will be effective against any of the foregoing threats or issues.
These risks have been heightened in connection
with the ongoing conflict between Russia and Ukraine and we cannot be certain how this new risk landscape will impact our operations.
When geopolitical conflicts develop, government systems as well as critical infrastructures such as financial services and utilities may
be targeted by state-sponsored cyberattacks even if they are not directly involved in the conflict. There can be no assurance that
our business will not become a potential target as adversaries may attack networks and systems indiscriminately. Such cyberattacks may
potentially cause unauthorized access to our sensitive data (including our proprietary software codes), products, and systems, causing
data breach, or disruption, modification, destruction to our systems and applications. As a result, we may suffer monetary losses, business
interruption, and long-lasting operational issues, damage to our reputation and brand, loss of our intellectual property or trade
secrets.
If we are unable to protect our products and systems
(and the information stored in our systems) from unauthorized access, use, disclosure, disruption, modification, destruction or other
breach, such problems or security breaches could have negative consequences for our business and future prospects, including compromise
of vehicle integrity and physical safety, causing monetary losses, giving rise to liabilities under our contracts or to the owners of
the applicable information, subjecting us to substantial fines, penalties, damages and other liabilities under applicable laws and regulations,
incurring substantial costs to respond to, investigate and remedy such incidents, reducing customer demand for our products, harming our
reputation and brand and compromising or leading to a loss of protection of our intellectual property or trade secrets. In addition, regardless
of their veracity, reports of unauthorized access to our vehicles, systems or data, as well as other factors that may result in the perception
that our vehicles, systems or data are vulnerable to being "hacked," could negatively affect our brand. In addition, some
members of the U.S. federal government, including certain members of Congress and the National Highway Traffic Safety Administration
("
NHTSA
")
,
have recently focused attention on automotive cybersecurity issues and may in the future propose
or implement regulations specific to automotive cybersecurity. In addition, the United Nations Economic Commission for Europe has introduced
new regulations governing connected vehicle cybersecurity, which became effective in January 2021 and are expected to apply in the
European Union to all new vehicle types beginning in July 2022 and to all existing architectures/new vehicles from July 2024.
Such regulations are also in effect, or expected to come into effect, in certain other international jurisdictions. These and other regulations
could adversely affect the timing of our entry into various markets, and if such regulations or other future regulations are inconsistent
with our approach to automotive cybersecurity, we would be required to modify our systems to comply with such regulations, which would
impose additional costs and delays and could expose us to potential liability to the extent our automotive cybersecurity systems and practices
are inconsistent with such regulation.
We may not have adequate insurance coverage to
cover losses associated with any of the foregoing, if any. The successful assertion of one or more large claims against us that exceeds
our available insurance coverage, or results in changes to our insurance policies (including premium increases or the imposition of large
deductible or co-insurance requirements), could have an adverse effect on our business. In addition, we cannot be sure that our existing
insurance coverage will continue to be available on acceptable terms or that our insurers will not deny coverage as to any future claim.
32
Furthermore, we are continuously expanding and
improving our information technology systems. In particular, our planned future vehicles will necessitate continued development, maintenance
and improvement of our information technology and communication systems in the United States and abroad, such as systems for product
data management, vehicle management tools, vehicle security systems, vehicle security management processes, procurement of bill of material
items, supply chain management, inventory management, production planning and execution, lean manufacturing, sales, service and logistics,
dealer management, financial, tax and regulatory compliance systems. Our ability to operate our business will depend on the availability
and effectiveness of these systems. The implementation, maintenance, segregation and improvement of these systems require significant
management time, support and cost. Moreover, there are inherent risks associated with developing, improving and expanding our core systems
as well as implementing new systems, including the disruption of our data management, procurement, manufacturing execution, finance, supply
chain, inventory management, and sales and service processes. We cannot be certain that these systems or their required functionality
will be effectively and timely developed, implemented, maintained or expanded as planned. If we are unsuccessful in any of the foregoing,
our operations may be disrupted, our ability to accurately or timely report our financial results could be impaired, and deficiencies
may arise in our internal control over financial reporting, which may impact our ability to certify our financial results. If these systems
or their functionality do not operate as we expect them to, we may be required to expend significant resources to make corrections or
find alternative sources for performing these functions. Any of the foregoing could materially adversely affect our business, prospects,
results of operations and financial condition.
In addition, our vehicles depend on the ability
of software and hardware to store, retrieve, process and manage immense amounts of data. Our software and hardware, including any over-the-air or
other updates, may contain, errors, bugs, design defects or vulnerabilities, and our systems may be subject to technical limitations that
may compromise our ability to meet our objectives. Some errors, bugs or vulnerabilities may reside in third-party intellectual property
or open source software and/or be inherently difficult to detect and may only be discovered after code has been released for external
or internal use. Although we will attempt to remedy any issues we observe in our vehicles as effectively and rapidly as possible, such
efforts may not be timely, may hamper production or may not be to the satisfaction of our customers. Additionally, if we are able to deploy
updates to the software addressing any issues but our over-the-air update procedures fail to properly update the software, our customers
will then be responsible for working with our service personnel to install such updates to the software, and their vehicle will be subject
to these vulnerabilities until they do so. Any compromise of our intellectual property, proprietary information, systems or vehicles or
inability prevent or effectively remedy errors, bugs, vulnerabilities or defects in our software and hardware may cause us to suffer lengthy
interruptions to our ability to operate our business and our customers' ability to operate their vehicles, compromise of vehicle
integrity and physical safety, damage to our reputation, loss of customers, loss of revenue, governmental fines, investigations or litigation
or liability for damages, any of which could materially adversely affect our business, results of operations, prospects and financial
condition.
We are subject to evolving laws, regulations, standards, policies,
and contractual obligations related to data privacy and security, and any actual or perceived failure to comply with such obligations
could harm our reputation and brand, subject us to significant fines and liability, or otherwise adversely affect our business.
In the course of our operations, we may collect,
use, store, disclose, transfer and otherwise process personal information from our customers, personnel and third parties with whom we
conduct business, including names, accounts, driver license information, user IDs and passwords, and payment or transaction related information.
Additionally, we will use our vehicles' electronic systems to log information about each vehicle's use, such as charge time,
battery usage, geolocation, mileage and driving behavior, in order to aid it in vehicle diagnostics, repair and maintenance, as well as
to help us customize and improve the driving and riding experience.
Accordingly, we may be subject to or affected
by a number of federal, state, local and international laws and regulations, as well as contractual obligations and industry standards,
that impose certain obligations and restrictions with respect to data privacy and security and govern our collection, storage, retention,
protection, use, transmission, sharing, disclosure and other processing of personal information including that of our personnel, customers
and other third parties with whom we conduct business. These laws, regulations and standards may be interpreted and applied differently
over time and from jurisdiction to jurisdiction, and it is possible that they will be interpreted and applied in ways that may have a
material and adverse impact on our business, financial condition and results of operations.
The global data protection landscape is rapidly
evolving, and implementation standards and enforcement practices are likely to remain uncertain for the foreseeable future. We may not
be able to monitor and react to all developments in a timely manner. For example, the European Union adopted the General Data Protection
Regulation ("
GDPR
")
,
which became effective in May 2018, California adopted the California Consumer
Privacy Act of 2018 ("
CCPA
")
,
which became effective in January 2020, Canada adopted the
Personal Information Protection and Electronic Documents Act ("
PIPEDA
") and continues to amend the statute, the United
Arab Emirates adopted the Data Protection Law ("
DPL
"), which became effective in January 2022, and the Kingdom
of Saudi Arabia enacted the Personal Data Protection Law ("
PDPL
") which will take effect in March 2023. Each of
the GDPR, the CCPA, the PIPEDA, the DPL and the PDPL impose additional obligations on companies regarding the handling of personal data
and provides certain individual privacy rights to persons whose data is collected. Compliance with existing, proposed and recently enacted
laws and regulations (including implementation of the privacy and process enhancements called for under the GDPR, CCPA, PIPEDA, DPL and
PDPL) can be costly, and any failure to comply with these regulatory standards could subject us to legal and reputational risks.
33
Specifically, failure to comply with the GDPR
can result in significant fines and other liability, including, under the GDPR, fines of up to EUR 20 million or four percent (4%)
of global revenue, whichever is greater. The cost of compliance, and the potential for fines and penalties for non-compliance, with GDPR
may have a significant adverse effect on our business and operations. Recent legal developments in the European Economic Area ("
EEA
"),
including recent rulings from the Court of Justice of the European Union and from various EU member state data protection authorities,
have created complexity and uncertainty regarding transfers of personal data from the EEA to the United States and other so-called third
countries outside the EEA. Similar complexities and uncertainties also apply to transfers from the United Kingdom to third countries.
While we have taken steps to mitigate the impact on us, the efficacy and longevity of these mechanisms remains uncertain.
At the state level, we may be subject to law and
regulations such as the CCPA. The CCPA establishes a privacy framework for covered businesses, including an expansive definition
of personal information and data privacy rights for California residents. The CCPA includes a framework with potentially severe statutory
damages for violations and a private right of action for certain data breaches. The CCPA requires covered businesses to provide California
residents with new privacy-related disclosures and new ways to opt-out of certain uses and disclosures of personal information.
As we expand our operations, the CCPA may increase our compliance costs and potential liability. Some observers have noted that the CCPA
could mark the beginning of a trend toward more stringent privacy legislation in the United States. Additionally, effective in most
material respects starting on January 1, 2023, the California Privacy Rights Act ("
CPRA
")
,
will significantly
modify the CCPA, including by expanding California residents' rights with respect to certain sensitive personal information. The
CPRA also creates a new state agency that will be vested with the authority to implement and enforce the CCPA and the CPRA.
Other states, including Virginia and Colorado,
have enacted or are in the process of enacting, or considering similar laws. Compliance with these state statutes, other similar state
or federal laws that may be enacted in the future, and other applicable privacy and data security laws and regulations is a rigorous and
time-intensive process, and we may be required to put in place additional mechanisms to comply with such laws and regulations, which
could cause us to incur substantial costs or require us to change our business practices, including our data practices, in a manner adverse
to our business. In particular, certain emerging privacy laws are still subject to a high degree of uncertainty as to their interpretation
and application. Failure to comply with applicable laws or regulations or to secure personal information could result in investigations,
enforcement actions and other proceedings against us, which could result in substantial fines, damages and other liability as well as
damage to our reputation and credibility, which could have a negative impact on revenues and profits.
We will be required to post public privacy policies
and other documentation regarding our collection, use, disclosure and other processing of personal information. Although we will endeavor
to comply with our published policies and other documentation, we may at times fail to do so or may be perceived to have failed to do
so. Moreover, despite our efforts, we may not be successful in achieving compliance if our personnel, contractors, service providers,
vendors or other third parties fail to comply with our published policies and documentation. Such failures could carry similar consequences
or subject us to potential local, state and federal action if they are found to be deceptive, unfair or misrepresentative of our actual
practices. Claims that we have violated individuals' privacy rights or failed to comply with data protection laws or applicable
privacy notices could, even if we are not found liable, be expensive and time-consuming to defend and could result in adverse publicity
that could harm our business.
Most jurisdictions have enacted laws requiring
companies to notify individuals, regulatory authorities and other third parties of security breaches involving certain types of data.
For example, laws in all 50 U.S. states generally require business to provide notice under certain circumstances to consumers whose
personal information has been disclosed as a result of a breach. Such laws may be inconsistent or may change or additional laws may be
adopted. In addition, our agreements with certain customers may require us to notify them in the event of a security breach. Such mandatory
disclosures are costly, could lead to negative publicity, penalties or fines, litigation and our customers losing confidence in the effectiveness
of our security measures and could require us to expend significant capital and other resources to respond to or alleviate problems caused
by the actual or perceived security breach. Any of the foregoing could materially adversely affect our business, prospects, results of
operations and financial condition.
34
Risks Related to Ownership of Thunder Power's
Securities
Risks Related to Ownership of Thunder Power's Common
Stock
The price of our Common Stock may be volatile.
The stock price of our Common Stock may be volatile.
The market price for our Common Stock may be influenced by many factors, including the other risks described in this section and the following:
●
actual or anticipated variations in our financial results or those of companies that are perceived to be similar to us;
●
market conditions in the EV sectors;
●
market conditions and sentiment involving companies that have recently completed a business combination with a special purpose acquisition company ("SPAC");
●
announcements by us or our competitors of significant acquisitions, strategic alliances, joint ventures or capital commitments;
●
developments or disputes concerning patents or other proprietary rights, including patents, litigation matters and our ability to obtain patent protection for its products;
●
our ability or inability to raise additional capital and the terms on which it is raised;
●
the recruitment or departure of key personnel;
●
actual or anticipated changes in earnings estimates or changes in stock market analyst recommendations regarding our Common Stock, other comparable companies or the industry generally;
●
our failure or the failure of our competitors to meet analysts' projections or guidance;
●
fluctuations in the valuation of companies perceived by investors to be comparable to us;
●
announcement and expectation of additional financing efforts;
●
speculation in the press or investment community;
●
trading volume of our Common Stock;
●
sales of our Common Stock by us or Selling Stockholders;
●
the concentrated ownership of our Common Stock;
●
changes in accounting principles;
●
terrorist acts, acts of war or periods of widespread civil unrest;
●
natural disasters, public health crises and other calamities; and
●
general economic, industry and market conditions.
In addition, the stock markets in general, and
the markets for SPAC post-business combination businesses, EV stocks in particular, have experienced extreme volatility during 2024.
This volatility can often be unrelated to the operating performance of the underlying business. These broad market and industry factors
may seriously harm the market price of our Common Stock, regardless of our operating performance.
35
We may incur significant costs from class action litigation due
to stock volatility.
Our stock price may fluctuate for many reasons,
including as a result of public announcements regarding the progress of development efforts for our EVs, the development efforts of future
collaborators or competitors, the addition or departure of key personnel, variations in quarterly operating results and changes in market
valuations of EV companies. This risk is especially relevant to us because EV companies have experienced significant stock price volatility
in recent years, including since the public announcement of our Business Combination in October 2023. In addition, recently
there has been significant stock price volatility involving the shares of companies that have recently completed business combinations
with SPACs. When the market price of a stock has been volatile, as our stock price may be, holders of that stock have occasionally brought
securities class action litigation against the company that issued the stock. Additionally, there has recently been a general increase
in litigation against companies that have recently completed business combinations with SPACs alleging fraud and other claims based on
inaccurate or misleading disclosures. If any of our stockholders were to bring a lawsuit of this type against us, even if the lawsuit
is without merit, we could incur substantial costs defending the lawsuit. The lawsuit could also divert the time and attention of management.
We are an "emerging growth company" and the reduced
disclosure requirements applicable to emerging growth companies may make our Common Stock less attractive to investors and may make it
more difficult to compare our financial performance with other public companies.
We are an emerging growth company, as defined
in the JOBS Act, and we intend to take advantage of certain exemptions from various reporting requirements that are applicable to other
public companies that are not emerging growth companies, including not being required to comply with the auditor attestation requirements
of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in periodic reports and
proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder
approval of any golden parachute payments not previously approved. An emerging growth company may elect to delay the adoption of new or
revised accounting standards. As a result, our financial statements may not be comparable to companies that comply with the effective
dates of revised accounting standards. Investors may find our Common Stock less attractive because of our reliance on these exemptions.
If some investors find our Common Stock less attractive as a result, there may be a less active trading market for their common stock,
and the stock price may be more volatile.
Future sales and issuances of Common Stock or rights to purchase
Common Stock could result in additional dilution to our stockholders and could cause the price of our Common Stock to decline.
Significant additional capital will be needed
in the future to continue our planned operations. To raise capital, we may sell shares of Common Stock, convertible securities, or other
equity securities in one or more transactions at prices and in a manner as determined from time to time. If we sell Common Stock, convertible
securities, or other equity securities, current stockholders may be materially diluted by such sales. New investors could gain rights,
preferences, and privileges senior to the current holders of our Common Stock.
Pursuant to the 2024 Plan, the Board or a committee
appointed by the Board to administer the 2024 Omnibus Equity Incentive Plan (the "Administrator"), is authorized to grant
stock options to our employees, non-employee directors, and consultants. Initially, the maximum aggregate number of shares of Common
Stock that may be issued pursuant to stock awards under the 2024 Omnibus Equity Incentive Plan is approximately 4,588,005 shares
of Common Stock. Annually, on the first trading day of the calendar year, beginning with calendar year 2025, such share reserve will
automatically increase by 5% of the total number of shares of Common Stock outstanding as of the last day of the immediately preceding
calendar year, unless the Administrator acts prior to January 1 of such year to provide that there will be no increase or a lesser
increase in the share reserve for that year.
The issuance of additional shares of Common Stock
or other equity securities of equal or senior rank may have some or all of the following effects:
●
the amount of cash available per share, including for payment of dividends in the future, may decrease;
●
the relative voting strength of each previously outstanding share of common stock may be diminished; and
●
the market price of our Common Stock may decline.
Reports published by analysts, including projections in those
reports that differ from our actual results, could adversely affect the price and trading volume of our Common Stock.
Securities research analysts may publish their
own periodic financial projections for our business. These projections may vary widely and may not accurately predict the results that
we actually achieve. Our stock price may decline if our actual results do not match the projections of these securities research analysts.
Similarly, if one or more of the analysts who write reports on us downgrades our stock or publishes inaccurate or unfavorable research
about our business, our stock price could decline. If one or more of these analysts ceases coverage or fails to publish reports on us
regularly, our stock price or trading volume could decline. If no analysts cover us, the trading price and volume for our Common Stock
could be adversely affected.
36
Anti-takeover provisions in our governing documents and under
Delaware law could make an acquisition of us more difficult, limit attempts by our stockholders to replace or remove our current management
and limit the market price of our Common Stock.
The Second Amended and Restated Certificate of
Incorporation of the Company (the "Charter"), the Company's bylaws (the "Bylaws") and Delaware law contain
provisions that could have the effect of rendering more difficult, delaying, or preventing an acquisition deemed undesirable by the Board.
Among other things, the Charter and/or the Company's Bylaws include the following provisions:
●
permit the Board to issue up to 100,000,000 shares of preferred stock, with any rights, preferences, and privileges as they may designate, including the right to approve an acquisition or other change of control;
●
provide that the number of directors may be changed only by resolution of the Board;
●
provide that, subject to the rights of any series of preferred stock to elect directors, directors may be removed only for cause by the holders of two-thirds (66 and 2/3%) of the voting power of all of the then outstanding shares of voting stock of Combined Company entitled to vote generally at an election of directors;
●
provide that all vacancies, subject to the rights of any series of preferred stock, including newly created directorships, may, except as otherwise required by law, be filled exclusively by the affirmative vote of a majority of the directors then in office, even though less than a quorum, or by a sole remaining director;
●
provide that stockholders seeking to present proposals before a meeting of stockholders or seeking to nominate candidates for election as directors at a meeting of stockholders must provide advance notice in writing, and specify requirements as to the form and content of such notice;
●
provide that special meetings of the our stockholders may be called the Board; and
●
provide that the Board will be divided into three classes of directors, with only one class of directors being elected each year and each individual director serving a three-year term, thereby making it more difficult for stockholders to change the composition of the Board.
These provisions, alone or together, could delay
or prevent hostile takeovers and changes in control or changes in our management. As a Delaware corporation, we are also subject to provisions
of Delaware law, including Section 203 of the Delaware General Corporation Law, as may be amended from time to time (the "DGCL"),
which prevents interested stockholders, such as certain stockholders holding more than 15% of our outstanding common stock, from engaging
in certain business combinations unless (i) prior to the time such stockholder became an interested stockholder, the board of directors
approved the transaction that resulted in such stockholder becoming an interested stockholder, (ii) upon consummation of the transaction
that resulted in such stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the common stock,
or (iii) following board approval, such business combination receives the approval of the holders of at least two-thirds of our outstanding
common stock not held by such interested stockholder.
Any provision of the Charter, the Company's
Bylaws or Delaware law that has the effect of delaying, preventing or deterring a change in control could limit the opportunity for our
stockholders to receive a premium for their shares of our common stock and could also affect the price that some investors are willing
to pay for our common stock.
37
If the Business Combination's benefits do not meet the
expectations of investors, stockholders or financial analysts, the market price of our Common Stock may decline.
If the benefits of the Business Combination do
not meet the expectations of investors or securities analysts, the market price of our Common Stock may decline. Any of the factors listed
below could have a material adverse effect on your investment in our Common Stock and it may trade at a price significantly below the
price you paid for it.
Factors affecting the trading price of our Common
Stock following the Business Combination may include:
●
actual or anticipated fluctuations in our quarterly financial results or the quarterly financial results of companies perceived to be similar to us;
●
changes in the market's expectations about our operating results;
●
our operating results failing to meet the expectation of securities analysts or investors in a particular period;
●
operating and stock price performance of other companies that investors deem comparable to us;
●
changes in laws and regulations affecting our business;
●
commencement of, or involvement in, litigation involving us;
●
changes in our capital structure, such as future issuances of securities or the incurrence of additional debt;
●
the volume of shares available for public sale;
●
any major change in our Board or senior management;
●
sales of substantial amounts of securities by our directors, executive officers, or significant stockholders or the perception that such sales could occur; and
●
other material developments affecting the EV industry.
Broad market and industry factors may materially
affect the market price of our Common Stock irrespective of our operating performance. The stock market in general and Nasdaq have experienced
price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the particular companies
affected. The trading prices and valuations of these stocks, and of our securities, may not be predictable. A loss of investor confidence
in the market for retail stocks or the stocks of other companies, notably in the EV industry, which investors perceive to be similar to
us could depress our stock price regardless of its business, prospects, financial conditions or results of operations. A decline in the
market price for our Common Stock also could adversely affect our ability to issue additional securities and our ability to obtain additional
financing in the future.
Risks Related to Ownership of Thunder Power's Warrants
Our warrants became exercisable for our Common Stock thirty (30) days
after the completion of the Business Combination, which increased the number of shares eligible for future issuance and resale in the
public market.
Outstanding warrants to purchase an aggregate
of 10,537,475 shares of our Common Stock became exercisable in accordance with the terms of the Warrant Agreement governing those
securities. The public warrants became exercisable 30 days after the completion of the Business Combination. The likelihood that
those warrants will be exercised increases if the trading price of our Common Stock exceeds the exercise price of the warrants. The exercise
price of these warrants is $11.50 per share. There is no guarantee that the warrants will ever be in the money after they become exercisable
prior to their expiration, and as such, the warrants may expire worthless. To the extent warrants are exercised, additional shares of
our Common Stock will be issued, which may result in dilution to the holders of our Common Stock and increase the number of shares eligible
for resale in the public market. Sales of substantial numbers of shares issued upon the exercise of warrants in the public market could
adversely affect the market price of our Common Stock.
38
Once our warrants become exercisable, we may redeem the unexpired
warrants prior to their exercise at a time or in a manner that is disadvantageous to you.
After the Closing, there were 10,537,475 warrants
issued and outstanding, which became exercisable 30 days after the completion of the Business Combination and will expire five years after
the date of the Closing. Once the warrants become exercisable, we have the ability to redeem outstanding warrants at any time prior to
their expiration, at a price of $0.01 per warrant, provided that the last reported sales price of our Common Stock equals or exceeds $16.50
per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days
within a 30 trading-day period ending on the third business day prior to the date on which we give proper notice of such redemption
and provided certain other conditions are met. There can be no assurance that the price of our Common Stock will not exceed the threshold
of $16.50 after the Business Combination.
We will notify the warrant agent and publicly
announce the call for redemption at least thirty (30) days prior to the redemption date and mail the registered holders by first class
mail. We will not redeem the warrants unless a registration statement under the Securities Act covering the shares of Common Stock issuable
upon exercise of the warrants is effective and a current prospectus relating to those shares of Common Stock is available throughout the
redemption period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration
under the Securities Act. If we elect to redeem the warrants on a cashless basis, we will not receive any cash proceeds from the exercise
of such warrants.
Redemption of the outstanding warrants could force
you (i) to exercise warrants and pay the exercise price therefor at a time when it may be disadvantageous for you to do so, (ii) to
sell warrants at the then-current market price when you might otherwise wish to hold warrants or (iii) to accept the nominal
redemption price which, at the time the outstanding warrants are called for redemption, is likely to be substantially less than the market
value of the warrants.
The Warrant Agreement designates the courts of the State of New
York or the United States District Court for the Southern District of New York as the exclusive forum for certain types of actions and
proceedings that may be initiated by holders of the warrants.
Pursuant to the Warrant Agreement, any action,
proceeding or claim against us arising out of or relating in any way to the Warrant Agreement shall be brought and enforced in the courts
of the State of New York or the United States District Court for the Southern District of New York. The provision will apply to suit,
action, proceeding or claim brought to enforce any liability or duty arising under the Securities Act. Notwithstanding the foregoing,
the provision will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which
the federal district courts of the United States of America are the sole and exclusive forum. Any person or entity purchasing or otherwise
acquiring any interest in our warrants shall be deemed to have notice of and to have consented to the forum provisions in the Warrant
Agreement.
This choice-of-forum provision may limit
a warrant holder's ability to bring a claim in a judicial forum that it finds favorable for disputes with the Company, which may
discourage such lawsuits. Alternatively, if a court were to find this provision of the Warrant Agreement inapplicable or unenforceable
with respect to one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving
such matters in other jurisdictions, which could materially and adversely affect our business, financial condition and results of operations
and result in a diversion of the time and resources of our management or Board.
If we do not file and maintain a current and effective prospectus
relating to the Common Stock issuable upon exercise of our warrants, warrant holders will only be able to exercise such warrants on a
"cashless basis."
If we do not file and maintain a current and effective
prospectus relating to the shares of Common Stock issuable upon exercise of our warrants at the time that holders wish to exercise such
warrants, they will only be able to exercise them on a "cashless basis" provided that an exemption from registration is available.
As a result, the number of shares of our Common Stock that holders will receive upon exercise of our warrants will be fewer than it would
have been had such holder exercised such warrant for cash. Further, if an exemption from registration is not available, holders will not
be able to exercise on a cashless basis and will only be able to exercise their warrants for cash if a prospectus relating to the shares
of Common Stock issuable upon exercise of our warrants is filed and effective. Under the terms of the Warrant Agreement, ewe have agreed
to use our best efforts to meet these conditions and to file and maintain a current and effective prospectus relating to the shares of
Common Stock issuable upon exercise of our warrants, until the expiration of our warrants. However, we cannot assure you that it will
be able to do so. If we are unable to do so, the potential value of the holder's warrants may be reduced or such warrants may expire
worthless.
39
Risks Related to Finance, Accounting and Tax Matters
Our actual results could differ from the estimates and assumptions
used to prepare our consolidated financial statements.
The preparation of our consolidated financial
statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of certain
assets, liabilities, revenues and expenses for the periods covered and certain amounts disclosed in the notes to our consolidated financial
statements. These estimates are based on information available through the date of the issuance of the consolidated financial statements
and actual results could differ from those estimates, which could have a material adverse impact on our financial condition, results of
operations and cash flows.
We may need to raise additional funds and these funds may not
be available to us when needed. If we cannot raise additional funds when we need them, our business, prospects, financial condition and
operating results could be negatively affected.
The sourcing, purchasing, development, and servicing
of our projects may be capital-intensive. We may determine that additional funds are necessary. This capital may be necessary to fund
our future operations and to locate new opportunities. We may raise additional funds through the issuance of equity, equity related or
debt securities or through obtaining credit from government or financial institutions. We cannot be certain that additional funds will
be available on favorable terms when required, or at all. If we cannot raise additional funds when needed, our business, prospects, financial
condition and operating results could be materially adversely affected.
Our financial results may vary significantly from quarter to
quarter.
We expect our revenue and operating results to
vary from quarter to quarter. We may incur significant operating expenses during the start-up and early stages of large contracts
and may not be able to recognize corresponding revenue in that same quarter. We may also incur additional expenses when contracts are
terminated or expire and are not renewed. We may also incur additional expenses when companies are newly acquired. Payments that may be
due to us from our future customers may be delayed due to billing cycles or as a result of failures of government budgets to gain congressional
and administration approval in a timely manner.
Additional factors that may cause our financial
results to fluctuate from quarter to quarter include those addressed elsewhere in this "
Risk Factors
" section, including
the immediately preceding risk factor, and the following factors, among others:
●
variability in demand for our services and solutions;
●
timing of award or performance incentive fee notices;
●
timing of shipments and deliveries to potential future customers;
●
variable purchasing patterns under blanket purchase agreements and other indefinite delivery/indefinite quantity contracts;
●
terms of potential future contracts which may affect the timing of revenue recognition;
●
costs related to government inquiries;
●
strategic decisions by us or our competitors, such as acquisitions, divestitures, spin-offs and joint ventures;
●
strategic investments or changes in business strategy;
●
changes in the extent to which we use subcontractors;
●
potential performance errors in our systems;
●
seasonal fluctuations in our staff utilization rates;
●
changes in our effective tax rate, including changes in our judgment as to the necessity of the valuation allowance recorded against our deferred tax assets; and
●
the length of sales cycles.
40
We could be subject to additional tax liabilities.
We are subject to federal, state, and local income
taxes in the United States. Determining our provision for income taxes requires significant management judgment, and the ultimate tax
outcome may be uncertain. In addition, our provision for income taxes is subject to volatility and could be adversely affected by many
factors, including, among other things, changes to our operating or holding structure, changes in the amounts of earnings in jurisdictions
with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, and changes in U.S. tax laws. Tax
authorities may disagree with our calculation of research and development tax credits, cross-jurisdictional transfer pricing, or other
matters and assess additional taxes, interest, or penalties. While we regularly assess the likely outcomes of these examinations to determine
the adequacy of our provision for income taxes and we believe that our financial statements reflect adequate reserves to cover any such
contingencies, there can be no assurance that the outcomes of such examinations will not have a material impact on our results of operations
and cash flows. If tax authorities change applicable tax laws, our overall taxes could increase, and our financial condition or results
of operations may be adversely impacted.
Unanticipated changes in effective tax rates or adverse outcomes
resulting from examination of our income or other tax returns could adversely affect our financial condition and results of operations.
We are subject to income taxes in the United States
and other jurisdictions, and our tax liabilities are subject to the allocation of expenses in differing jurisdictions. Our future effective
tax rates could be subject to volatility or adversely affected by a number of factors, including:
●
changes in the valuation of our deferred tax assets and liabilities;
●
expected timing and amount of the release of any tax valuation allowances;
●
tax effects of stock-based compensation;
●
costs related to intercompany restructurings;
●
changes in tax laws, regulations or interpretations thereof; or
●
lower than anticipated future earnings in jurisdictions where we have lower statutory tax rates and higher than anticipated future earnings in jurisdictions where we have higher statutory tax rates.
In addition, we may be subject to audits of our
income, sales and other transaction taxes by taxing authorities. Outcomes from these audits could have an adverse effect on our financial
condition and results of operations.
The issuance and sale of additional shares
of Common Stock under the Purchase Agreement may result in dilution to our stockholders and have a negative impact on the market price
of our Common Stock.
From time to time following
the effectiveness of this registration statement, we may direct Westwood to purchase shares of our Common Stock under the Purchase Agreement.
The purchase price for shares will be based on the lowest daily volume weighted average price of our Common Stock during a three consecutive
trading day period following delivery of a purchase notice, less a 5% discount. Because this price is based on prevailing market prices
at the time of each sale, if our stock price declines, we might need to issue more shares to raise the same amount of funding.
While we have the right to
control the timing and amount of sales under the Purchase Agreement, subject to certain conditions, any such issuances would result in
dilution to our existing stockholders. The extent of dilution will depend on numerous factors, including:
●
The
                                            market price of our Common Stock at the time of each sale
●
The
                                            number of shares we ultimately sell to Westwood
●
Other
                                            sales of our Common Stock that we may make from time to time
Moreover,
additional issuances of Common Stock under the Purchase Agreement could have a negative impact on the market price of our Common Stock.
This in turn could:
●
Increase
                                            the dilution to existing stockholders from future issuances
●
Impair
                                            our ability to raise additional capital through other equity offerings
●
Make
                                            it more difficult to meet the Nasdaq continued listing requirements
41
USE OF PROCEEDS
All of the Common Stock offered by the Selling Securityholders pursuant
to this prospectus will be sold by the Selling Securityholders for their respective accounts. We will not receive any proceeds from these
sales.
However, we will receive
proceeds from any sales of our Common Stock to Westwood under the Purchase Agreement, up to $100 million in the aggregate. We expect to
use the net proceeds from sales under the Purchase Agreement for working capital and general corporate purposes, including further development
of our electric vehicle models.
The Selling Securityholders will pay any underwriting fees, discounts
and selling commissions incurred in disposing of their Common Stock. Pursuant to the Registration Rights Agreement, we will bear all other
costs, fees and expenses incurred in effecting the registration of the Common Stock covered by this prospectus, including registration
and filing fees, Nasdaq listing fees and fees and expenses of counsel and independent registered public accountants.
42
DETERMINATION OF OFFERING PRICE
The offering price of the shares of Common Stock
will be determined by Westwood based on prevailing market prices at the time of sale. Under the Purchase Agreement, shares will be priced
at the lowest daily volume weighted average price during a three consecutive trading day period following delivery of a purchase notice,
less a 5% discount.
We cannot currently determine the price or prices at which shares of
our Common Stock may be sold by the Selling Securityholders under this prospectus. The actual offering price by the Selling Securityholders
of the shares of Common Stock covered by this prospectus will be determined by prevailing market prices at the time of the sale, by private
transactions negotiated by the Selling Securityholders or as otherwise described in the section under the heading "
Plan of Distribution
."
DIVIDEND POLICY
We have not paid any cash dividends on our Common
Stock or the Warrants to date, and we do not anticipate declaring or paying any cash dividends to holders of our Common Stock or Warrants
in the foreseeable future. We currently intend to retain future earnings, if any, to finance the growth of our business. Our future dividend
policy is within the discretion of our board of directors and will depend upon then-existing conditions, including our results of operations,
financial condition, capital requirements, investment opportunities, contractual and statutory restrictions on our ability to pay dividends
and other factors our board of directors may deem relevant. Additionally, the Company's ability to pay dividends may be limited
by future covenants and future outstanding indebtedness the Company or its subsidiaries may incur.
43
SUMMARY HISTORICAL FINANCIAL INFORMATION OF
THUNDER POWER
The following information is only a summary and
should be read in conjunction with Thunder Power's unaudited condensed consolidated financial statements and audited consolidated
financial statements and related notes contained elsewhere in this registration statement/prospectus and information discussed under "
Management's
Discussion and Analysis of Financial Condition and Results of Operations.
" The historical results included below and elsewhere
in this registration statement/prospectus are not indicative of Thunder Power's future performance.
The summary statements of operations data for
the year ended December 31, 2023 and the summary balance sheet data as of December 31, 2023 are each derived from Thunder Power's
audited consolidated financial statements appearing elsewhere in this proxy statement/prospectus. The summary statements of operations
data for the six months ended June 30, 2023 and 2024, and the summary balance sheet data as of December 31, 2023 are derived from Thunder
Power's unaudited condensed consolidated financial statements appearing elsewhere in this proxy statement/prospectus. The Thunder
Power unaudited interim condensed consolidated financial statements were prepared on the same basis as its audited consolidated financial
statements. The historical results are not necessarily indicative of the results to be expected in the future.
For the Year
Ended
December 31,
For the Six Months Ended
June 30
Statement of Operations Data:
2023
2024
2023
Revenues
$
—
$
—
$
—
Operating expenses
General and administrative expenses
(1,815,071
)
(1,561,729
)
(948,577
)
Total operating expenses
(1,815,071
)
(1,561,729
)
(948,577
)
Other expenses, net
—
—
—
Foreign currency exchange loss
(573
)
(210
)
(1
)
Total other expenses, net
(573
)
(210
)
(1
)
Loss before income taxes
(1,815,644
)
(1,561,939
)
(948,578
)
Income tax expenses
—
—
—
Net loss and comprehensive loss
$
(1,815,644
)
$
(1,561,939
)
$
(948,578
)
Loss per share – basic and diluted
$
(0.007
)
$
(0.04
)
$
(0.03
)
Weighted average shares – basic and diluted
271,577,292
38,774,859
32,656,465
As of
June 30,
2024
As of
December 31,
2023
Balance Sheet Data:
Total Assets
$
14,564,457
$
1,257,592
Total Liabilities
$
7,060,745
$
756,289
Total Liabilities and Shareholders' Equity
$
14,564,457
$
1,257,592
44
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
You should read the following discussion and
analysis of our financial condition and results of operations together with our combined and consolidated financial statements and the
related notes included elsewhere in this proxy statement/prospectus. Some of the information contained in this discussion and analysis
or set forth elsewhere in this proxy statement/prospectus, including information with respect to our plans and strategy for our business
and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors,
such as those set forth under the "Risk Factors" and "Forward-Looking Statements" sections and elsewhere
in this proxy statement/prospectus, our actual results may differ materially from those anticipated in these forward-looking statements.
Overview
Our mission is to power the future of sustainable
transportation by creating stylish, innovative and cost-efficient premium electric vehicles centered around differentiated designs
and solutions tailored for every lifestyle.
We are a technology innovator and intend to manufacture
premium electric vehicles ("EVs"). Our affiliates, with whom we are negotiating for certain licensing agreements, have developed
several proprietary technologies which we believe are the building blocks of the Thunder Power family of EVs.
We focused on the development and manufacturing
of premium EVs with differentiated designs and solutions for every lifestyle. Four models are currently featured in our planned phased
development and roll-out strategy: the limited-edition coupe, (the "Coupe" or "488"), long-range sedan
(the "Sedan"), compact city car (the "City Car" or "Chloe") and the long-range SUV (the "SUV",
and together with the Coupe, Sedan, and City Car collectively, the "Models"). We plan to target not only consumers who desire
EVs, but also consumers who desire practical and innovative EVs, as well as consumers who seek a luxury experience. Leveraging our affiliate's
technologies, including the modularized chassis system, we hope to create a concept of a family of EVs (excluding the City Car) which
share common parts and modules, which we believe would require lower investment and reduced design and production time as opposed to those
of traditional automotive manufacturers.
We plan to offer the market eco-friendly, premium
EVs positioned to earn market share based on design, quality, comfort, range, and price.
Recent Developments
On October 26, 2023, FLFV entered into a business
combination agreement (as amended, the "Business Combination Agreement") with Thunder Power Holdings Limited, a British Virgin
Islands company ("TPHL"), pursuant to which on June 21, 2024, TPHL merged with and into Merger Sub, with Merger Sub surviving
the merger as a wholly owned subsidiary of FLFV (the "Merger" and, together with the other transactions contemplated by the
Business Combination Agreement and any other agreement executed and delivered in connection therewith, the "Business Combination").
At the closing of the Business Combination (the "Closing"), FLFV was renamed as "Thunder Power Holdings, Inc."
On June 11, 2024, FLFV and Thunder Power entered
into an agreement with (i) Meteora Capital Partners, LP ("MCP"), (ii) Meteora Select Trading Opportunities Master, LP ("MSTO"),
and (iii) Meteora Strategic Capital, LLC ("MSC" and, collectively with MCP and MSTO, the "Seller") (the "Forward
Purchase Agreement"). For purposes of the Forward Purchase Agreement, (i) FLFV is referred to as the "Counterparty"
prior to the consummation of the Business Combination, while the Company is referred to as the "Counterparty" after the consummation
of the Business Combination and (ii) "Shares" means shares of the Class A common stock, par value $0.0001 per share, of FLFV
prior to the closing of the Business Combination ("FLFV Shares"), and, after the closing of the Business Combination, shares
of our Common Stock.
Pursuant to the terms of the Forward Purchase
Agreement, the Seller intends, but is not obligated, to purchase up to 4,900,000 Shares (the "Purchased Amount") pursuant
to the FPA Funding Amount PIPE Subscription Agreement (as defined herein), less the number of FLFV Shares purchased by the Seller separately
from third parties through a broker in the open market ("Recycled Shares"). The Seller will not be required to purchase an
amount of Shares such that following such purchase, the Seller's ownership would exceed 9.9% of the total Shares outstanding immediately
after giving effect to such purchase, unless the Seller, at its sole discretion, waives such 9.9% ownership limitation. The number of
Shares subject to the Forward Purchase Agreement is subject to reduction following a termination of the Forward Purchase Agreement with
respect to such shares as described under "Optional Early Termination" in the Forward Purchase Agreement.
The Forward Purchase Agreement provides for a
prepayment shortfall in an amount in U.S. dollars equal to 0.25% of the product of the Recycled Shares and the Initial Price (as defined
herein) (the "Prepayment Shortfall"). The Seller will pay the Prepayment Shortfall to the Counterparty on the Prepayment Date
(which amount will be netted from the Prepayment Amount) (the "Initial Prepayment Shortfall"). Additionally, following the
closing of the Business Combination and up to 45 calendar days prior to the Valuation Date, Counterparty may, in its sole discretion,
request additional Prepayment Shortfall from Seller in tranches of $500,000 (the "Additional Prepayment Shortfall" and, together
with Initial Prepayment Shortfall, the "Prepayment Shortfall"); provided (i) Seller has recovered any prior Prepayment Shortfall,
(ii) the VWAP Price over the prior ten (10) trading days multiplied by the then current freely-tradeable Shares held by Seller be at least
six (6) times greater than the Additional Prepayment Shortfall request and (iii) the total value traded in Counterparty's stock,
as reported on the relevant Bloomberg Screen, be at least six (6) times greater than the Additional Prepayment Shortfall request (with
(i), (ii) and (iii) collectively as the "Shortfall Conditions"). Notwithstanding the foregoing, Seller may waive the Shortfall
Conditions, in whole or in part, via written consent to Counterparty.
45
The Counterparty has agreed to grant the Seller,
for the period beginning on June 11, 2024 and ending on the 12-month anniversary of the Valuation Date, the right, but not the obligation,
in its sole discretion, to invest on the terms offered to the Seller by the Counterparty up to 50% of any future debt, equity, derivative
or any other kind of financing of the Counterparty, as legally permitted (each a "Covered Financing"). The Seller will be
provided at least ten (10) business day notice to invest in any Covered Financing. For the avoidance of doubt, Covered Financings does
not include any equity line of credit.
On June 11, 2024, FLFV entered into a subscription
agreement (the "FPA Funding Amount PIPE Subscription Agreement") with the Seller. Pursuant to the FPA Funding PIPE Subscription
Agreement, Seller agreed to subscribe for and purchase, and FLFV agreed to issue and sell to Seller, prior to the Valuation Date, an aggregate
of up to 4,900,000 FLFV Shares, less the Recycled Shares in connection with the Forward Purchase Agreement, at the Initial Price per share.
On the Closing Date, all outstanding FLFV Shares (including shares issued pursuant to the Subscription Agreement) will be exchanged for
newly issued shares of Common Stock in accordance with the terms of the Merger Agreement.
General Factors Affecting Our Results of Operations
We anticipate that demand for our EVs will primarily
be affected by the following general factors. Changes in any of these general industry conditions could affect our business and results
of operations.
●
The global growth of EV market, especially in the U.S. and for the strong demand for our brand, especially in the premium segment;
●
Penetration rate of our EVs in the U.S. and across the globe, which is further affected by the following factors relating to EVs, among others, (i) overall production costs and ownership costs, (ii) functionality, performance and user experience, (iii) development of technology and level of intelligent and smart features on EV, and (iv) coverage of charging network;
●
Laws, regulations, and government policies for EVs and smart technology functions, including tax incentives, subsidies for EV production and purchases, government grants for EV manufacturers, as well as infrastructure support on expansion of charging network;
●
Macro factors that influence supply chain, OEM arrangements, material costs, manufacturing costs, delivery expense and normal operations associated with EV manufacturers;
●
Proposed changes regarding key components, primarily the origin of batteries used in EVs; and
●
Global customers' acceptance of new technologies and brands, especially our brand.
Specific Key Factors Affecting Our Results of Operations
We believe that our performance and future success
will depend on several company specific factors, including those key factors discussed below and other factors in the section of this
proxy statement/prospectus titled "
Risk Factors
."
Our ability to evaluate our business and future prospects
We are an early-stage company with an early
stage/limited operating history, operating in a rapidly evolving and highly regulated market. Furthermore, we have not released any commercially
available vehicle, and we have no experience manufacturing or selling a commercial product at scale. Because we have not generated revenue
from the sale of EVs, and because of the capital-intensive nature of our business, we expect to continue to incur substantial operating
losses for the foreseeable future.
Our ability to develop different models of vehicles
We currently have four Models featured in our
phased development strategy and our revenue in the foreseeable future will be significantly dependent on our ability to obtain additional
financing sufficient to complete the development and commence production and marketing of a limited number of these Models. Although we
have other concept vehicle models on our product roadmap, we currently do not expect to introduce another vehicle model until at least
2030. We expect to rely on sales from the Coupe, the Sedan, the City Car, and the SUV, among other sources of financing, for the capital
that will be required to develop and commercialize any future models that we may introduce. To the extent that production of the four
Models is delayed, the number of units of each Model expected to be produced is reduced, or our Models are not well-received by the
market for any reason, our revenue and cash flow would be adversely affected, we may need to seek additional financing, and such financing
may not be available to us on commercially reasonable terms, or at all.
Our ability to control the substantial costs associated with
our operations
We will require significant capital to develop
and grow our business. We have incurred and expect to continue to incur significant expenses as we build our brand and develop and market
our vehicles. We also expect to continue to incur significant expenses relating to developing and manufacturing our vehicles, tooling
and expanding our manufacturing capabilities; research and development expenses (including expenses related to the development of the
current and future products), raw material procurement costs; and general and administrative expenses as we scale our operations. As a
company, we do not have historical experience forecasting and budgeting for any of these expenses, and these expenses could be significantly
higher than we currently anticipate. In addition, any disruption to our future manufacturing operations, as well as challenges in obtaining
necessary equipment or supplies, expansion of our manufacturing facilities, or the procurement of permits and licenses relating to our
expected manufacturing, sales and distribution model could significantly increase our expenses and delay our anticipated production and
sales dates for our current Models and any future vehicles that we may announce.
46
Our ability to develop a third-party retail product
distribution and a full-service network
We anticipate utilizing third-party retail
product distribution and full-service networks to execute on such plans in all markets. If our use of third-party retail production
and full-service networks is not effective or if we are unable to successfully implement our plans, our results of operations and
financial conditions would be adversely affected.
Key Components of Results of Operations
The following section presents the key components
of our results of operations by the nature of corresponding operating activities for the periods indicated. You should read this financial
information in conjunction with those presented elsewhere in this prospectus including our financial statements and notes to our financial
statements.
Revenues
We have not generated revenue from the sale of
EVs. We expect to generate future revenue from the sale of our Models, but we may also consider potential revenue streams from the sale
and/or licensing of any future technologies that we may develop, and from research and development services.
Cost of revenues
Although we have no revenue, we have incurred
significant costs associated with our pre-revenue activities including, without limitation, research and development, general and administrative
expenses, liquidity and financing expenses and other operating activities as further described below.
General and administrative expenses
General and administrative expenses primarily
consist of personnel salary and welfare expenses, as well as expenses incurred in connection with professional and consulting services.
Over the next several years, we anticipate an increase in our general and administrative expenses in connection with our planned
launch of production lines of our Models. Additionally, we expect to incur higher costs related to professional and consulting services
rendered by third-party service providers in connection with the Company being a publicly traded company.
Taxation
The Company is incorporated in the State of Delaware
and is required to pay franchise taxes to the State of Delaware on an annual basis. The Company is also registered as a foreign corporation
with the State of New Jersey Department of the Treasury. The Company would be subject to income tax under New Jersey state tax laws if
it has operations in New Jersey.
On August 16, 2022, the Inflation Reduction Act
of 2022 (the "IRA") was signed into federal law. The IRA provides for, among other things, a new U.S. federal 1% excise tax
on certain repurchases (including redemptions) of stock by publicly traded domestic (i.e., U.S.) corporations and certain domestic subsidiaries
of publicly traded foreign corporations. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which
shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of
the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value
of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions
apply to the excise tax. The U.S. Department of the Treasury (the "Treasury") has been given authority to provide regulations
and other guidance to carry out and prevent the abuse or avoidance of the excise tax. The IRA applies only to repurchases that occur after
December 31, 2022.
Our operating subsidiary, TP NEV, is operating
under the applicable laws of the British Virgin Island and is not subject to tax on income or capital gains. As of June 30, 2024 and December
31, 2023, there was no temporary differences and no deferred tax asset or liability recognized. We do not believe that there was any uncertain
tax position as of June 30, 2024 and December 31, 2023.
Results of Operations
The following table sets forth a summary of our
results of operations for the six months ended June 30, 2024 and 2023, and the year ended December 31, 2023 and 2022. This information
should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus. The operating
results in any period are not necessarily indicative of the results that may be expected for any future period.
47
For the Six Months Ended
June 30,
For the Years Ended
December 31,
2024
2023
2023
2022
Revenues
$
—
—
$
—
$
—
Operating expenses
General and administrative expenses
(1,561,729
)
(948,577
)
(1,815,071
)
(432,005
)
Total operating expenses
(1,561,729
)
(948,577
)
(1,815,071
)
(432,005
)
Other income (expenses), net
—
—
—
2
Foreign currency exchange loss
(210
)
(1
)
(573
)
(3
)
Total other expenses, net
(210
)
(1
)
(573
)
(1
)
Loss before income taxes
(1,561,939
)
(948,578
)
(1,815,644
)
(432,006
)
Income tax expenses
—
—
—
—
Net loss
$
(1,561,939
)
(948,578
)
$
(1,815,644
)
$
(432,006
)
General and Administrative Expenses.
For the six months ended June 30, 2024 and 2023,
our general and administrative expenses were approximately $1.6 million and $0.9 million, respectively. The increase in general and administrative
expenses was primarily due to an increase of share-based compensation expenses of approximately $1.0 million as we issued an aggregate
of 90,000 shares of Common Stock to three independent directors of FLFV at the consummation of the Business Combination, partially offset
by a decrease of share-based settlement expenses of approximately $0.5 million.
The general and administrative expenses increased
by approximately $1.4 million, or 320.2% from approximately $0.4 million for the year ended December 31, 2022 to approximately
$1.8 million for the year ended December 31, 2023. The increase was primarily due to an increase of approximately $0.3 million
in share-based compensation expenses as we issued ordinary shares at lower cost than fair value in certain private placements, an
increase of approximately $0.5 million in share-based settlement expenses because we settled obligations due to our shareholder
and his spouse by issuance of ordinary shares at lower cost than fair value, and an increase of approximately $0.6 million in professional
and consulting expenses as we engaged auditors and counsellors in preparation of potential business combination with a special purpose
acquisition company.
Net loss.
As a result of the foregoing, we incurred a net
loss of approximately $1.6 million and $0.9 million for the six months ended June 30, 2024 and 2023.
As a result of the foregoing, we incurred a net
loss of approximately $1.8 million and $0.4 million for the year ended December 31, 2023 and 2022.
Liquidity and Capital Resources
Sources of Liquidity
To date, we have financed our operating activities
primarily through cash raised in loans from related parties disclosed elsewhere in this prospectus and equity financing including private
placements. As of June 30, 2024, our cash was approximately $0.9 million.
We have been incurring losses from operations
since inception. Accumulated loss amounted to approximately $36.0 million and $34.4 million as of June 30, 2024 and December 31, 2023,
respectively. Net cash used in operating activities were approximately $0.5 million and $0.4 million for the six months ended June 30,
2024 and 2023. As of June 30, 2024 and December 31, 2023, the working capital was approximately $(5.8) million and $0.7 million, respectively.
The working capital excluded the non-cash items, which are prepaid expenses for the Forward Purchase Agreement, deferred offering costs
and advance of subscription fees from shareholders. These conditions raised substantial doubts about the Company's ability to continue
as a going concern.
Accumulated loss amounted to approximately $34.4
million and $32.6 million as of December 31, 2023 and 2022, respectively. Net cash used in operating activities were $658,729 and
$49,843 for the years ended December 31, 2023 and 2022. As of December 31, 2023 and 2022, the working capital (deficit)
was $653,839 and ($255,181), respectively. The working capital (deficit) excluded the non-cash items, which are deferred offering
costs and advance of subscription fees from shareholders. These conditions raised substantial doubts about our ability to continue as
a going concern.
48
Our liquidity is based on our ability to generate
cash from operating activities, obtain capital financing from equity interest investors and borrow funds on favorable economic terms to
fund our general operations and capital expansion needs. Our ability to continue as a going concern is dependent on management's
ability to successfully execute our business plan, which includes increasing revenue while controlling operating cost and expenses to
generate positive operating cash flows and obtaining funds from outside sources of financing to generate positive financing cash flows.
Currently, we are working to improve our liquidity and capital sources mainly through borrowing from related parties by obtaining financial
support from our principal shareholder.
In addition, in order to implement our business
plan and sustain continued growth, we are actively seeking private equity financing from outside investors. However, there can be no assurance
that these plans and arrangements will be sufficient to fund our ongoing capital expenditure, working capital, and other requirements.
Impact of this Offering on Liquidity
We will not receive any proceeds from the sale
of securities by the Selling Securityholders pursuant to this prospectus. Because, in the near term, the exercise price of the Warrants
is expected to be greater than the current market price of our Common Stock, such Warrants are unlikely to be exercised and therefore
the Company does not expect to receive any proceeds from the exercise of the Warrants in the near term. Any cash proceeds associated with
the exercise of the Warrants are dependent on the price of our Common Stock. Whether any holder of Warrants determines to exercise such
Warrants, which would result in cash proceeds to the Company, will likely depend on the market price of our Common Stock at the time of
any such holder's determination. As of January 13, 2025, the closing price of our Common Stock was $0.34 per share.
Cash Flows
The following table sets forth a summary of our
cash flows for the years presented:
For the Six Months Ended
June 30,
For the Year Ended
December 31,
2024
2023
2023
2022
Net cash used in operating activities
$
(541,660
)
(358,573
)
$
(658,729
)
$
(49,843
)
Net cash provided by investment activities
929,302
—
—
—
Net cash provided by financing activities
336,800
1,160,000
605,250
300,000
Net (decrease) increase in cash
724,424
801,427
(53,479
)
250,157
Cash, beginning of year
196,907
250,386
250,386
229
Cash, end of year
$
921,349
1,051,813
$
196,907
$
250,386
Operating Activities
Net cash used in operating activities for the
six months ended June 30, 2024 was approximately $0.5 million, primarily attributable to net loss of approximately $1.6 million,
adjusted for non-cash share-based compensation expenses of approximately $1.0 million.
Net cash used in operating activities for the
year ended December 31, 2023 was approximately $0.7 million, primarily attributable to net loss of approximately $1.8 million,
adjusted for non-cash share-based compensation expenses of approximately $0.3 million, share-based settlement expenses
of approximately $0.5 million, and an increase of approximately $0.2 million in amounts due to related parties which paid certain
operating expenses on behalf of us.
Net cash used in operating activities for the
six months ended June 30, 2023 was approximately $0.4 million, primarily attributable to net loss of approximately $0.9 million,
adjusted for non-cash share-based settlement expenses of approximately $0.5 million and an increase of approximately $0.1 million in amounts
due to related parties which paid certain operating expenses on behalf of us.
Net cash used in operating activities for the
year ended December 31, 2022 was $49,843, primarily attributable to net loss of approximately $0.4 million, adjusted for non-cash depreciation
expenses of $32,982, amortization of right-of-use assets of $32,904, share-based compensation expenses of $16,676, and an increase
of approximately $0.3 million in amounts due to related parties which paid certain operating expenses on behalf of us.
Investing Activities
For the six months ended June 30, 2024, we reported
cash provided by investing activities of approximately $0.9 million, which was from the reverse acquisition we closed with FLFV in June
2024.
For the six months ended June 30, 2023, we did
not report cash provided by or used in investing activities.
49
Financing Activities
For the six months ended June 30, 2024, we reported
cash provided by financing activities of approximately $0.3 million, which were primarily provided by subscription fees of $0.3 million
from shareholders in the private placements raised by TP Holdings and borrowings of approximately $0.4 million from our controlling shareholder,
partially offset by payment of approximately $0.3 million of extension loans on behalf of the Sponsor.
For the year ended December 31, 2023,
we reported cash provided by financing activities of approximately $0.6 million, which were primarily provided by subscription fees
of approximately $1.8 million advanced from shareholders, partially offset by payment of approximately $0.6 million of extension
loans on behalf of the sponsor of a SPAC and payment of approximately $0.4 million of offering costs.
For the six months ended June 30, 2023, we reported
cash provided by financing activities of approximately $1.2 million, which were primarily provided by subscription fees of $0.3 million
advanced from shareholders.
For the year ended December 31, 2022,
we reported cash provided by financing activities of approximately $0.3 million, which were provided by subscription fees advanced
from shareholders.
Commitment and Contingencies
On June 21, 2024, the Company entered into an
escrow agreement (the "Escrow Agreement") with Mr. Wellen Sham, Yuanmei Ma and Continental Stock Transfer & Trust Company
("CST"), pursuant to which, among other things, (1) CST will act as the escrow agent under the Escrow Agreement; (2) at the
closing of the Business Combination, the Company deposited with CST 20,000,000 shares of Common Stock as Earnout Shares, to be held by
CST in a segregated escrow account ("Earnout Escrow Account"); and (3) if any portion of the Earnout Shares becomes eligible
for release in accordance with the terms of the Escrow Agreement, CST will release the applicable portion of the Earnout Shares from the
Earnout Escrow Account in accordance with the terms of the Escrow Agreement and disburse to each eligible recipient the applicable portion
of Earnout Shares therefrom.
The Earnout Shares shall be released or otherwise
forfeited as follows: (i) an aggregate of 5,000,000 Earnout Shares (the "Tranche 1 Earnout Shares") will be vested, if and
only if, on the occurrence that the amount of sales/revenues of the Company for any of the fiscal years (such fiscal year is referred
to as "Tranche 1 Fiscal Year") ending from December 31, 2023 to December 31, 2025 is no less than $42,200,000 as evidenced
by the audited financial statements of the Company prepared in accordance with U.S. GAAP for the Tranche 1 Fiscal Year that is contained
in an annual report on Form 10-K filed by the Company with the SEC (the "Tranche 1 Annual Report"); (ii) an aggregate of 15,000,000
Earnout Shares (the "Tranche 2 Earnout Shares") will be vested, if and only if, on the occurrence that the amount of sales/revenues
of the Company for any of the fiscal years (such fiscal year is referred to as "Tranche 2 Fiscal Year") ending from December
31, 2023 to December 31, 2026 is no less than $415,000,000 as evidenced by the audited financial statements of the Company prepared in
accordance with U.S. GAAP for the Tranche 2 Fiscal Year that is contained in an annual report on Form 10-K filed by the Company with the
SEC (the "Tranche 2 Annual Report"); (iii) Within five (5) business days following the determination that all or any portion
of the Tranche 1 Earnout Shares or Tranche 2 Earnout Shares become vested, the Company, together with Mr. Sham and Ms. Ma, shall instruct
the Escrow Agent to irrevocably and unconditionally release the vested tranche of Earnout Shares from the Escrow Account in accordance
with the terms of the Escrow Agreement to certain of the Company's shareholders. Each tranche of Earnout Shares may be released
only once, but more than one tranche can be released in any year in accordance with the Escrow Agreement.
The Earnout Shares are determined as contingent
consideration in connection with the reverse recapitalization. In addition, the issuance of Earnout Shares does not meet any condition
to be classified as a liability under ASC 815, thus it should be classified as an equity financial instrument, and measure at fair value
using the quoted market price on grant date, June 11, 2024, which was $2.56 per share.
For the six months ended June 30, 2024, the sales/revenue
condition described above was not met based on the consolidated statements of income. Currently the Company could not reasonably assess
the performance condition for the year ending December 31, 2024 and thereafter.
Other than the above, in the normal course of
business, we are subject to loss contingencies, such as certain legal proceedings, claims and disputes. We record a liability for such
loss contingencies when the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated.
Off-Balance Sheet Arrangements
During the periods presented, we did not enter
into, and we do not currently have, any off-balance sheet arrangements.
Research and Development
We have incurred minimal research and development
expenses for the three and six months ended June 30, 2024 and 2023. The researched and development expenses were recorded in "general
and administrative expenses" in the unaudited condensed consolidated statements of operations.
50
Emerging Growth Company Status
We are an "emerging growth company"
as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "Jobs Act").
As an emerging growth company, we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply
with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act"), reduced
disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements
of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously
approved. Additionally, Section 107 of the Jobs Act provides that that an "emerging growth company" can take advantage of
the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.
Accordingly, an "emerging growth company" may delay the adoption of certain accounting standards until those standards would
otherwise apply to private companies. We intend to take advantage of the benefits of this extended transition period.
We will remain an emerging growth company until
the earliest of (i) the last day of our first fiscal year (a) following the fifth anniversary of FLFV's IPO (June 21,
2027), (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be
a "large accelerated filer" under the rules of the SEC with at least $700.0 million of outstanding securities held by non-affiliates; and
(ii) the date on which we have issued more than $1.00 billion in non-convertible debt securities during the prior
three-year period.
As a result, the information in this prospectus
and that we provide to our investors in the future may be different than what you might receive from other public reporting companies.
Smaller Reporting Company
We are a "smaller reporting company"
as defined in the Rule 12b-2 of the Exchange Act and in Item 10(f)(1) of Regulation S-K. We may continue to be a smaller reporting company
even after we are no longer an emerging growth company. We may take advantage of certain of the scaled disclosures available to smaller
reporting companies and will be able to take advantage of these scaled disclosures for so long as the market value of our voting and non-voting Common
Stock held by non-affiliates is less than $250.0 million measured on the last business day of our second fiscal quarter,
or our annual revenue is less than $100.0 million during the most recently completed fiscal year and the market value of our voting
and non-voting Common Stock held by non-affiliates is less than $700.0 million measured on the last business
day of our second fiscal quarter.
We intend to rely on exemptions from certain disclosure
requirements that are available to smaller reporting companies, such as reduced disclosure obligations regarding executive compensation
in this prospectus and our periodic reports and proxy statements.
Critical Accounting Estimates
We prepare our financial statements in accordance
with U.S. GAAP, which requires our management to make judgments, estimates and assumptions that affect the reported amounts of assets
and liabilities, disclosures of contingent assets and liabilities on the date of the consolidated financial statements, and the reported
amounts of revenue and expenses during the reporting period. We continually evaluate these judgments, estimates and assumptions based
on our own historical experience, knowledge and assessment of current business and other conditions, our expectations regarding the future
based on available information and various assumptions that we believe to be reasonable, which together form our basis for making judgments
about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting
process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree of judgment than
others in their application.
The selection of critical accounting policies,
the judgments and other uncertainties affecting application of those policies and the sensitivity of reported results to changes in conditions
and assumptions are factors that should be considered when reviewing our financial statements. We believe the following accounting policies
involve the most significant judgments and estimates used in the preparation of our financial statements. You should read the description
of critical accounting policies, judgments and estimates in conjunction with our unaudited condensed consolidated financial statements
and other disclosures included in this prospectus.
We do not have critical accounting estimates that
are related to us. A list of accounting policies, judgements and estimates that are relevant to us is included in notes to our unaudited
condensed consolidated financial statements included elsewhere in this prospectus (see "
Note 2 – Summary of Significant
Accounting Policies
").
Recently Issued Accounting Pronouncements
We prepare our financial statements in accordance
with U.S. GAAP, which requires our management to make judgments, estimates and assumptions that affect the reported amounts of assets
and liabilities, disclosures of contingent assets and liabilities on the date of the consolidated financial statements, and the reported
amounts of revenue and expenses during the reporting period. We continually evaluate these judgments, estimates and assumptions based
on our own historical experience, knowledge and assessment of current business and other conditions, our expectations regarding the future
based on available information and various assumptions that we believe to be reasonable, which together form our basis for making judgments
about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting
process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree of judgment than
others in their application.
The selection of critical accounting policies,
the judgments and other uncertainties affecting application of those policies and the sensitivity of reported results to changes in conditions
and assumptions are factors that should be considered when reviewing our financial statements. We believe the following accounting policies
involve the most significant judgments and estimates used in the preparation of our financial statements. You should read the description
of critical accounting policies, judgments and estimates in conjunction with our unaudited condensed consolidated financial statements
and other disclosures included in this prospectus.
We do not have critical accounting estimates that
are related to us. A list of accounting policies, judgements and estimates that are relevant to us is included in notes to our unaudited
condensed consolidated financial statements included elsewhere in this prospectus (see "
Note 2 – Summary of Significant
Accounting Policies
").
51
BUSINESS OF THUNDER POWER
References in this section to "we,"
"our," "us," the "Company," "TPH," "TPHL" or "Thunder Power" generally
refer to Thunder Power Holdings, Inc. and its consolidated subsidiaries.
Mission
Thunder Power's mission is to power the
future of sustainable transportation by creating stylish, innovative and cost-efficient premium electric vehicles centered around
differentiated designs and solutions tailored for every lifestyle.
Overview
Thunder Power is a technology innovator and a
prospective manufacturer of premium electric vehicles ("EVs"). The Company has developed several proprietary technologies
which are the building blocks of the Thunder Power family of EVs. Thunder Power Holdings, Inc., a Delaware corporation, was incorporated
in January 2022 as a blank check company under the name Feutune Light Acquisition Corporation ("FLFV"). In June 2024, the
Company completed its Business Combination with Thunder Power Holdings Limited ("TPHL"), which resulted in TPHL becoming a
wholly-owned subsidiary of the Company. TPHL's wholly-owned subsidiary, Thunder Power New Energy Vehicle Development Company Limited,
a company established in accordance with the laws and regulations of the British Virgin Islands on October 19, 2016 ("TP NEV"),
has developed several proprietary technologies which are the building blocks of the Thunder Power family of EVs. TPHL is a holding company
with no operations that was incorporated under the laws and regulations of the British Virgin Islands with limited liability on September
30, 2015.
The Company's vision is to demonstrate the
potential of its proprietary technologies through the manufacture and sale of premium EVs. Thunder Power believes that its competitive
advantages include the potential to develop a a target driving range of up to 750 kilometers, or 466 miles, a comparatively short charge
time, based on testing data of our prototypes, and a number of proprietary technologies resulting in lighter weight and a revolutionary
chassis design.
The Company expects to offer the market eco-friendly,
premium EVs positioned to earn market share based on design, quality, comfort, range, and price. Among other advantages, the Company'
proprietary technologies will
significantly increase the driving range for its EVs while allowing for faster recharging and
lower costs of ownership.
Historical Corporate Events
On April 8, 2016, China New Energy Vehicle
Company Limited ("China NEV") was established as a subsidiary of TPHL with the goal of centralizing the investment properties
(e.g., patents and trademarks) for more efficient management. On March 21, 2013, Thunder Power Hong Kong Ltd. ("TP HK")
was established as a wholly owned subsidiary of TPHL with the goal of acting as a financial and operational hub of Thunder Power, to deal
with various corporate actions like fundraising, back-office operations and bridge the operations between China and Europe. However,
subsequently, TPHL has changed its strategy by focusing on operations in the U.S., Europe and Taiwan. On August 6, 2021, the board
of directors of TPHL approved the restructuring plan for spinning off ("Spin Off") of China NEV and TP HK. The Company completed
the Spin Off of China NEV and TP HK on December 14, 2021 with no cash consideration involved. Following the completion of the Spin
Off, TPHL no longer held any equity shares in China NEV and TP HK. Thunder Power retained only one subsidiary after the Spin Off, TP NEV.
Market Opportunity
Thunder Power is a technology innovator and prospective
designer and manufacturer of premium EVs. Thunder Power looks past the traditional notions of luxury in order to appeal to customers who
expect more. In Thunder Power's opinion, the EV consumer is no longer solely interested in the space and feel of the design, but
demands cutting-edge technologies. Thunder Power's philosophy includes a lighter weight chassis, a modularized system, advanced
internal features, intelligent cockpits, communication and connectivity over the air and in the cloud, to name a few features. In addition,
many of the technologies that Thunder Power intends to leverage in its Models have advanced intelligent smart cockpit functionality such
as ADAS and OTA, which are expected to result in what Thunder Power believes to be a better driving experience. With our modularized system,
and three-price entry points, Thunder Power's customers would have the option of choosing the EV that is right for them, their
lifestyle and their budget. Thunder Power commissioned the renowned Italian car-maker Zagato to design the internal and external
features of the first prototype in 2015.
The Company is focused on the development and
manufacturing of premium EVs with differentiated designs and solutions for every lifestyle. With four models currently featured in the
Company's phased development and roll-out strategy, the Compact City Car, the microcar, the Limited-Edition Coupe & Long-Range
Sedan. Thunder Power intends to target not only consumers who desire EVs, but also consumers who desire practical and innovative EVs,
as well as consumers who seek a luxury experience. Leveraging Thunder Power's modular integration concept starting with the modularized
chassis system patented by Thunder Power's affiliates, the Company intends to create a family of EVs which share common parts and
modules, thereby requiring lower investment and reducing design and production time. Thunder Power intends to launch the Compact City
Car first, with the potential for collaborations, sharing existing platforms, allowing an even earlier launch date. Thunder Power's
management team has implemented a formal quarterly internal review process to monitor technical development, market potential, feasibility
of anticipated model launch times, as well as risks and opportunities. Management believes that this quarterly review process may enable
the Company to better navigate the often rapidly changing market conditions and to adjust, if and when necessary, the Company's
business development plan, including without limitation allocation of resources of marketing, research and development activities (among
other things).
52
Compact City Car
Thunder Power currently intends to produce the
Compact City Car prototype (the "City Car" or project name "Chloe") from 2027, utilizing a different chassis and
suspension than that of the Coupe and Sedan. The City Car is intended to target a younger urban demographic of first-time car buyers who
want to "do the right thing" by purchasing an EV and see their car as an extension of their personality and lifestyle. We
expect that the City Car will have a target driving range of up to 350 kilometers (217 miles) and believe that it will be perfect for
city living, daily commutes, or on a busy college campus. The City Car is expected to be available in a range of bold colors and configurations
and we hope to feature various collaborations with figures from the fashion and art worlds. We anticipate that the City Car will be positioned
with an attractive retail price range in the segment ranging from $30,000 to $45,000 USD.
Limited Edition Coupe
Subject to the Company's ability to obtain
additional financing and subject to favorable market conditions, Thunder Power currently hopes to complete development of a limited number
of Limited-Edition Coupe. Production is expected to be outsourced to European manufacturing partners, but may be delayed until the Company
secures sufficient additional financing. Thunder Power is in discussions with a few potential European manufacturing partners but has
not entered into a memorandum of understanding with any such potential partner. Based on prototype and simulation testing, the Coupe has
a target range of up to 750 kilometers (466 miles), and is intended to offer high-end European styling with superior comfort, performance,
and craftsmanship. The targeted market for this car is wealthy consumers who are interested in an EV that stands out from the pack by
combining eye-catching European styling with the highest standards of comfort, performance, and craftsmanship. The retail price is under
management's review, targeted in the segment ranging from $100,000 to $200,000 USD, with the final price depending on customer's
choice of personalization options.
Long-Range Sedan
The Long-Range Sedan (the "Sedan")
is expected to serve as one of the Company's premium EVs, targeted to be affordable to a wider demographic of customers. The Sedan
utilizes the same chassis as the Coupe, thereby affording a similarly luxurious drive. The Sedan prototype is expected to have a target
driving range of up to 700 kilometers (435 miles). Based on preliminary research, the Company expects that the Sedan will cost less to
produce than the Coupe, and is therefore targeted to be available in the $50,000 to $80,000 USD price segment. Launch of this project
is subject to the Company's ability to obtain additional financing and subject to favorable market conditions.
Microcar
The Microcar segment is already well established
in Europe and forecast to offer significant growth potential in Asia, with markets traditionally dominated by motorcycles. According to
McKinsey Future Mobility's 2022 survey "Minimobility might be the next big thing". As consumer preferences shift towards
innovative and sustainable solutions, coupled with the rising demand for versatile, eco-friendly transport, electric microcars are poised
to redefine the urban mobility landscape and reach a total addressable market of $340 billion annually across China, Europe, and North
America by 2030.
The first Microcar project is planned as a low-volume joint venture
using the platform of an existing manufacturer in 2026, whilst adding Thunder Power's classical Italian design signature. Assuming
successful development of the market a unique TP version is foreseen from 2029 production.
The Microcar bridges the gap between cars and motorcycles offering
affordable urban motoring to drivers as young as 14 in certain markets. Development costs are limited due to the existing competencies
of the industrial partner, with a high upside in terms of volume potential.
Competitive Strengths
●
Intellectual Property (IP) —
Thunder Power believes that its core competency is its innovative and proprietary technology solutions. Through TP NEV, the Company expects to have 154 patents currently active in the United States, which we expect will be available for use by the Company once license agreements are negotiated.
●
The Patented Battery Pack and Battery Management System (BMS) —
The proprietary BMS is expected to serve as the crown jewel of the technology suite of the Company. We believe that the BMS may prolong the battery life cycle and improve passenger safety by predicting the remaining battery life, such that the EV has sufficient power to reach a safe location and an ability to diagnose potential battery malfunctions. We believe that the BMS system modulates and monitors the temperature range efficiently, which is expected to increase the tolerance of battery cell voltage limits, and power output limit.
●
The Patented Thermal Management System —
The patented TMS provides an integrated approach to vehicle heating, drivetrain, and temperature control, that in our internal testing reduced vehicle weight and significantly reduced energy consumption.
●
Modular Production —
We believe that the modularized production approach to the Company's chassis design will allow for lighter vehicle weight and greater commonality of parts across our expected model line-up and may lead to reduced development costs and truncated time required to ramp new models.
●
Shifting Market Dynamics Favor Electric Vehicles —
Globally, government regulations are increasingly focused on reducing CO2 emissions and lessening the world's reliance on fossil fuels. So long as advances in EV technology and acceptance among end consumers continue to grow, EV makers stand to capture substantial market share from traditional combustion engines, particularly as those competitors increase pricing to satisfy the growing development costs necessary for super-efficient engines.
●
Differentiated design —
The Company has previously engaged automotive designers to design and develop prototypes of its EVs. We believe that the eye-catching, stylish designs and ergonomic car interface will set Thunder Power apart from other manufacturers' EV models.
53
Technology
Thunder Power is an automotive company that plans
to use innovative EV technology to set new standards for sustainable transportation. Thunder Power is negotiating and securing licensing
rights to intellectual property of its affiliates, which have developed the cutting-edge EV technology that the Company believes
could set a new benchmark for EVs. Core to Thunder Power's DNA is achievement of technical excellence, which the Company hope to
secure through licensing of intellectual property from its affiliates for proprietary technologies, such as the modular flexible chassis
system, wireless charging, multi-link suspension system, light weight engineering, BMS, TMS and the use of EV certain EV TDPs.
●
Battery Pack.
The Battery Pack is expected to utilize 18,650 cylindrical batteries in each EV, while the BMS is expected to control and monitor the Battery Pack, which the Company views as extra high safety standards and an innovative charge-balancing system designed to slow aging and degradation of the Battery Pack.
●
Battery Management System.
Thunder Power believes that the proprietary BMS is the most important and valuable part of the Battery Pack, indeed of the entire EV. The functional purpose of the proprietary BMS is to prolong the battery life cycle, improve passenger safety by allowing EV operators to get to a safe location, and predict the potential for battery malfunctions. To accomplish this, the BMS modulates and monitors the temperature range, battery cell voltage limits, and power output limit when the EV is in operation. The BMS consists of local management units ("LMUs"), which monitor cell voltages and temperature in individual modules of the Battery Pack. This information is then collected and sent to the BMS, which monitors the overall voltage of each module and calculates the state of charge ("SOC") of the Battery Pack. This enables the BMS to estimate the available power output and remaining driving range of the EV, as well as determine the state of health ("SOH") of the Battery Pack by predicting the potential for battery failures through monitoring the voltage, temperature, and usage of the batteries.
●
The BMS Concept.
In the unlikely event of a critical failure, the BMS is intended to cut the high-voltage power to a lower voltage, ensuring that the EV has sufficient power to reach a safe location. Should a minor malfunction occur in a battery cell or module, the BMS is able to detect the failure and inform the driver to schedule a maintenance appointment.
54
EV Traction Drivetrain (EV TDP)
The EV TDP has various core competencies that
are critical to the Company's products. We believe that the EV TDP is energy efficient. The product contains a synchronous motor
with both PM (permanent magnet) and reluctance torque and has a high-fill factor bar-wound design. The inverter drive has a maximum efficiency
vector control, which we believe could achieve high efficiency in a broad speed and power range. Additionally, we believe that it could
benefit our EVs by providing a greater driving range and lower battery capacity requirements, as compared to those of our competitors'
vehicles. We believe that the EV TDP is scalable. The product's power range is believed to be 50~250 kW. The EV TDP features a standardized
stator diameter and its output power is varied by changing stack lamination; therefore, we believe that it allows a broad spectrum application
for various types of EVs. We believe that EV TDP is highly integrated with the liquid cooling motor, inverter drive and gear, which in
turn makes the EV TDP compact and lightweight, and optimized for system performance. Finally, we believe that the EV TDP is cost effective.
The EV TDP has a low-pressure loss cooling tunnel design, integrated cooling jacket and a motor frame design.
The Company does not hold the intellectual property
rights to the traction motor, all rights for which are owned by Mr. Wellen Sham, the former chief executive officer of TPHL, in his
capacity as an individual inventor. There is no licensing agreement in place for the EV TDP between the Company and Mr. Sham.
55
The traction motor is demonstrated above; Thunder
Power does not hold the intellectual property rights to the traction motor, all rights for which are owned by Mr. Wellen Sham in
his capacity as an individual inventor. There is no licensing agreement in place between the Company and Mr. Sham for the traction
motor.
The above power train is manufactured by Electric
Power Technology Ltd (a Taiwanese public company, Taiwan List Co. 4529), an affiliate and one of the shareholders of Thunder Power
In addition, as mentioned below in the section
under the heading "
Future Technology and Vehicle Programs
", Thunder Power may explore the potential of applying
EV TDP in other commercial applications.
Intellectual Property
Thunder Power, as a holding company, does not
own any patents. Patents are primarily owned by Thunder Power's wholly owned subsidiary, TP NEV, except for the EV TDP, the patent
for which is owned by Mr. Wellen Sham in his capacity as an individual inventor and patent holder. There is no licensing agreement
in place between Thunder Power and TP NEV or Mr. Sham. These patents are predominantly utility patents, with a number of design patents.
Intellectual property is important to our business.
Our commercial success depends on our ability to obtain, maintain and protect the intellectual property and other proprietary technology
that we develop or acquire the rights to, to operate without infringing, misappropriating or otherwise violating the intellectual property
and proprietary rights of others, and to prevent others from infringing, misappropriating or violating our intellectual property and proprietary
rights. We expect to rely on a combination of patents, trademarks, trade secrets, know-how, continuing technological innovation, confidential
information and other measures to develop and maintain our proprietary position including through personnel, contractor, consultant and
third-party nondisclosure and invention assignment agreements and other contractual arrangements.
56
Regardless of the protective measures that we
may implement to safeguard our intellectual property and proprietary technology, there is always a risk that alterations from our products
or processes may provide sufficient basis for a competitor to avoid infringement claims. In addition, the coverage claimed in a patent
application can be significantly reduced before a patent is issued and courts can reinterpret a patent's scope after issuance. Many
jurisdictions, including the United States, permit third parties to challenge issued patents in administrative proceedings, which
may result in further narrowing or even cancellation of patent claims. We cannot provide any assurance that any patents will be issued
from our pending or any future applications or that any current or future issued patents will adequately protect our intellectual property.
For this and other risks related to our proprietary technology, inventions and improvements, please see the section under the heading
"
Risk Factors.
"
Through TP NEV, Thunder Power is expected to have
access to 154 issued U.S. patents, once it secures a licensing agreement.
We hope to develop additional intellectual property
and proprietary technology as our engineering and validation activities ramp up. Technologies that we expect to have access to, through
licensing agreements, and intend to invest in and develop include engineering software, drivetrain systems and controls, infotainment,
cybersecurity, telematics and electrical architecture hardware and software. As we develop our technology, we will continue to build our
intellectual property portfolio, including by pursuing patent and other intellectual property protection when we believe it is possible,
cost-effective, beneficial, and consistent with our overall intellectual property protection strategy.
Generally, the terms of individual issued patents
extend for varying periods depending on the date of filing of the patent application or the date of patent issuance and the legal term
of patents in the countries in which they are obtained. Generally, utility patents issued for applications filed in the United States
are granted a term of 20 years from the earliest effective filing date of a non-provisional patent application, assuming the
patent has not been terminally disclaimed over a commonly-owned patent or a patent naming a common inventor, or over a patent not
commonly owned but that was disqualified as prior art as the result of activities undertaken within the scope of a joint research agreement.
The life of a patent, and the protection it affords, is therefore limited and once the patent lives of our issued patents have expired,
we may face competition, including from other competing technologies. The duration of foreign patents varies in accordance with provisions
of applicable local law, but typically is also 20 years from the earliest effective filing date. The actual protection afforded by
a patent may vary from country to country and can depend upon many factors, including the type of patent, the scope of its coverage, the
availability of patent term adjustments or extensions, the availability of legal remedies in a particular country and the validity and
enforceability of the patent. As a result, our owned patent portfolio may not provide us with sufficient rights to exclude others from
commercializing products similar or identical to ours.
Furthermore, we rely upon trade secrets and know-how,
confidential information, unpatented technologies, continuing technological innovation and other proprietary information to develop, protect
and maintain our competitive position and aspects of our business that are not amenable to, or that we do not presently consider appropriate
for, patent protection and prevent competitors from reverse engineering or copying our technologies. However, the foregoing rights, technologies
and information are difficult to protect. We seek to protect them by, in part, using confidentiality agreements with our personnel and
consultants and any potential commercial partners and collaborators and invention assignment agreements with our personnel We also have
implemented or intend to implement confidentiality agreements or invention assignment agreements with our selected consultants and any
potential commercial partners. These agreements are designed to protect our proprietary information and, in the case of the invention
assignment agreements, to grant us ownership of technologies that are developed through a relationship with a third party. These agreements
may be breached, and we may not have adequate remedies for any breach. There can be no assurance that these agreements will be self-executing or
otherwise provide meaningful protection for our trade secrets or other intellectual property or proprietary information. In addition,
our trade secrets may otherwise become known or be independently discovered by competitors. To the extent that our commercial partners,
collaborators, personnel and consultants use intellectual property owned by others in their work for us, disputes may arise as to the
rights in related or resulting know-how and inventions.
57
Our commercial success will also depend in part
on not infringing, misappropriating or otherwise violating the intellectual or proprietary rights of third parties. The issuance of third-party patents
could require us to alter our development or commercial strategies, change our products or processes, obtain licenses to additional third-party patents
or other intellectual property or cease certain activities. Our breach of any license agreements or failure to obtain a license to proprietary
rights that we may require to develop or commercialize our future products or technologies may have an adverse impact on us. Given that
patent applications in the United States and certain other jurisdictions are maintained in secrecy for 18 months or potentially
longer, and since publication of discoveries in the scientific or patent literature often lags behind actual discoveries, we cannot be
certain of the patent protection being sought by third parties and/or the priority of inventions covered by such patent applications.
Moreover, we may have to participate in interference, revocation, derivation, re-examination, post-grant review, inter partes review
or opposition proceedings brought by third parties or declared by the U.S. Patent and Trademark Office or an equivalent foreign body.
See "
Risk Factors
" for additional information regarding these and other risks related to our intellectual property
portfolio and their potential effect on us.
Patents Pertaining to the Battery Pack/BMS
The U.S. patent applications of the Company's
affiliate in connection with the Battery Pack/BMS innovations include:
●
Auto-detection and Self-exclusion of Malfunctioned Battery Modules in an Electric Vehicle Battery Pack.
This technology is designed to allow the user to continue driving the EV, albeit with fewer batteries and lower voltage, to reach a service center or a safer location. This, in turn, is expected to reduce the frequency of need for roadside assistance and associated maintenance costs.
●
The Communication Structure of Battery Pack.
The technology collects modular data from the Battery Pack and then calculates and interprets the data, sending the results to the vehicle control unit ("VCU"). A key benefit of its innovation is the overall reduction in Control Area Network ("CAN") data volumes and lack of interference with other subsystems, ensuring greater communication stability
.
●
The Wireless Data Transmission of the EV Battery Pack in Electric Vehicles.
The technology utilizes wireless technology to communicate between the Battery Pack and the VCU, charger, and maintenance center. The innovative design effectively reduces the amount of electrical wiring required and could also be beneficial to swappable battery solutions (by avoiding connector corrosion).
●
Intelligent Charge Balancing System.
Typically, EVs run multiple battery cells. However, when one of the cells malfunctions, there is the potential for the entire battery pack to malfunction or underperform. Thunder Power's innovation, through the application of independent switching circuits, detects modular imbalances and eliminates them — thereby maintaining consistent performance levels. A key benefit is that it slows Battery Pack aging and battery capacity degradation.
●
Thermal Management System ("TMS").
Thunder Power believes that its thermal management system (the "TMS") controls the vehicle temperature in a safe and efficient manner by taking an integrated approach to create a vehicle heating, drivetrain, and temperature control unit. The key benefit of Thunder Power's design is the reduction in vehicle weight and energy requirements that contribute to its extended driving range.
58
Unlike an internal combustion engine ("ICE"),
an EV uses electricity from batteries as a power source. As a result, additional heaters and chillers are required to better control the
vehicle temperature in operation and provide cabin comfort. The downside of heating and cooling devices within conventional EVs is their
power consumption. TMS to heat or cool, can use up to 50% of all stored battery energy. As a result, an EV's TMS is critical to
both driving range and energy efficiency. The Company intends to use a proprietary integrated thermal management system that is responsible
for controlling heating, ventilation, and air conditioning, as well as drivetrain temperature and battery temperature.
By regulating the operating temperature of the
vehicle, this technology increases the lifespan of sub-systems, including the Battery Pack. Moreover, through what the Company believes
to be an efficient heating circuit design, dissipated heat from the electric power train, battery system, or other electrical device can
be recaptured and used for cabin heating. The system is also intended to include environmental temperature monitoring, which can determine
the need to switch to different circulation loops to ensure optimal performance or activate pre-heating functionality when operating
in cold climates (crucial to Battery Pack functionality).
Patents Pertaining to the Thermal Management System ("TMS")
Thunder Power's affiliate has filed U.S. patent
applications for several innovations in connection with the TMS which seek to reduce energy consumption and allow for an extended range
to the EVs. Patents include:
●
Series and Parallel Structure of Thermal Management System for Cabin Heater
●
Parallel Structure of Thermal Management System for Cabin Heater
●
Radiator and AC heat Exchanger Airflow System
●
Double-way Coolant Pipe for Battery Cooling Loop.
59
Battery Pack/BMS and TMS Patent list
The following is a list of material patents currently expected to
be used by Thunder Power:
PATENT NO.
TITLE
COUNTRY
FUNCTION
TYPE
EXPIRATION
10,703,211
BATTERY PACK, BATTERY CHARGING STATION, AND CHARGING METHOD
US
Battery Pack/BMS
Utility
3/2/2036
9,499,067
POWER MANAGEMENT IN ELECTRIC VEHICLES
US
Battery Pack/BMS
Utility
6/23/2035
9,716,392
BATTERY PACK AND CONNECTING CIRCUITS OF BATTERY MODULES
US
Battery Pack/BMS
Utility
10/14/2035
9,783,020
BATTERY PACK, BATTERY CHARGING STATION, AND CHARGING METHOD
US
Battery Pack/BMS
Utility
6/23/2035
10,312,558
BATTERY PACKAGING AND INSERT MOLDING FOR ELECTRIC VEHICLES
US
Battery Pack/BMS
Utility
12/20/2036
9,865,905
BATTERY COOLANT LOOP PAD FOR ELECTRIC VEHICLES
US
Battery Pack/BMS
Utility
7/13/2036
10,144,304
POWER MANAGEMENT IN ELECTRIC VEHICLES
US
Battery Pack/BMS
Utility
6/23/2035
10,700,335
BATTERY SYSTEM HOUSING WITH INTERNAL BUSBAR
US
Battery Pack/BMS
Utility
4/28/2037
10,164,225
BATTERY SYSTEM HOUSING WITH BUSBAR GRID FIXATION
US
Battery Pack/BMS
Utility
3/24/2037
10,396,410
BATTERY SYSTEM HOUSING WITH INTERNAL BUSBAR
US
Battery Pack/BMS
Utility
7/3/2037
10,103,414
BATTERY SYSTEM ASSEMBLY PROCESS AND BATTERY SYSTEM ASSEMBLY
US
Battery Pack/BMS
Utility
3/24/2037
10,347,888
BATTERY SYSTEM HOUSING WITH UNDERSIDE ARMOR
US
Battery Pack/BMS
Utility
3/24/2037
10,403,943
BATTERY SYSTEM
US
Battery Pack/BMS
Utility
8/11/2037
10,027,001
BATTERY SYSTEM
US
Battery Pack/BMS
Utility
8/11/2037
10,723,230
INTELLIGENT VEHICLE CHARGING
US
Battery Pack/BMS
Utility
8/11/2037
10,298,061
WIRELESS VEHICLE RECHARGING SYSTEM
US
Battery Pack/BMS
Utility
8/11/2037
10,118,504
BATTERY SYSTEM HOUSING WITH FASTENER
US
Battery Pack/BMS
Utility
3/24/2037
9,755,202
BATTERY PACK OF ELECTRIC VEHICLE, ELECTRIC VEHICLE CHASSIS AND METHOD FOR REPLACING BATTERY MODULES
US
Battery Pack/BMS
Utility
1/26/2036
10,227,010
POWER MANAGEMENT IN ELECTRIC VEHICLES
US
Battery Pack/BMS
Utility
6/23/2035
10,044,012
BATTERY PACK OF ELECTRIC VEHICLE, ELECTRIC VEHICLE CHASSIS AND METHOD FOR REPLACING BATTERY MODULES
US
Battery Pack/BMS
Utility
1/26/2036
9,991,484
BATTERY PACK OF ELECTRIC VEHICLE, ELECTRIC VEHICLE CHASSIS AND METHOD FOR REPLACING BATTERY MODULES
US
Battery Pack/BMS
Utility
1/26/2036
10,084,175
BATTERY SYSTEM ASSEMBLY PRESS AND PROCESS OF MANUFACTURING A BATTERY SYSTEM ASSEMBLY
US
Battery Pack/BMS
Utility
3/24/2037
10,744,845
BATTERY PACK, BATTERY CHARGING STATION, AND CHARGING METHOD
US
Battery Pack/BMS
Utility
6/28/2036
10,665,914
BATTERY SYSTEM HOUSING WITH INTEGRATED COOLING PIPE
US
Battery Pack/BMS
Utility
3/24/2037
10,312,559
BATTERY SYSTEM
US
Battery Pack/BMS
Utility
8/11/2037
10,625,615
BATTERY MANAGEMENT SYSTEM
US
Battery Pack/BMS
Utility
2/3/2037
60
10,784,487
INTEGRATED BUSBAR AND BATTERY CONNECTION FOR ELECTRIC VEHICLE BATTERY PACKS
US
Battery Pack/BMS
Utility
1/20/2037
9,533,551
ELECTRIC VEHICLE THERMAL MANAGEMENT SYSTEM WITH SERIES AND PARALLEL STRUCTURE
US
TMS
Utility
8/3/2035
9,991,484
BATTERY PACK OF ELECTRIC VEHICLE, ELECTRIC VEHICLE CHASSIS AND METHOD FOR REPLACING BATTERY MODULES
US
Battery Pack/BMS
Utility
1/26/2036
10,084,175
BATTERY SYSTEM ASSEMBLY PRESS AND PROCESS OF MANUFACTURING A BATTERY SYSTEM ASSEMBLY
US
Battery Pack/BMS
Utility
3/24/2037
10,744,845
BATTERY PACK, BATTERY CHARGING STATION, AND CHARGING METHOD
US
Battery Pack/BMS
Utility
6/28/2036
10,665,914
BATTERY SYSTEM HOUSING WITH INTEGRATED COOLING PIPE
US
Battery Pack/BMS
Utility
3/24/2037
10,312,559
BATTERY SYSTEM
US
Battery Pack/BMS
Utility
8/11/2037
10,625,615
BATTERY MANAGEMENT SYSTEM
US
Battery Pack/BMS
Utility
2/3/2037
10,784,487
INTEGRATED BUSBAR AND BATTERY CONNECTION FOR ELECTRIC VEHICLE BATTERY PACKS
US
Battery Pack/BMS
Utility
1/20/2037
9,533,551
ELECTRIC VEHICLE THERMAL MANAGEMENT SYSTEM WITH SERIES AND PARALLEL STRUCTURE
US
TMS
Utility
8/3/2035
10,035,401
BATTERY SYSTEM WITH HEAT EXCHANGE DEVICE
US
TMS
Utility
8/10/2035
10,347,955
BATTERY SYSTEM WITH HEAT EXCHANGE DEVICE
US
TMS
Utility
3/28/2036
9,707,822
ELECTRIC VEHICLE THERMAL MANAGEMENT SYSTEM
US
TMS
Utility
8/3/2035
9,809,082
ELECTRIC VEHICLE THERMAL MANAGEMENT SYSTEM WITH SERIES AND PARALLEL STRUCTURE
US
TMS
Utility
8/3/2035
9,802,460
ELECTRIC VEHICLE THERMAL MANAGEMENT SYSTEM WITH SERIES AND PARALLEL STRUCTURE
US
TMS
Utility
8/3/2035
10,516,191
METHODS AND SYSTEMS FOR BUSBAR COOLING
US
TMS
Utility
8/11/2037
9,882,253
COOLED BUSBARS AND PLATE
US
TMS
Utility
8/11/2037
10,035,402
THERMAL DISSIPATION SYSTEM OF AN ELECTRIC VEHICLE
US
TMS
Utility
9/1/2035
9,895,954
THERMAL DISSIPATION SYSTEM OF AN ELECTRIC VEHICLE
US
TMS
Utility
9/1/2035
10,272,736
ELECTRIC VEHICLE THERMAL MANAGEMENT SYSTEM
US
TMS
Utility
8/3/2035
10,173,496
VEHICLE RADIATOR V TYPE LAYOUT
US
TMS
Utility
12/21/2035
10,343,484
ELECTRIC VEHICLE THERMAL MANAGEMENT SYSTEM WITH SERIES AND PARALLEL STRUCTURE
US
TMS
Utility
8/3/2035
10,525,787
ELECTRIC VEHICLE THERMAL MANAGEMENT SYSTEM WITH SERIES AND PARALLEL STRUCTURE
US
TMS
Utility
1/13/2036
10,734,692
BATTERY COOLANT LOOP PAD FOR ELECTRIC VEHICLES
US
TMS
Utility
9/1/2036
10,566,666
COOLED BUSBARS AND PLATE
US
TMS
Utility
8/11/2037
10,173,518
THERMAL DISSIPATION SYSTEM OF AN ELECTRIC VEHICLE
US
TMS
Utility
9/1/2035
10,406,888
ELECTRIC VEHICLE THERMAL MANAGEMENT SYSTEM
US
TMS
Utility
8/3/2035
61
Micro Lens Array Lighting
The Company intends to leverage Intelligent Micro
Lens Array headlights created and engineered by its affiliate, which are expected to provide a homogeneous and luminant light source.
Facilities and Production
Phase 1 — Outsourced production in
the EU
Thunder Power expects to produce its first vehicles
based upon a European outsourcing strategy that leverages its partnership with confidential prominent vendors. There is currently no partnership
agreement in place, although the partner selection process has commenced. The initial production phase is strategically capex-light and
rely upon a high degree of synergies with the chosen production partner.
Phase 2 — Dedicated Manufacturing
Base
Thunder Power plans the option to acquire land
for the vertical development of the dedicated manufacturing facility from earliest 2029 (the "Center"). This Center will
facilitate many primary functions such as a design studio, R&D capabilities, homologation and testing, marketing & sales,
as well as mass production
Funding and Revenue
Thunder Power is a pre-revenue company and has
not generated any revenue from the sales of its vehicles. We expect to generate revenue from the sale of our EV Models, the sale and/or
licensing of our technologies, and from any future research and development services that we may provide.
Go-To-Market Strategy
Thunder Power's marketing strategy is to
create an affordable luxury brand that screams "Towards the open road. Drive like you mean it. Responsibly inspired to drive. The
target demographics will be existing car owners who appreciate the benefits of switching from petrol to electric but are unwilling to
sacrifice performance, comfort, and safety for gimmicky mobility solutions and new eco-conscious owners looking to be part of a "cult"
following. The target customers are millennial, with a focus on city working and living locals and within the 20-35 age range.
They could be individuals who want switching to something different and more fashionable or anyone who have just become financially independent
and want to buy an essential car for commute in city lifestyle.
Thunder Power expects to establish a classical network of dealer partners
offering sales and service, supported by centrally created marketing activities. Alternatively, customers may order online.
62
Showroom rendering (source from Thunder Power):
Government Regulations and Credits
Environmental Regulations
(i)
At
the U.S. Federal level:
In 2012 the Environmental Protection Agency ("EPA")
adopted greenhouse gas emissions (GHG) standards for light duty vehicles produced in model years 2017 – 2025 (Control
of Air Pollution from Motor Vehicles: Tier 3 Motor Vehicle Emission and Fuel Standards, 79 FR 23414 (Apr. 28, 2014)). In 2020 (The
Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule for Model Years 2021-2026 Passenger Cars and Light Vehicles, 85 FR 24174
(Apr. 30, 2020)) and 2021 (Revised 2023 and Later Model Year Light-Duty Vehicle Greenhouse Gas Emissions Standards, 86 FR 74434
(Dec. 30, 2021), the EPA revised and made more stringent its GHG standards and proposed and finalized a rulemaking (the "2021
rulemaking"), respectively, for model years 2023 – 2026 light-duty passenger cars. Thunder Power's
production schedule starting in 2025 and covering 2026 will subjected to these more stringent GHG standards.
63
On April 22, 2021, the Biden-Harris Administration
announced a 50 to 52 percent target reduction from 2005 levels in GHGs by 2030, representing the U.S. Nationally Determined Contribution
(NDC) under the Paris Agreement. This announcement was followed by Executive Order 14037 on August 5, 2021 ("Strengthening
American Leadership in Clean Cars and Trucks") reinforcing the goal of at least a 50 percent GHG reductions from new zero-emission vehicles
sales by 2030. In addition, in 2021 and 2022, respectively, Congress passed the Infrastructure Investment and Jobs Act (Pub. Law 117-58,
Bipartisan Infrastructure Law) and the Inflation Reduction Act (Pub. Law 117-169) providing significant government-wide funding and
support for GHG reductions, including funding for component technology and infrastructure for the manufacture, sales and use of electric
vehicles.
In 2023, the EPA under its Clean Air Act (CAA)
authority proposed new rules for light-duty vehicles with model years 2027 – 2032, specifically "off-cycle and
air conditioning credits, treatment of upstream emissions associated with zero-emission vehicles and plug-in hybrid electric
vehicles in compliance calculations, medium-duty vehicle incentive multipliers, vehicle certification and compliance, new standards
to control refueling emissions from incomplete medium-duty vehicles, battery durability and warranty requirements for light-duty and
medium-duty plug-in vehicles and minor amendments to requirements for aftermarket fuel conversions, importing vehicles and engines,
evaporative emission test procedures, and test fuel specifications for measuring fuel economy." (Multi-Pollutant Emissions
Standards for Model Years 2027 and Later Light-Duty and Medium-Duty Vehicles, 88 Fed. Reg. 29184, Proposed Rule (May 5,
2023)) Any EVs Thunder Power, as a light-duty vehicle manufacturer (manufacturing vehicles between 8,501 and 14,000 pounds gross
vehicle weight rating (GVWR)), produces in 2027 to 2032 would be subjected to any final rules.
In addition, during production periods from 2025
to 2032, Thunder Power would have to comply with two separate EPA rules on GHG reduction standards.
(ii)
At
the U.S. state level:
California:
The 2022 Advanced Clean
Cars II rule requires all new light-duty vehicles sold in the state of California to be zero-emission vehicles by 2035.
(
Id
. at 29188, note 14, citing to the California Air Resources Board "California moves to accelerate to 100% new zero-emission vehicle
sales by 2035." Also,
Id
. note 15, citing the State of California Office of the Governor, "Governor Newsom
Announces California Will Phase Out Gasoline-Powered Cars & Drastically Reduce Demand for Fossil Fuel in California's Fight
Against Climate Change").
New York:
In 2021, in advance
of Climate Week 2021, New York Governor Hochul signed Legislation (A.4302/A.2758) requiring all new light-duty vehicles sold
in the state of New York to be zero-emission vehicles by 2035. (
Id
. note 17, citing Governor of New York Press Office,
"In Advance of Climate Week 2021, Governor Hochul Announces New Actions to Make New York's Transportation Sector Greener,
Reduce Climate-Altering Emissions").
Massachusetts:
Though not finalized,
in 2022 the state of Massachusetts announced that it may ban sale of all new gas-powered vehicles by 2035. (
Id
. note 18,
citing Boston.com, "Following California's lead, state will likely ban all sales of new gas-powered cars by 2035.").
Washington:
Also in 2022, the Department
of Ecology in the State of Washington issued a press release regarding its plan to require 100% of new passenger cars and trucks to run
on zero-emission technology by 2035. (
Id
. note 20, citing Washington Department of Ecology "Washington sets path
to phase out gas vehicles by 2035.").
Other States:
In 2022, the Associated
Press ("AP") reported that 17 states may follow California's rule to require all new cars, pickups and SUVs to be electric
or hydrogen powered by 2035. According to the AP article "under the EPA's Clean Air Act, states must abide by the federal
governments standard vehicle emissions standards unless they at least partially opt to follow California's stricter requirements."
(
Id
. note 21, citing Associated Press, "17 states weigh adopting California's electric car mandate"). States
such as Virginia, Minnesota, Colorado and Pennsylvania are unsure to follow California's new laws citing climate differences and
wanting to give consumers options.
64
(iii)
Globally:
International Zero-Emission Vehicle
Alliance:
In November 2021, ZEV announced that by 2035 its members will move to all ZEV sales. (
Id
.) ZEV members
are Baden-Württemberg, British Columbia, California, Canada, Chile, Connecticut, Costa Rica, Germany, Maryland, Massachusetts, Netherlands,
New Jersey, New York, Norway, Oregon, Québec, Rhode Island, United Kingdom, Vermont, and Washington.
According to the EPA, "at least 20 countries,
as well as numerous local jurisdictions, have announced targets for shifting all new passenger car sales to zero-emission vehicles
in the coming years, including Norway (2025); Austria, the Netherlands, Denmark, Iceland, India, Ireland, Israel, Scotland, Singapore,
Sweden, and Slovenia (2030); Canada, Chile, Germany, Thailand, and the United Kingdom (2035); and France, Spain, and Sri Lanka (2040)."
(
Id
. note 23, citing Environmental and Climate Change Canada, "Achieving a Zero-Emission Future for Light-Duty Vehicles:
Stakeholder Engagement Discussion Document December 17").
Emissions Credits
In January 2023, Tesla reported sales of
carbon offset credits or carbon allowances to other manufacturers who failed to meet the emissions standards set by the California Air
Resources board (CARB) of USD 1.78 billion. (Carbon Credits, Jennifer L.,
Tesla Carbon Credit Sales Reach Record $1.78
Billion in 2022
, Jan. 27, 2023,
available at https://carboncredits.com/tesla-carbon-credit-sales-reach-record-1-78-billion-in-2022
).
Thunder Power expects to earn carbon offset credits
and other regulatory credits that it will sell to other manufacturers from its manufacture, sale, and/or registration of Zero Emission
Vehicles ("ZEVs"). In addition, Thunder Power anticipated that it will be able to sell ZEV credits in up to 12 Section 177
States such as California, Connecticut, Delaware, Maine, Maryland, Massachusetts, New Jersey, New York, Oregon, Pennsylvania, Rhode
Island, Vermont, and Washington. Thunder Power may also expect to earn and sell U.S. Department of Transportation's Corporate
Average Fuel Economy ("CAFÉ") credits, EPA's greenhouse gas credits and credits earned or saleable in other North
American regions, UK, Europe, and Asia.
EPA Emissions and Certificate of Conformity
The U.S. Clean Air Act requires that Thunder
Power obtain a Certificate of Conformity issued by the EPA and a California Executive Order issued by the California Air Resources Board
("
CARB
") certifying that its vehicles comply with applicable emissions requirements. A Certificate of Conformity is
required for vehicles sold in the United States, and an Executive Order from the CARB is required for vehicles sold in states that
have adopted California standards. CARB sets the California standards for emissions control for certain regulated pollutants for new vehicles
and engines sold in California. States that have adopted the California standards as approved by EPA also recognize the CARB Executive
Order for sales of vehicles. In addition to California, there are 13 other states that have either adopted or are in the process of adopting
the stricter California standards, including New York, Massachusetts, Vermont, Maine, Pennsylvania, Connecticut, Rhode Island, Washington,
Oregon, New Jersey, Maryland, Delaware and Colorado.
Although the Thunder Power vehicles will have
zero emissions, Thunder Power is required to seek an EPA Certificate of Conformity and, for vehicles sold in California or any of the
other 13 states that have adopted the stricter California standards, a CARB Executive Order.
Vehicle Safety and Testing
Thunder Power's vehicles will be subject
to, and will be required to comply with, numerous regulatory requirements established by the National Highway Traffic Safety Administration
("
NHTSA
"), including applicable U.S. Federal Motor Vehicle Safety Standards ("
FMVSS
"). Thunder
Power intends that its family of EVs will fully comply with all applicable FMVSSs without the need for any exemptions, and we expect future
Thunder Power's EVs to either fully comply or comply with limited exemptions related to new technologies. Additionally, there are
regulatory changes being considered for several FMVSSs, and while Thunder Power anticipates compliance, there is no assurance that Thunder
Power will comply with such changes under the final versions as enacted.
As a U.S.-based manufacturer, Thunder Power
must self-certify that its EVs meet all applicable FMVSS, as well as the NHTSA bumper standard, or otherwise are exempt, before its
EVs can be sold in the United States. Numerous FMVSS will apply to Thunder Power's EVs, such as crash-worthiness requirements,
crash avoidance requirements and EV-specific requirements. Thunder Power will also be required to comply with other federal laws
and regulations administered by NHTSA, including, among other things, ensuring its EVs do not contain defects related to motor vehicle
safety, recall requirements, the Corporate Average Fuel (CAFE) standards, Theft Prevention Act requirements, consumer information labeling
requirements, reporting required notices, bulletins and other communications, Early Warning Information reporting, foreign recall reporting
and owner's manual requirements.
65
The Automobile Information and Disclosure Act
requires manufacturers of motor vehicles to disclose certain information regarding the manufacturer's suggested retail price, optional
equipment and pricing. In addition, this law allows inclusion of city and highway fuel economy ratings, as determined by the U.S. Environmental
Protection Agency (EPA), as well as crash test ratings as determined by NHTSA if such tests are conducted.
Thunder Power intends to bring production in Europe
and then expand its offerings within the U.S. and outside of the U.S., and in connection with such expansion its EVs will be subject to
foreign safety, environmental and other regulations. Many of those regulations are different from those applicable in the U.S. and
may require redesign and/or retesting. For example, the European Union ("
E.U.
") has established new approval and oversight
rules requiring that a national authority certify compliance with heightened safety rules, emissions limits and production requirements
before vehicles can be sold in each E.U. member state, the initial of which rules were rolled out on September 1, 2020. There is
also regulatory uncertainty regarding how these rules will impact sales in the United Kingdom given its withdrawal from the E.U. These
changes could impact the rollout of new vehicle features in Europe.
In addition to the various territorial legal requirements
Thunder Power is obligated to meet, Thunder Power's family of EVs is engineered with the expectation that it will deliver overall
five-star performance in the two main voluntary vehicle safety performance assessment programs, the U.S. New Car Assessment
Program ("
NCAP
") and the European New Car Assessment Programme ("
Euro NCAP
"). Five-star is
the maximum attainable score. These independent organizations have introduced a number of additional safety related tests aimed at improving
the safety of passenger vehicles, both for occupants and pedestrians involved in collisions with vehicles. Some of these tests are derived
from legal requirements, such as side impact, but have higher performance requirements. Others are unique to the programs. Areas covered
by these tests in 2020 included:
●
Mobile Progressive Deformable Barrier;
●
Full Width Rigid Barrier;.
●
Mobile Side Impact Barrier;
●
Side Pole;
●
Far Side Impact;
●
Whiplash;
●
Vulnerable Road Users (Pedestrians and Cyclists);
●
Safety Assist; and
●
Rescue and Extrication
Automobile Manufacturer and Dealer Regulation
In the United States, state laws regulate
the manufacture, distribution, sale and service of automobiles, and generally require motor vehicle manufacturers and dealers to be licensed
in order to sell vehicles directly to residents. Certain states do not permit automobile manufacturers to be licensed as dealers or to
act in the capacity of a dealer, or otherwise restrict a manufacturer's ability to deliver or service vehicles. To sell vehicles
to residents of states where Thunder Power is not licensed as a dealer, Thunder Power expects to conduct the transfer of title out of
the state. In certain such states, Thunder Power expects to open studios that serve an educational purpose and where the title transfer
may not occur.
Some automobile dealer trade associations may
challenge the legality of Thunder Power's operations and direct selling operations by OEMs in court and may use administrative and
legislative processes to attempt to prohibit or limit such OEMs' ability to operate existing stores or expand to new locations.
Certain dealer associations may also actively lobbied state licensing agencies and legislators to interpret existing laws or enact new
laws in ways not favorable to Thunder Power's planned direct sales and service model. Thunder Power expects dealer trade associations
to continue to lobby state licensing agencies and legislators to interpret existing laws or enact new laws in ways not favorable to its
business model; however, Thunder Power intends to oppose such efforts to limit its ability to operate and intends to proactively support
legislation that enables its business model.
Should Thunder Power not be allowed to develop
relationships with the largest multi-brand and high-end brand dealers in the U.S. it would be difficult for it as a newcomer
to the U.S. EV market to gain a foothold in the U.S. Thunder Power recognizes that its best strategy for market penetration
is to align itself with a U.S. dealership network, especially for sale of the Coupe, and the eventual servicing of its family of
EVs.
66
Battery Safety and Testing Regulation
Thunder Power's battery packs are designed
to conform to mandatory regulations that govern transport of "dangerous goods," defined to include lithium-ion batteries,
which may present a risk in transportation. The governing regulations, which are issued by the Pipeline and Hazardous Materials Safety
Administration, are based on the United Nation ("
U.N.
") Recommendations on the Safe Transport of Dangerous Goods Model
Regulations and related U.N. Manual Tests and Criteria. The regulations vary by mode of shipping transportation, such as by ocean
vessel, rail, truck or air. Prior to launch, Thunder Power plans to complete all applicable transportation tests for its battery packs,
demonstrating its compliance with applicable regulations. Thunder Power intends to use lithium-ion cells in the high voltage battery
packs in its EVs. The use, storage and disposal of battery packs is regulated under federal law. Thunder Power's battery packs are
intended to meet the applicable compliance requirements of the UN Manual of Tests and Criteria demonstrating its ability to ship battery
packs by any method. These tests include:
●
Altitude simulation — simulating air transport;
●
Thermal cycling — assessing cell and battery seal integrity;
●
Vibration — simulating vibration during transport;
●
Shock — simulating possible impacts during transport;
●
External short circuit — simulating an external short circuit; and
●
Overcharge — evaluating the ability of a rechargeable battery to withstand overcharging.
Competition
Thunder Power anticipates that it will face competition
from both traditional automotive original equipment manufacturer ("OEMs") and an increasing number of newer companies focused
on electric and other alternative fuel vehicles. Thunder Power expects this competition to increase, particularly as the transportation
sector continues to shift towards low-emission, zero-emission or carbon neutral solutions.
Any of the Company's future vehicles are
expected to compete with both traditional luxury internal combustion vehicles from established automotive OEMs and electric and other
alternative fuel vehicles from both new manufacturers and established automotive OEMs, many of which have entered or have announced plans
to enter the alternative fuel and EV market. Many major automobile manufacturers, including luxury automobile manufacturers, have EVs
available today, and other current and prospective automobile manufacturers are also developing EVs. In addition, numerous manufacturers
offer hybrid vehicles, including plug-in versions, with which Thunder Power's vehicles will also compete.
Thunder Power believes the primary competitive
factors on which it will compete include, but are not limited to:
●
product quality, reliability and safety;
●
range, efficiency and charging speeds;
●
product performance;
●
technological innovation, including with respect to AD/ADAS features;
●
access to charging options;
●
design, styling and luxury;
●
service options and customer experience;
●
management team experience at bringing electric vehicles and other disruptive technologies to market;
●
manufacturing efficiency;
●
brand recognition and prestige; and
●
product price.
Thunder Power believes that it is favorably positioned
to compete on the basis of these factors. However, many of Thunder Power's current and potential competitors have substantially
greater financial, technical, manufacturing, marketing and other resources than Thunder Power. Thunder Power's competitors may be
able to deploy greater resources to the design, development, manufacturing, distribution, promotion, sales, marketing and support of their
products. Additionally, many of Thunder Power's competitors also have greater name recognition, longer operating histories, larger
sales forces, broader customer and industry relationships and other tangible and intangible resources that exceed Thunder Power's.
Furthermore, many of Thunder Power's competitors operate with a traditional sales and dealer distribution model for vehicles that
may be viewed more favorably by potential customers. These competitors also compete with Thunder Power in recruiting and retaining qualified
research and development, sales, marketing and management personnel, as well as in acquiring technologies complementary to, or necessary
for, Thunder Power's products. Additional mergers and acquisitions in the EV and luxury automotive markets may result in even more
resources being concentrated in Thunder Power's competitors.
67
Limited Edition Coupe
The Coupe is intended to offer a unique product
proposition, without a classical direct competitor. It is intended to represent the face of the Company, showcasing design, technology
and character. It is intended to offer a wide range of personalization options and therefore will be available across a wide pricing segment. The
Coupe will respect customer aspirations defined by benchmark vehicles in a similar price category, including the new Roadster by Tesla,
the Owl by Aspark, or the GranTurismo Folgore by Maserati.  .
Long-range Sedan
The Sedan represents a more mainstream product
positioned in the traditional executive sports saloon segment. Whereas new market entrants from Chinese manufacturers have concentrated
on SUV versions, the sports saloon is a segment traditionally dominated by European brands. Benchmark comparative models are expected
to include Maserati Ghibli, Polestar 5 and Tesla Model S.
Compact City Car
The "small" segment represents what
we believe to be the most likely growth area for EVs in the coming 10 years. Thunder Power intends to differentiate its proposition not
only through competitive performance, but with a strong emphasis on interior and exterior design, recreating the sensation of fun motoring,
which we believe has been neglected with recent more functional mainstream models. A selection of competitive benchmark vehicles
is detailed below.
Long-range SUV
The large SUV segment represents an opportunity
for Thunder Power to enter into a mainstream segment, following successful market entry of its other Models. This segment includes well
established brands. A first concept of Thunder Power's design intentions was presented at the Frankfurt Motor Show.
Legal Proceedings
From time to time, we are subject to various legal
proceedings that arise from the normal course of business activities. In addition, from time to time, third parties may assert claims
of intellectual property infringement, misappropriation or other violation against us in the form of letters and other forms of communication.
If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on our results of operations, prospects,
cash flows, financial position and brand.
We are not currently a party to any material legal
proceedings; however, Mr. Well Sham, our controlling shareholder, is a party to the following legal proceedings:
Criminal prosecution against Mr. Wellen Sham
Taiwan Taipei District Prosecutor's Office
(the "Prosecutor") initiated a public prosecution against Mr. Wellen Sham on May 2, 2022, currently being litigated
in Taiwan Taipei District Court Criminal Division (Taiwan Taipei District Court, Year 2022, Jin-Chong-Su-Zhi, No. 19, the "Criminal
Prosecution"). Four court sessions for the Criminal Prosecution have been held. The last court session was on November 16,
2023. In response to the defendant's request, the court has scheduled a series of hearings starting from March 2024. The Prosecutor
currently has 11 indictments against Mr. Sham in the Criminal Prosecution, which include the following alleged charges:
1. the offense of "causing financial statements
to become untrue by other improper means" under the Business Entity Accounting Act of Taiwan as a result of failure to
disclose a related party transaction in connection with Electric Power Technology Limited's ("EPTECH") purchase of Fund
D securities from Sino-JP Fund Co., Ltd because Mr. Sham is associated with EPTECH and Sino-JP Fund Co., Ltd. Inc.
2. violation of Securities and Exchange Act of Taiwan
by misrepresentations of EPTECH's financial statements, non-arm's length transaction, and/or breach of Mr. Sham's
fiduciary duty to EPTECH because the Prosecutor alleged those transactions are not in the normal course of business of EPTECH or non-beneficial to
EPTECH.
a.
Mr. Sham's acquisition of shares in Thunder Power Hong Kong Limited ("TPHK"), a company wholly owned by EPTECH, paid for by his GPS patents which the Prosecutor alleged were priced at "an unreasonably high price."
b.
EPTECH acquired a non-exclusive license for a battery pack patent from TPHK by offsetting the debt owed by TPHK to EPTECH, which the Prosecutor alleged was "orchestrated" by Mr. Sham and was "non-beneficial to EPTECH."
68
c.
EPTECH engaged an exclusive authorized agent for the electric coupe and agreed to pay USD $4,950,000 immediately, which the Prosecutor alleged was "orchestrated" by Mr. Sham and was "deemed outside the normal course of EPTECH's business" and caused significant losses for EPTECH.
d.
EPTECH paid USD $4,480,000 for parts for an electric four-door sedan from TPHK, which the Prosecutor alleged was "arranged" by Mr. Sham, not in the normal course of business of EPTECH and non-beneficial to EPTECH, and constituted a non-arm's length transaction and a breach of fiduciary duty under the Securities and Exchange Act of Taiwan.
e.
According to the Prosecutor, EPTECH failed to fully disclose the transaction terms to the shareholders when negotiating the land purchase transaction between EPTECH and Xiang Fang International Co., Ltd. ("XFI") or agreed to alter terms that may have been advantageous to EPTECH, resulting in substantial losses to EPTECH.
3. Electric Power Technology International Limited ("EPTI"),
a subsidiary of EPTECH, granted bonuses to Mr. Sham in the amount of USD $150,000, USD $50,000, and USD $100,000,
and EPTECH granted a bonus of NTD 6,000,000 to Mr. Sham. The Prosecutor alleged that those bonuses were granted in violation
of fiduciary duty under the Securities and Exchange Act of Taiwan and caused losses for EPTECH.
4. TPHL granted bonuses in the form of an option to
purchase approximately 28 million shares of TPHL at a price of HKD 1.00 per share to Mr. Sham and his spouse*, which the Prosecutor
alleged to have resulted in losses for EPTECH and constituting a breach of fiduciary duty under the Securities and Exchange Act of Taiwan.
* Mr. Sham's spouse is a former director
of TPHL, who has resigned from all roles with TPHL in October 2021.
5. EPTECH paid for expenses associated with a seminar
hosted by Thunder Power Electric Vehicle Limited ("TPEV"), which the Prosecutor alleged was under the direction of Mr. Sham,
constituting a breach of trust under the Criminal Code of Taiwan.
6. EPTECH paid the salaries of certain employees of
TPEV and TPHK, which the Prosecutor alleged was a breach of a fiduciary duty under the Securities and Exchange Act of Taiwan.
7. According to the Prosecutor, Mr. Sham instructed
Mr. Albert Chen to compose a false press release with the aim of disseminating rumors or misleading information as EPTECH's
spokesperson, which the Prosecutor alleged was intended to impact EPTECH's stock prices and influence investors' judgments
in the stock market, constituting the crime of manipulating the trading prices of securities under the Securities and Exchange Act of Taiwan.
In response to the Prosecutor's accusations,
Mr. Sham sought relief by asserting his innocence, appointing a defense attorney, applying for an investigation of favorable evidence,
and actively exercising his right to defend himself.
Civil actions against Wellen Sham
In conjunction with the Criminal Prosecution,
Taiwan's Securities Investor and Futures Trader Protection Center ("SFIPC") initiated the following civil actions against
Mr. Sham:
1. On October 18, 2022, SFIPC initiated an ancillary
civil action to the Criminal Prosecution, requesting that Mr. Sham shall bear liability for damages incurred by EPTECH. This
civil action is currently consolidated with the Criminal Prosecution and is under the jurisdiction of Taiwan Taipei District Court Criminal
Division, but has not been litigated in court.
2. Based on the content of the Prosecutor's indictment,
SFIPC initiated a civil suit on August 11, 2022, asserting Mr. Sham should be dismissed from the position of Chairman of EPTECH. This
suit is currently being litigated by the Intellectual Property and Commercial Court (Intellectual Property and Commercial Court, Year
2022, Shang-Su-Zi, No. 28). Currently, an agreement to suspend litigation has been reached with the opposing party (SFIPC). It is anticipated
that the litigation will resume after the witnesses are summoned in the Criminal Prosecution.
69
3. Based on the content of the Prosecutor's indictment, SFIPC initiated
a civil suit on November 7, 2022, asserting that the valuation of Mr. Sham's GPS patent, acquired through technical investment,
is overestimated, and asserts that EPTECH's financial reports are misleading. SFIPC further asserts that Mr. Sham shall bear
liability for damages incurred by investors of EPTECH. This suit is currently being litigated by the Intellectual Property and Commercial
Court (Intellectual Property and Commercial Court, Year 2023, Shang-Su-Zi, No. 17). The court has required the SFIPC to bear the burden
of proof.
4. Pursuant to the civil suit of claim for damages of
financial misrepresentation (paragraph #3, immediately preceding this paragraph), SFIPC has applied for a provisional seizure procedure.
Intellectual Property and Commercial Court has ruled to grant the provisional seizure on November 25, 2022. After Mr. Sham's
appeal, the Supreme Court reverse the original provisional seizure ruling, and on December 29, 2023, the Intellectual Property and
Commercial Court changed the ruling (Intellectual Property and Commercial Court, Year 2023, Shang-Quan-Geng-Zi, No. 2) to reducing the
amount of the provisional seizure and required the SFIPC to first provide a security deposit before seizing Mr. Sham's property.
This requirement to SFIPC to pay a security deposit is an uncommon practice. Mr. Sham has currently appealed the Intellectual Property
and Commercial Court's remanded ruling on the provisional seizure and is awaiting a decision from the Supreme Court.
While we are unable to predict the outcomes of
these matters with certainty, we expect that the final outcomes of these pending matters against Mr. Sham will not, either individually
or in the aggregate, have a material adverse effect on our business, results of operations or financial condition; however, we cannot
guarantee whether, when and how it would impact our brand, reputation, business, results of operations or financial condition. For additional
information about legal proceedings that we may be subject to and the risks to our business related to litigation, see "
Risk
Factors —Risks Related to Regulation and Litigation — Our affiliated parties such as our major shareholders may
be involved in governmental investigations and civil litigation relating to the business affairs of companies with which they are, were
or may in the future be affiliated with.
"
Future Technology and Vehicle Programs
The below descriptions, statements, plans, and
roadmaps are forward-looking and may not take place. Thunder Power can offer no guarantees to the way forward since the global EV
market is constantly changing. Some of the future revenue streams and production opportunities it is considering includes creating a next
generation network platform, allowing other types of vehicles and uses by other manufacturers, adding revenue streams from its suite of
Intellectual Property, introducing its technology to the commercial transportation market, especially the commercial EV truck market,
and exploring the battery charging opportunities in parking garages.
Building a Next-Generation Network Platform
The current generation of vehicles (both ICE and
EV) use extensive cable and wire systems. The system is difficult to improve due to its complex networks (CAN, LVDS, etc.), each using
its own software. The result of using multiple networks is an increase in both weight and cost.
Amongst the future projects of the Company is
its ongoing strategy to develop an automotive-grade ethernet solution comprised of a consolidated cable and wire design that will operate
on a unified hardware network with the potential to have a single cable network for all vehicles, using standardized software language
and control features. The key benefits are expected to include a significant reduction in manufacturing and testing costs, as well as
the weight of the overall car, which would, in turn, be expected to increase the range of the EV. Thunder Power's idea to engineer
a unified system based on ethernet technology in the future, is illustrated below.
70
There are no guarantees or assurances that these
results may be achieved, be achieved within the timeframe the Company expects or will result in profitability or revenue generation.
Thunder Power's automotive grade ethernet
solution is anticipated to result in unified media for its domains including, but not limited to potential features such as:
●
Instrument cluster,
●
On-board diagnostics,
●
Next-generation infotainment systems,
●
Telematics with 4G modems,
●
Control systems,
●
Security systems,
●
360-degree system, and
●
Ultimately, self-driving capabilities.
In addition, Thunder Power believes that consumers
are increasingly likely to expect their cars to be extensions of their personal devices — offering access and connectivity
to the internet. Faster networks will ultimately be required to carry higher levels of data and execute complex network interdependencies.
Thunder Power's plan is to build an automotive grade ethernet solution that will support the necessary data rates.
Expected Key Benefits of Thunder Power's Planned Automotive
Ethernet:
1. Anticipated lower cost of installation,
2. Faster data transmission, helping to improve the
real-time user experience,
3. Ubiquitous standard for common communication with
consumer products, and
4. A simple, standardized platform for various data
types.
This technological innovation, as envisaged by
Thunder Power, requires further development, testing, validation, and funding. While it is unlikely that this technology will be ready
in time for the launch of the proposed Thunder Power Models, it is hoped that Thunder Power's vision will be available in time for
the launch of future EV models.
71
Other Types of Vehicles and Uses
Thunder Power has developed a roadmap for additional
vehicles and platforms to make its vehicles and technology more accessible at a variety of price points. Depending on market opportunities
and conditions, the Company may explore revenue generating streams such as: (i) licensing any one or more of the proprietary technologies
it has access to, (ii) selling EV credits, or (iii) applying proprietary technology, including the EV TDP, to other potential commercial
applications such as those outlined below:
Thunder Power's business strategy is expected
to continue developing and evolving over time in response to numerous factors such as market feedback, consumer demand, Company's
needs, and state of the economy, to name a few. Thunder Power expects to look to the commercial markets to leverage monetization opportunities
and revenue streams based on Thunder Power's then-existing products, services and intellectual property rights. Thunder Power's
future strategy may include introducing its technology to the commercial transportation market, including the commercial EV truck market. Based
on preliminary internal research, this opportunity could provide for an alternative revenue streams outside of the passenger automobile
market.
72
MANAGEMENT
The following is a list of the persons who currently
serve, as of the date of this prospectus, as our directors and executive officers.
Name
Age
Position
Christopher Nicoll
56
Chief Executive Officer and Director
Pok Man Ho
38
Interim Chief Financial Officer
Dr. Chen ChiWen
49
Director and Chairman of the Board
Mingchih Chen
(1)(2)(3)
58
Director
Ferdinand Kaiser
(1)(2)(3)
61
Director
Kevin Vassily
(1)(2)(3)
58
Director
(1)
Member of the audit committee.
(2)
Member of the compensation committee.
(3)
Member of the nominating and corporate governance committee.
Executive Officers
Christopher Nicoll
serves as our
Chief Executive Officer and a member of the Board. Since 2021, Mr. Nicoll operated the Auto Advisory Board Ltd. as a business owner and
a commercial automotive consultant, through which he takes on diverse automotive projects and interim roles including, without limitation,
implementing commercial, financial and logistics processes for a start-up, supervised technical conversion, homologation and emissions
testing, and advised a major European dealer group on its international product launch. Mr. Nicoll has previously served in the capacity
of the managing and commercial director of AGT Europe between 2018 and 2020, where he launched the official EU import for Dodge cars,
Ram trucks and MOPAR spare parts. Between 2015 and 2018, Mr. Nicoll was the head of marketing and business development at TPEV where he
oversaw start-up EV projects such as, without limitation, R&D activities in Italy, and led cross-functional commercial and engineering
teams. From 2010 through 2014, Mr. Nicoll held the positions of the head of global network development, head of APAC region, and head
of EMEA region at Lotus Cars. Mr. Nicoll received a BA in Business Administration from Middlesex University in the UK and a Diplom Betriebswirt
from the Reutlingen University in Germany.
Pok Man Ho
serves as our Interim
Chief Financial Officer since September 16, 2024. Previously, Mr. Ho was part of TPHL since 2015, where he played a pivotal role in corporate
finance, financial planning and analysis, human resources, and corporate governance. Over his tenure with TPHL he was instrumental in
driving strategic decision-making, optimizing resource allocation, and ensuring regulatory compliance. Prior to that, Mr. Ho held regional
roles in the insurance and luxury retail industries from 2012 to 2015. During this period, he leveraged his expertise in taxation and
human resources cost analysis in Assicurazioni Generali S.p.A. and Gucci Group, respectively. This experience provided him with a comprehensive
understanding of the financial and operational challenges faced by multinational corporations in different sectors. Prior to that, Mr.
Ho began his career at KPMG in 2009, where he specialized in taxation. During the three-year tenure with KPMG, Mr. Ho gained valuable
insight into tax regulations and frameworks, and developed a strong foundation in financial planning and compliance. Mr. Ho graduated
from Monash University (Accounting and Finance) in Australia in 2008, and Mr. Ho is a Certified Public Accountant.
Directors
Dr. Chen ChiWen
serves as an Independent
Director and Chairman of the Board of Directors of the Company following his appointment by the Board of Directors on November 28, 2024.
Dr. Chen currently serves as Assistant Professor in the Master of Global Entrepreneurial Management Program at Fu Jen Catholic University
and CEO of the Taipei-Ningbo Exchange Foundation. He holds independent directorships at several publicly listed companies including Oceanic
Beverages Co., Inc., Skardin Industrial Corp., Electric Power Technology Limited, and ACpay Co., Ltd. Dr. Chen holds a Ph.D. in Business
Administration from Fu Jen Catholic University, a Ph.D. in Physical Education from National Taiwan Sport University, and is currently
a Ph.D. candidate in Sustainable Energy Technology at National Taiwan University of Science and Technology.
73
Ferdinand Kaiser
serves as an Independent
Director of the Company following his appointment by the Board of Directors on November 28, 2024. Mr. Kaiser will serve as Chair of the
Compensation Committee. Mr. Kaiser currently serves as COO Project Manager at SANLUCAR in Austria. From 2018 to 2020, he served as Manager
Central EU EMEA at DODGE RAM AGT Europe AG, where he was responsible for automotive business management across the EU-27 region. From
2016 to 2018, he was Assistant Vice President of Procurement at Thunder Power Electric Vehicle Limited. Previously, he held several CEO
positions within FIAT Group companies, including CEO & Country Manager for FIAT S.p.a Owned Dealer Europe EMEA and CEO & Brand
Country Manager for JEEP & Lancia. Mr. Kaiser holds an Academic Diploma in Business Administration from the Vienna University of Economics
and Business (Wirtschaftsuniversität Wien).
Mingchih Chen
serves as an independent
member of the Board since September 11, 2024. Ms. Chen is a highly accomplished professional with a strong background in industrial engineering
and academia. With her extensive educational and professional experience, Ms. Chen has made significant contributions to various institutions.
Ms. Chen pursued her education at Texas A&M University in the United States. She obtained her Doctoral degree in Industrial Engineering
from Texas A&M University from January 1991 to December 1993. Prior to that, she completed her master's degree in industrial
engineering from September 1989 to December 1990. Ms. Chen also holds a bachelor's degree in industrial engineering from Chung-Yuan
Christian University in Taiwan, which she completed from September 1984 to June 1988. Throughout her career, Ms. Chen has held various
academic positions and made significant contributions to the field of business administration and industrial engineering. From August
2021 to July 2023, she served as the Executive Director of the Artificial Intelligence Development Center at Fu Jen Catholic University.
She also held the position of Director and Professor at Fu Jen Catholic University's Graduate Institute of Business Administration
in New Taipei City from August 2015 to July 2023. Ms. Chen has been a Professor at Fu Jen Catholic University's Graduate Institute
of Business Administration since February 2013. Prior to that, she served as an Associate Professor at the same institution from August
2010 to January 2013. Her academic career also includes positions as an Associate Professor at Chaoyang University of Technology's
Department of Industrial Engineering and Management in Wufeng, Taiwan, from August 1997 to July 2010, and as an Associate Professor at
Ming-Chuan University's Department of Business Management in Taipei, Taiwan, from August 1994 to July 1997. Ms. Chen's professional
experience extends beyond academia. She worked as an Industrial Engineer at Phillip Electronics Company in Chung-Li, Taiwan, from June
1988 to July 1989. In addition, she served as a Post-doctoral Research Associate under Dr. Way Kuo at Texas A&M University from January
1994 to July 1994. With her broad expertise in industrial engineering and business administration, Ms. Chen will bring valuable insights
and strategic guidance to our Board. Her extensive academic and professional background ensures that the company benefits from her wealth
of knowledge and experience.
Kevin Vassily
serves as an independent
member of the Board. Mr. Vassily has extensive working experience as a senior management team member serving private and public companies.
Mr. Vassily has served as an independent director of FLFV since June 2022. Mr. Vassily is a director of the board of directors of Denali
Capital Acquisition Corp. since April 2022, and a member of the board of directors of Aimfinity Investment Corp. I since March 2023, two
SPACs listed on Nasdaq. In January 2021, he was appointed Chief Financial Officer, and in March 2021, became a member of the board of
directors of iPower Inc. (Nasdaq: IPW), an online hydroponic equipment retailer and supplier. Prior to joining iPower, from 2019 to January
2021, Mr. Vassily served as Vice President of Market Development for Facteus, Inc., a financial analytics company focused on the Asset
Management industry. From October 2018 through its acquisition in March 2020, Mr. Vassily served as an advisor at Go Capture (which was
acquired by Deloitte China in 2020), where he was responsible for providing strategic, business development, and product development advisory
services for the company's emerging "Data as a Service" platform. Since February 2020, Mr. Vassily has served as a director
of Zhongchao Inc. (Nasdaq: ZCMD), a provider of healthcare information, education and training services to healthcare professionals and
the public in China. Since July 2018, Mr. Vassily has also served as an advisor at Prometheus Fund, a Shanghai-based merchant bank/private
equity firm focused on the "green" economy. From April 2015 through May 2018, Mr. Vassily served as an associate director
of research at Keybanc Capital Markets Inc. From June 2010 to April 2015, he served as the director of research at Pacific Epoch, LLC
(a wholly-owned subsidiary of Pacific Crest Securities LLC). From May 2007 to May 2010, he served as the Asia Technology business development
representative and as a senior analyst at Pacific Crest Securities. From July 2003 to September 2006, he served as senior research analyst
in the semiconductor technology group at Susquehanna International Group, LLP. From September 2001 to June 2003, Mr. Vassily served as
the vice president and senior research analyst for semiconductor capital equipment at Thomas Weisel Partners Group, Inc. Mr. Vassily began
his career on Wall Street in August 1998, as a research associate covering the semiconductor industry at Lehman Brothers. He holds a B.A.
in liberal arts from Denison University and an M.B.A. from the Tuck School of Business at Dartmouth College.
Christopher Nicoll
serves as a member
of the Board. For a brief biography of Mr. Nicoll, please see above under "
Executive Officers
."
74
Controlled
Company Status
Because Mr. Wellen Sham and the entities with
which he is affiliated, have voting and dispositive power over a majority of our voting stock, we are a controlled company under the Sarbanes-Oxley
Act and the rules of Nasdaq. Additionally, Mr. Sham and the entities with which he is affiliated are currently, and we expect that they
will continue to be, deemed a group for purposes of certain rules and regulations of the SEC as a result of Mr. Sham's voting and
dispositive power over the shares of Common Stock owned by Mr. Sham and the entities with which he is affiliated. Under the rules of Nasdaq,
a company of which more than 50% of the voting power is held by another person or group of persons acting together is a controlled company
and may elect not to comply with certain Nasdaq corporate governance requirements, including the requirements that: (i) a majority of
the board of directors consist of independent directors as defined under the rules of Nasdaq; (ii) the nominating and corporate governance
committee be composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities;
and (iii) the compensation committee be composed entirely of independent directors with a written charter addressing the committee's
purpose and responsibilities. While we qualify for exemptions from certain corporate governance requirements as a controlled company,
we currently do not intend to rely on such exemptions. See the section under the heading "
Principal Securityholders
"
for additional information.
Role of Board
in Risk Oversight
One of the key functions of the Board is the informed
oversight of our risk management process. The Board does not have a standing risk management committee, but rather administers this oversight
function directly through the Board as a whole, as well as through the standing committees of the Board that address risks inherent in
each committee's respective area of oversight. In particular, the Board is responsible for monitoring and assessing strategic risk
exposure and the audit committee has the responsibility of considering and discussing financial risk exposure and the steps management
should take to monitor and control such exposure, including implementing guidelines and policies to govern the process by which risk assessment
and management is undertaken.
Board Composition
Our Board consists of five members.
The Board consists of the following members:
●
Christopher Nicoll, Dr. Chen ChiWen, Mingchih Chen, Ferdinand Kaiser, and Kevin Vassily and their terms will expire at the annual meeting of stockholders to be held in 2025;
Director Independence
The Board is expected to annually undertake a
review of the independence of each director. Based upon information requested from and provided by each director concerning his or her
background, employment, and affiliations, including family relationships, the following members of the Board were determined by the Board
not to have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director
and that each of Mingchih Chen, Ferdinand Kaiser, and Kevin Vassily are considered to be "independent" as that term is defined
under Nasdaq rules.
In making these determinations, the Board has
considered the current and prior relationships that each non-employee director has with the Company and all other facts and circumstances
that the Board deems relevant in determining their independence, including the beneficial ownership of the Company's capital stock
by each non-employee director.
Board Committees
The standing committees of the Board consist of
the Audit Committee, the Compensation Committee and a Nominating and Corporate Governance Committee, each of which has the composition
and the responsibilities described below. Additionally, from time to time, special committees may be established under the direction of
the Board, as and when the Board deems it necessary or advisable to address specific matters.
The Chief Executive Officer and other executive
officers regularly report to the non-executive directors and each standing committee to ensure effective and efficient oversight
of its activities and to assist in proper risk management and the ongoing evaluation of management controls.
75
Audit Committee
The members of our audit committee are Mingchih
Chen, Ferdinand Kaiser, and Kevin Vassily. Mr. Vassily is the Chair of the audit committee and an "audit committee financial
expert," as that term is defined under the SEC rules implementing Section 407 of SOX, and possesses financial sophistication,
as defined under the rules of Nasdaq. The Company's audit committee has the following functions, among others:
●
perform such other functions as the board of directors may from time to time assign to the audit committee.
●
evaluating the performance, independence and qualifications of TPHL's independent auditors and determining whether to retain Thunder Power's existing independent auditors or engage new independent auditors;
●
monitoring the integrity of TPHL's financial statements and TPHL's compliance with legal and regulatory requirements as they relate to financial statements or accounting matters;
●
reviewing the integrity, adequacy and effectiveness of TPHL's internal control policies and procedures;
●
preparing the audit committee report required by the SEC to be included in TPHL's annual proxy statement;
●
discussing the scope and results of the audit with TPHL's independent auditors, and reviewing with management and TPHL's independent auditors TPHL's interim and year-end operating results;
●
establishing and overseeing procedures for employees to submit concerns anonymously about questionable accounting or auditing matters;
●
reviewing TPHL's guidelines and policies on risk assessment and risk management;
●
Reviewing and approving related-party transactions;
●
obtaining and reviewing a report by TPHL's independent auditors at least annually that describes TPHL's independent auditors internal quality control procedures, any material issues raised by review under such procedures, and any steps taken to deal with such issues when required by applicable law; and
●
approving (or, as permitted, pre-approving) all audit and non-audit services to be performed by TPHL's independent auditors.
The Company's audit committee operates under
a written charter, which satisfies the applicable rules of the SEC and the listing standards of Nasdaq. The foregoing summary of
the audit committee's functions and responsibilities does not purport to be complete and is subject to the provisions of the audit
committee's charter, which is filed with the registration statement of which this prospectus forms a part, which should be read
carefully and in its entirety.
76
Compensation Committee
The members of our compensation committee are
Mingchih Chen, Ferdinand Kaiser, and Kevin Vassily. Ferdinand Kaiser serves as Chair of the compensation committee. The Company has adopted
a compensation committee charter, which details the purpose and responsibility of the compensation committee, including:
●
approving the retention of compensation consultants and outside service providers and advisors;
●
reviewing and approving, or recommending that the TPHL Board approve the compensation of TPHL's executive officers, including annual base salary, annual incentive bonuses, specific performance goals relevant to their compensation, equity compensation, and employment;
●
reviewing and recommending to the TPHL Board the compensation of TPHL's directors;
●
administering and determining any award grants under TPHL's 2024 Plan;
●
reviewing and evaluating succession plans for the executive officers;
●
preparing the compensation committee report required by the SEC to be included in TPHL's annual proxy statement; and
●
periodically reviewing TPHL's practices and policies of employee compensation as they relate to risk management and risk-taking incentives.
The charter also provides that the compensation
committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, independent legal counsel or other adviser
and will be directly responsible for the appointment, compensation and oversight of the work of any such adviser. However, before engaging
or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation committee will consider
the independence of each such adviser, including the factors required by Nasdaq and the SEC. The foregoing summary of the compensation
committee's functions and responsibilities does not purport to be complete and is subject to the provisions of the compensation
committee's charter, which is filed with the registration statement of which this prospectus forms a part, which should be read
carefully and in its entirety.
Nominating
and Corporate Governance Committee
The members of the Company's nominating
and corporate governance committee are Mingchih Chen, Ferdinand Kaiser, and Kevin Vassily. Ms. Chen serves as Chair of the nominating
and corporate governance committee. The Company has adopted a nominating and corporate governance committee charter, which details the
purpose and responsibility of the nominating and corporate governance committee, including:
●
identifying, evaluating, and recommending individuals qualified to become members of the Board and its committees;
●
evaluating the performance of the Board and of individual directors;
●
developing and recommending corporate governance guidelines to the Board; and
●
overseeing an annual evaluation of the Board and management.
77
The nominating and corporate governance committee
operates under a written charter, which satisfies the applicable rules of the SEC and the listing standards of Nasdaq. The foregoing summary
of the nominating and corporate governance committee's functions and responsibilities does not purport to be complete and is subject
to the provisions of the nominating and corporate governance committee's charter, which is filed with the registration statement
of which this prospectus forms a part, which should be read carefully and in its entirety.
Code of Business
Conduct
We have adopted a Code of Business Conduct that
applies to the Company's directors, officers, and employees, including our principal executive officer, principal financial officer,
principal accounting officer or controller or, persons performing similar functions. The Code of Business Conduct is available on our
website at
www.aiev.ai/en
.  We intend to disclose any amendments to or waivers of our Code of Business Conduct in a Current
Report on Form 8-K. Information contained on our website is not incorporated by reference into this prospectus and should not be
considered to be part of this prospectus.
Compensation
Committee Interlocks and Insider Participation
None of the members of our compensation committee
is or has been an officer or employee of the Company. None of our executive officers currently serves, or in the past fiscal year has
served, as a member of the board of directors, or compensation committee (or other board committee performing equivalent functions) of
any entity that has one or more executive officers serving on the Board or compensation committee.
Limitation
on Liability and Indemnification of Directors and Officers
Our Charter contains certain provisions permitted
under the DGCL related to the liability of directors and officers. These provisions eliminate the personal liability for monetary damages
resulting from a breach of fiduciary duty as a director, to the fullest extent permitted by the DGCL. Our Bylaws also provide that we
may indemnify our directors and officers to the fullest extent permitted by the DGCL and also provide that we must pay expenses, as incurred,
to our directors and officers in connection with a legal proceeding to the fullest extent permitted by the DGCL, subject to very limited
exceptions.
These provisions may discourage stockholders from
bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the
likelihood of derivative litigation against officers and directors, even though such an action, if successful, might otherwise benefit
us and our stockholders. Furthermore, a stockholder's investment may be adversely affected to the extent we pay the costs of settlement
and damage awards against officers and directors pursuant to these indemnification provisions.
We believe that these provisions, the directors'
and officers' liability insurance and the indemnity agreements are necessary to attract and retain talented and experienced officers
and directors.
Non-Employee Director Compensation
The Board reviews director compensation periodically
to ensure that director compensation remains competitive such that the Company is able to recruit and retain qualified directors. The
Company is in the process of developing a board of directors' compensation program that is designed to align compensation with the
Company's business objectives and the creation of stockholder value, while enabling the Company to attract, retain, incentivize,
and reward directors who contribute to the long-term success of the Company.
78
EXECUTIVE AND DIRECTOR COMPENSATION
The Company qualifies as an "emerging growth
company" within the meaning of the Securities Act for purposes of the SEC's executive compensation disclosure rules. In accordance
with such rules, Thunder Power is required to provide a Summary Compensation Table and an Outstanding Equity Awards at Fiscal Year End
Table, as well as a narrative disclosure regarding executive compensation. Further, Thunder Power's reporting obligations extend
only to Thunder Power's "named executive officers," who are the individuals who served as Thunder Power's principal
executive officer, Thunder Power's next two other most highly compensated officers at the end of the last completed fiscal year
and up to two additional individuals who would have been considered one of Thunder Power's next two most highly compensated officers
except that such individuals did not serve as executive officers at the end of the last completed fiscal year. For the 2023 fiscal year,
the only "named executive officer" was Wellen Sham, who served as TPHL's Chief Executive Officer until the closing of
the Business Combination.
Summary Compensation Table
The following table summarizes the compensation
awarded to, earned by, or paid to Thunder Power's executive officers for the fiscal years ended December 31, 2023 and
2022.
Name and Principal Position
Year
Salary
($)
Bonus
($)
Option
Awards
($)
Stock
Awards
($)
All Other
Compensation
($)
Total
($)
Wellen Sham
2023
206,110
—
—
—
461,566
(1)
667,676
Chief Executive Officer
2022
270,000
—
—
—
—
270,000
Chiu Wai Jo
2023
66,026
—
—
—
—
66,026
Director of Financial Planning & Analysis
2022
60,000
—
—
—
—
60,000
Pok Man Ho
2023
84,500
—
—
—
—
84,500
Financial Planning & Analysis Manager
2022
76,923
—
—
—
—
76,923
(1)
In June 2023, TPHL issued 17,008,312 shares of TPHL's common stock at $0.058 per share to Mr. Wellen Sham to settle certain of Thunder Power's then-outstanding liabilities. On the issuance date, the fair value of the common stock was $0.063 per share, and the fair value of the common stock exceeding TPHL's then-outstanding liabilities was $461,566, which was deemed as share-based compensation to Mr. Wellen Sham. For additional information, see "
Note 7 — Common Stocks
" and "
Note 9 — Share-Based Compensation — Other Share-Based Compensation
" to the notes to Thunder Power's audited consolidated financial statements.
Narrative Disclosure of the Summary
Compensation Table
Elements of Compensation in
2023 and 2022
The directors and executive officers of Thunder
Power are not paid by Thunder Power but are rather paid by affiliates of Thunder Power. Thunder Power's executive officers do not
receive pension, retirement or other similar benefits, and Thunder Power has not set aside or accrued any amount to provide cash benefits
to its executive officers. Thunder Power is not a party to any agreements with its executive officers and directors that provide for benefits
upon termination of employment.
Base Salary
The base salary payable to each named executive
officer is intended to provide a fixed compensation reflecting the respective officer's skills, experience, role, responsibilities
and contributions.
Employment Agreements
Prior to the Business Combination, TPHL did not
entered into employment agreements with Messrs. Wellen Sham, Chiu Wai Jo or Pok Man Ho. Following the Business Combination, on September
24, 2024 and September 25, 2024, Thunder Power AI Subsidiary, Inc. ("TPAI") TPHL's Hong Kong branch, entered into certain
employment agreements with Ho Pok Man and Christopher Nicoll, respectively.
79
Ho Agreement
Based on the employment agreement by and between
TPAI and Ho Pok Man (the "Ho Agreement"), effective September 16, 2024, TPAI shall pay Mr. Ho a fixed monthly salary of US$8,000,
payable in arrears on the sixth of each month (pro rated for the months if that period of service is less than one calendar month). In
addition, TPAI also agreed to issue to Mr. Ho a total of 100,000 the Company's Common Stock every year (in two instalments, one
on January 1, the other on June 1) under the Company's 2024 Omnibus Equity Incentive Plan. Mr. Ho may also be subject to certain
discretionary bonus in form of either cash or options, or both, if the Company's financial target is achieved.
Nicoll Agreement
Based on the employment agreement by and between
TPAI and Christopher Nicoll (the "Nicoll Agreement"), effective July 1, 2024, TPAI shall pay Mr. Nicoll a fixed monthly salary
of US$5,000 for the first 3 months of the employment and US$10,000 since then, payable in arrears on the sixth of each month (pro rated
for the months if that period of service is less than one calendar month). In addition, TPAI also agreed to issue to Mr. Nicoll a total
of 200,000 of the Company's Common Stock every year, payable on the first day of each quarter, in four equal instalments, under
the Company's 2024 Omnibus Equity Incentive Plan. Mr. Nicoll may also be subject to certain discretionary bonus in form of either
cash or options, or both, if the Company's financial target is achieved.
Director Compensation
None of the non-employee directors received
compensation during the fiscal years ended December 31, 2023 and 2022 for services rendered to the Company.
Rule 10b5-1 Sales Plans
Our directors and executive officers may adopt
written plans, known as Rule 10b5-1 plans, in which they will contract with a broker to buy or sell shares of our
Common Stock on a periodic basis. Under a Rule 10b5-1 plan, a broker executes trades pursuant to parameters established
by the director or executive officer when entering into the plan, without further direction from them. The director or executive officer
may amend a Rule 10b5-1 plan in some circumstances and may terminate a plan at any time. Our directors and executive
officers also may buy or sell additional shares outside of a Rule 10b5-1 plan when they are not in possession of material
non-public information, subject to compliance with the terms of our insider trading policy. The sale of any shares under such a plan will
be subject to the Lock-Up Agreements, to the extent that the selling director or executive officer is a party thereto.
Emerging
Growth Company Status
The Company is an "emerging growth company,"
as defined in the Jobs Act. As an emerging growth company, it is exempt from certain requirements related to executive compensation, including
the requirements to hold a nonbinding advisory vote on executive compensation and to provide information relating to the ratio of total
compensation of its chief executive officer to the median of the annual total compensation of all of its employees, each as required by
the Investor Protection and Securities Reform Act of 2010, which is part of the Dodd-Frank Wall Street Reform and Consumer Protection
Act.
80
CERTAIN RELATIONSHIPS AND RELATED
PARTY TRANSACTIONS
Related Person Transactions Policy
The Board has adopted a related person transaction
policy that sets forth the Company's procedures for the identification, review, consideration and approval or ratification of related
person transactions. The policy became effective upon approval by the Board following the consummation of the Business Combination. The
Company's audit committee has the primary responsibility for reviewing and approving or disapproving "related party transactions."
The charter of the Company's audit committee provides that the audit committee will review and approve in advance any related party
transaction.
A "related person transaction" is
a transaction, arrangement or relationship, or any series of similar transactions, arrangements or relationships, in which:
●
the Company has been or is to be a participant,
●
the amount involved exceeds or will exceed $120,000; and
●
any of the Company's directors or executive officers or holders of more than 5% of the Company's capital stock, or any immediate family member of, or person sharing the household with, any of these individuals, had or will have a direct or indirect material interest.
Under the policy, if a transaction has been identified
as a related person transaction, including any transaction that was not a related person transaction when originally consummated or any
transaction that was not initially identified as a related person transaction prior to consummation, the Company's management must
present information regarding the related person transaction to the Company's audit committee, for review, consideration and approval
or ratification. The audit committee will consider all relevant facts and circumstances of such a transaction, including, but not limited
to: (i) the related party's relationship to the Company and interests in the transaction, (ii) the proposed amount involved in the
transaction, (iii) whether the transaction was or will be undertaken in the ordinary course of the Company's and related party's
business, (iv) the way in which any transaction was or is to be initiated, (v) whether the potential related party transaction is on terms
comparable to those available from an unrelated third party, (vi) the benefits to the Company of the proposed transaction, and (vii) any
other material fact pertinent to the transaction.
Nature of Relationships with Related Parties
Relationship with the Company
Thunder Power (Hong Kong) Limited ("TP HK")
Over which the spouse of Mr. Wellen Sham, the Company's controlling shareholder, exercises significant influence
Thunder Power Electric Vehicle (Hong Kong) Limited
("TPEV HK")
Over which the spouse of Mr. Wellen Sham, the Company's controlling shareholder, exercises significant influence
Mr. Wellen Sham
Controlling shareholder of the Company
Ms. Ling Houng Sham
Spouse of Mr. Wellen Sham
Feutune Light Sponsor LLC ("FLFV Sponsor")
Shareholder of the Company
Related Party Transactions
For the six months ended
June 30,
Nature
2024
2023
TP HK
Rental expenses
$
13,812
(1)
$
13,848
(1)
On June 30, 2024, the outstanding balances due to TP HK, TPEV HK and Mr. Wellen Sham as of June 30, 2023 were settled by issuance of 2,183,887 shares of the Company's common stock.
81
Balance with Related Parties
Nature
June 30,
2024
December 31,
2023
TP HK
(1)
Amount due to the related party
$
78,021
$
68,992
Mr. Wellen Sham
(2)
Amount due to the related party
560,000
—
Ms. Ling Houng Sham
(2)
Amount due to the related party
200,000
—
FLFV Sponsor
(3)
Amount due to the related party
190,000
—
$
1,028,021
$
68,992
(1)
The balance due to TP HK represented the payments made by TP HK on behalf of TP Holdings regarding the office rental fee and employee salary expenses. The balance is interest free and is repayable on demand.
(2)
The balance due to Mr. Wellen Sham represented the promissory notes
    of $560,000 for extension of FLFV. The balance due to Ms. Ling Houng Sham represented promissory notes of $200,000 for extension of FLFV.
Among the promissory notes issued to Mr. Wellen Sham, of which $260,000
    bears interest rate of 8% per annum and was payable on June 21, 2024, and $300,000 bears interest rate of 10% and was payable on September
    19, 2024. As of the date of this  Prospectus, the Company has not settled the promissory notes with Mr. Wellen Sham.
The promissory notes were issued to Ms. Ling Houng Sham on May 22,
    2024 and June 18, 2024, respectively, both bear interest rate of 8% per annum and are payable on June 21, 2024. As of the date of this
    Prospectus, the Company has not settled the promissory notes with Ms. Ling Houng Sham.
(3)
In May and June 2024, FLFV issued three promissory notes to the FLFV Sponsor in exchange for an aggregated loans of $190,000 from the FLFV Sponsor, among which 50,000 was payable on closing of the Business Combination, and $140,000 was payable on July 21, 2024. As of the date of this Prospectus, the Company has not settled the promissory notes with FLFV Sponsor.
82
MATERIAL AGREEMENTS
Promissory Notes
On June 21, 2024, the Company issued (1) an unsecured
promissory note of $300,000 (the "WCL Note I") to Wellen Sham, to evidence a loan of $300,000 provided by Mr. Sham to the
Company, (2) an unsecured promissory note of $70,000 (the "WCL Note II") to Sam Yu, an individual designated by the Sponsor,
to evidence a loan of $70,000 provided by Mr. Yu to the Company, and (3) an unsecured promissory note of $70,000 (the "WCL Note
III," together with the WCL Note I and WCL Note II, the "WCL Notes") to Sau Fong Yeung, an individual designated by
the Sponsor, to evidence a loan of $70,000 provided by Ms. Yeung to the Company.
The WCL Note I bears interest at a rate per annum
equal to 10% of the outstanding principal balance. The WCL Note I is payable in full upon the earlier of (i) 90 days after the consummation
of the Company's Business Combination, or (ii) the date of the liquidation of the Company (such date, the "Maturity Date").
Any of the following will constitute an event of default under the WCL Note I: (i) a failure to pay the outstanding principal balance
within five (5) business days of the Maturity Date; (ii) the commencement of a voluntary or involuntary bankruptcy action; (iii) the breach
of any of Company's obligations under the WCL Note I; (iv) any cross defaults; (v) an enforcement proceeding against the Company;
or (vi) it is or becomes unlawful for the Company to perform any of its obligations under the WCL Note I, or any obligations of the Company
under the WCL Note I are not or cease to be legal, valid, binding or enforceable. Upon the occurrence of an event of default specified
in (i) or (iii) above, Mr. Sham may, by written notice to the Company, declare the WCL Note I to be due immediately and payable, whereupon
the outstanding principal balance of the WCL Note I, and all other amounts payable under the WCL Note I, will become immediately due and
payable without presentment, demand, protest or other notice of any kind. Upon the occurrence of an event of default specified in (ii),
(iv), (v), or (vi) above, the outstanding principal balance of the WCL Note I, and all other sums payable under the WCL Note I, will automatically
and immediately become due and payable, in all cases without any action on the part of Mr. Sham.
Mr. Sham had the right, but not the obligation,
to convert the WCL Note I, in whole or in part, respectively, into Units (as defined in the WCL Note I) of the Company, that are identical
to the public units of the Company, subject to certain exceptions, as described in the proxy statement/prospectus included in the
registration statement on Form S-4 (File No. 333-275933), initially filed by the Company with the Securities and Exchange Commission (the
"SEC") on December 7, 2023 and declared effective by the SEC on May 10, 2024, by providing the Company with written notice
of the intention to convert at least two (2) business days prior to the closing of the Company's Business Combination. The number
of Units to be received by Mr. Sham in connection with such conversion will be an amount determined by dividing (x) the sum of the outstanding
principal amount payable to Mr. Sham by (y) $10.00.
The terms and conditions of the WCL Note II and
WCL Note III are substantially identical to the WCL Note I, except, among other things, that (1) the WCL Note II and WCL Note III bear
no interest; and (2) the WCL Note II and WCL Note III are payable in full upon the earlier of (i) 30 days after the consummation of the
Company's Business Combination, or (ii) the date of the liquidation of the Company.
On May 22, 2024, the Company issued an unsecured
promissory note of $100,000 (the "GCE Note I") to Ling Houng Sham, the spouse of Mr. Sham, to evidence a loan of $100,000
(the "GCE Loan I") provided by Ling Houng Sham to the Company. On the same date, the Company issued another unsecured promissory
note of $50,000 (the "GCE Note II," together with GCE Note I, the "GCE Notes") to Rockridge International Inc
("Rockridge"), an entity designated by FLFV's Sponsor, to evidence a loan of $50,000 (the "GCE Loan II,"
together with GCE Loan I, the "GCE Loans") provided by Rockridge to the Company.
The GCE Note I bears interest at a rate per annum
equal to 8% of the outstanding principal balance. The GCE Note I is payable in full upon the earlier to occur of (i) the consummation
of the Company's business combination, or (ii) the Maturity Date. Any of the following will constitute an event of default under
the GCE Note I: (i) a failure to pay the principal within five (5) business days of the Maturity Date; (ii) the commencement of a voluntary
or involuntary bankruptcy action, (iii) the breach of any of Company's obligations under the GCE Note I; (iv) any cross defaults;
(v) an enforcement proceeding against the Company; or (vi) it is or becomes unlawful for the Company to perform any of its obligations
under the GCE Note I, or any obligations of the Company under the GCE Note I are not or cease to be legal, valid, binding or enforceable.
Upon the occurrence of an event of default specified in (i) or (iv) above, Ling Houng Sham may, by written notice to the Company, declare
the GCE Note I to be due immediately and payable, whereupon the outstanding principal balance of the GCE Note I, and all other amounts
payable under the GCE Note I, will become immediately due and payable without presentment, demand, protest or other notice of any kind.
Upon the occurrence of an event of default specified in (ii), (iii), (v), (vi) or (vii) above, the outstanding principal balance of the
GCE Note I, and all other sums payable under the GCE Note I, will automatically and immediately become due and payable, in all cases without
any action on the part of Ling Houng Sham.
The terms and conditions of the GCE Note II are
substantially identical to the GCE Note I, except that the GCE Note II bears no interest.
83
Forward Purchase Agreement
On June 11, 2024, FLFV and Thunder Power entered
into an agreement with (i) Meteora Capital Partners, LP ("MCP"), (ii) Meteora Select Trading Opportunities Master, LP ("MSTO"),
and (iii) Meteora Strategic Capital, LLC ("MSC" and, collectively with MCP and MSTO, the "Seller") (the "Forward
Purchase Agreement"). For purposes of the Forward Purchase Agreement, (i) FLFV is referred to as the "Counterparty"
prior to the consummation of the Business Combination, while the Company is referred to as the "Counterparty" after the consummation
of the Business Combination and (ii) "Shares" means shares of the Class A common stock, par value $0.0001 per share, of FLFV
prior to the closing of the Business Combination ("FLFV Shares"), and, after the closing of the Business Combination, shares
of common stock, par value $0.0001 per share, of TPHL ("PubCo Shares"). Capitalized terms used herein but not otherwise defined
have the meanings ascribed to such terms in the Forward Purchase Agreement.
Pursuant to the terms of the Forward Purchase
Agreement, the Seller intends, but is not obligated, to purchase up to 4,900,000 Shares (the "Purchased Amount") pursuant
to the FPA Funding Amount PIPE Subscription Agreement (as defined herein), less the number of FLFV Shares purchased by the Seller separately
from third parties through a broker in the open market ("Recycled Shares"). The Seller will not be required to purchase an
amount of Shares such that following such purchase, the Seller's ownership would exceed 9.9% of the total Shares outstanding immediately
after giving effect to such purchase, unless the Seller, at its sole discretion, waives such 9.9% ownership limitation.
The Forward Purchase Agreement provides for a
prepayment shortfall in an amount in U.S. dollars equal to 0.25% of the product of the Recycled Shares and the Initial Price which
is equal to the redemption price of $11.1347 (the "Prepayment Shortfall"). The Seller will pay the Prepayment Shortfall
to the Company on the prepayment date (which amount will be netted from the Prepayment Amount) (the "Initial Prepayment Shortfall").
The Seller in its sole discretion may sell Recycled
Shares at any time following June 11, 2024 and at any sales price, without payment by the Seller of any early termination obligation until
such time as the proceeds from such sales equal 110% of the Prepayment Shortfall (such sales, "Shortfall Sales," and
such shares, "Shortfall Sale Shares"). A sale of shares is only (a) a "Shortfall Sale," subject to the terms and
conditions applicable to Shortfall Sale Shares, when a Shortfall Sale Notice is delivered under the Forward Purchase Agreement, and (b)
an Optional Early Termination, subject to the terms and conditions of the Forward Purchase Agreement applicable to Terminated Shares (as
defined in the Forward Purchase Agreement), when an OET Notice (as defined in the Forward Purchase Agreement) is delivered under the Forward
Purchase Agreement, in each case the delivery of such notice in the sole discretion of the Seller (as further described under "Optional
Early Termination" and "Shortfall Sales" in the Forward Purchase Agreement).
Additionally, following the closing of the Business
Combination and up to 45 calendar days prior to the Valuation Date, Counterparty may, in its sole discretion, request additional Prepayment
Shortfall from Seller in tranches of $500,000 (the "Additional Prepayment Shortfall" and, together with Initial Prepayment
Shortfall, the "Prepayment Shortfall"); provided (i) Seller has recovered any prior Prepayment Shortfall, (ii) the VWAP Price
over the prior ten (10) trading days multiplied by the then current freely-tradeable Shares held by Seller be at least six (6) times greater
than the Additional Prepayment Shortfall request and (iii) the total value traded in Counterparty's stock, as reported on the relevant
Bloomberg Screen, be at least six (6) times greater than the Additional Prepayment Shortfall request (with (i), (ii) and (iii) collectively
as the "Shortfall Conditions"). Notwithstanding the foregoing, Seller may waive the Shortfall Conditions, in whole or in part,
via written consent to Counterparty.
The Counterparty has agreed to grant the Seller,
for the period beginning on June 11, 2024 and ending on the 12-month anniversary of the Valuation Date, the right, but not the obligation,
in its sole discretion, to invest on the terms offered to the Seller by the Counterparty up to 50% of any future debt, equity, derivative
or any other kind of financing of the Counterparty, as legally permitted (each a "Covered Financing"). The Seller will be
provided at least ten (10) business day notice to invest in any Covered Financing. For the avoidance of doubt, Covered Financings does
not include any equity line of credit.
Subscription Agreement
On June 11, 2024, FLFV entered into a subscription
agreement (the "FPA Funding Amount PIPE Subscription Agreement") with the Seller. Pursuant to the FPA Funding PIPE Subscription
Agreement, Seller agreed to subscribe for and purchase, and FLFV agreed to issue and sell to Seller, prior to the Valuation Date, an aggregate
of up to 4,900,000 FLFV Shares, less the Recycled Shares in connection with the Forward Purchase Agreement, at the Initial Price per share.
On the Closing Date, all outstanding FLFV Shares (including shares issued pursuant to the Subscription Agreement) will be exchanged for
newly issued PubCo Shares in accordance with the terms of the Merger Agreement.
84
Registration Rights Agreement
On June 15, 2022, FLFV entered into a registration
rights agreement (the "Registration Rights Agreement") pursuant to which the holders of the Founder Shares and Private Placement
Units, Working Capital Units issuable upon the conversion of certain working capital loans and any underlying securities will be entitled
to registration rights requiring the Company to register such securities for resale. The holders of these securities are entitled to make
up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain "piggy-back"
registration rights with respect to registration statements filed subsequent to the completion of the Company's initial Business
Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The
Company will bear the expenses incurred in connection with the filing of any such registration statements.
Lock-Up Agreement‌
On June 21, 2024, Feutune Light Sponsor LLC (the
"Sponsor"), US Tiger and certain officers and directors of the Company who are signatories to a letter agreement dated June
12, 2022 in connection with the initial public offering of the Company (the "Initial Insiders"), and certain shareholders
of TPHL (collectively, the "Holders") entered into a lock-up agreement with the Company (the "Lock-up Agreement").
Pursuant to the Lock-Up Agreement, shares of common
stock of the Company held by a Holder are categorized as (i) "Group I Lock-up Shares," referring to 50% of the total number
of shares of common stock of the Company that a Holder that is not an Initial Insider will receive in connection with the Merger (as defined
in the Lock-up Agreement), or 50% of the number of its Parent Founder Shares (as defined below) if a Holder is an Initial Insider, (ii)
"Group II Lock-up Shares," referring to the remaining 50% of the total number of shares of common stock of the Company that
a Holder that is not an Initial Insider will receive in connection with the Merger, or the remaining 50% of the number of its Parent Founder
Shares if a Holder is an Initial Insider ; and (iii) "Group III Lock-up Shares," referring to the total number of shares of
common stock of the Company underlying its Parent Private Units (as defined below) and Parent Working Capital Units (as defined below)
in connection with the Merger. "Parent Founder Shares" means 2,443,750 shares of Class B common stock of the Company held
by certain Initial Insiders prior to the completion of the Company's business combination. "Parent Private Units" means
454,250 FLFV Units (as defined in the Lock-up Agreement) purchased by certain Initial Insiders simultaneously with the consummation of
the Company's initial public offering. "Parent Working Capital Units" means all private FLFV Units issuable upon conversion
of the maximum aggregate amount of US$3,00,000 of working capital and extension loans, if any, at $10.00 per unit, upon the consummation
of the Company's business combination. The Group I Lock-Up Shares, Group-II Lock-up Shares, Group-III Lock-up Shares are collectively
referred to as "Lock-up Shares."
The "Lock-up Period" means (i) with
respect to the Group I Lock-up Shares, the period commencing at the Effective Time (as defined in the Lock-up Agreement) and ending on
the date that is the earlier to occur of (A) six months thereafter, or (B) the date on which the closing price of each share of common
stock of the Company equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations)
for any 20 trading days within any 30-trading day period commencing after the completion of the Merger; (ii) with respect to the Group
II Lock-up Shares, the period commencing at the Effective Time and ending on the date that is six months thereafter; and (iii) with respect
to the Group III Lock-up Shares, the period commencing at the Effective Time and ending on that date that is 30 days thereafter.
The Holders will, subject to certain customary
exceptions, agree not to, within the Lock-up Period, (i) sell, offer to sell, contract or agree to sell, pledge or otherwise dispose of,
directly or indirectly, any Lock-up Shares, (ii) enter into a transaction that would have the same effect, (iii) enter into any swap,
hedge or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up
Shares or otherwise or engage in any short sales or other arrangement with respect to the Lock-Up Shares or (iv) publicly announce any
intention to effect any transaction specified in clause (i) or (ii).
Escrow Agreement
On June 21, 2024, the Company entered into an
escrow agreement (the "Escrow Agreement") with Mr. Wellen Sham, Yuanmei Ma and CST, pursuant to which, among other things,
(1) CST will act as the escrow agent under the Escrow Agreement; (2) at the Closing (as defined in the Escrow Agreement), the Company
will deposit with CST 20,000,000 shares (the "Earnout Shares") of common stock, par value $0.0001 per share, of the Company
(the "Parent Common Stock"), less any portion of Earnout Shares that becomes vested and deliverable to Thunder Power Shareholders
(as defined in the Escrow Agreement) at the Closing if any Triggering Event (as defined in the Escrow Agreement) has been achieved prior
to the Closing, to be held by CST in a segregated escrow account (the "Earnout Escrow Account") and disbursed therefrom in
accordance with the terms of the Escrow Agreement; and (3) if any portion of the Earnout Shares becomes eligible for release in accordance
with the terms of the Escrow Agreement, CST will release the applicable portion of Earnout Shares from the Earnout Escrow Account in accordance
with the terms of the Escrow Agreement and disburse to each Thunder Power Shareholder the applicable portion of Earnout Shares therefrom
in accordance with the terms of the Escrow Agreement.
85
Non-Disclosure, Non-Competition and Non-Solicitation
Agreements
On June 21, 2024, the Company entered into a non-disclosure,
non-competition and non-solicitation agreement (the "Non-competition Agreement") with Gen J Holdings LLC and Electric Power
Technology Ltd (collectively, the "Non-competing Shareholders"), pursuant to which the Non-competing Shareholders agreed,
among other things, (1) not to use the Confidential Information (as defined in the Non-competition Agreement) or disclose all or any part
of the Confidential Information in any form to any third party without the prior written consent of the Company on a case-by-case basis,
(2) during the Restricted Period (as defined in the Non-competition Agreement), not to, directly or indirectly, for the Non-competing
Shareholders' own benefit or for the benefit of any other Person (as defined in the Non-competition Agreement) other than the Company
or its subsidiaries, whether as an owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, compete with, undertake
any planning to compete with, or assist or encourage any other Person in competing with or undertaking any planning to compete with, the
Company or any of its subsidiaries, except as otherwise approved by the Board, or contemplated under the Other Agreements (as defined
in the Non-competition Agreement), (3) during the Restricted Period, except as required for the proper performance of the Non-competing
Shareholders' obligations under the Non-competition Agreement or otherwise approved by the Board or contemplated under the Other
Agreements, not to, directly or indirectly, and not to assist or encourage any other Person to, (i) solicit or encourage any customer,
vendor, supplier or other business partner of the Company or any of its subsidiaries to terminate, diminish or otherwise change in any
manner adverse to the Company or any of its subsidiaries his, her or its relationship with any of them; or (ii) seek to persuade any such
customer, vendor, supplier or business partner, or any prospective customer, vendor, supplier or business partner of the Company or any
of its subsidiaries, to conduct with anyone else any business or activity that such Person conducts or could conduct with the Company
or any of its subsidiaries, and (4) during the Restricted Period, except as required for the proper performance of the Non-competing Shareholders'
obligations under the Non-competition Agreement or otherwise approved by the Board or contemplated under the Other Agreements, not to,
directly or indirectly, and not to assist or encourage any other Person to, (i) hire or engage any employee of the Company or any of its
subsidiaries, (ii) solicit for hiring or engagement any employee of the Company or any of its subsidiaries or seek to persuade any such
employee to discontinue employment, or (iii) solicit or encourage any independent contractor providing services to the Company or any
of its subsidiaries to terminate, diminish or otherwise change in any manner adverse to the Company or any of its subsidiaries his, her
or its relationship with any of them.
Westwood Purchase Agreement
On August 20, 2024, the Company entered into a
Common Stock Purchase Agreement (the "Westwood Purchase Agreement") and a Registration Rights Agreement (the "Westwood
RRA") with Westwood Capital Group LLC, a Delaware limited liability company ("Westwood"), pursuant to which Westwood
has committed to purchase, subject to certain limitations, up to $100 million of the Company's common stock, par value $0.0001 per
share (the "Total Commitment").
Under the terms and subject to the conditions
of the Westwood Purchase Agreement, the Company has the right, but not the obligation, to sell to Westwood, and Westwood is obligated
to purchase, up to the Total Commitment. Such sales of common stock by the Company, if any, will be subject to certain limitations, and
may occur from time-to-time in the Company's sole discretion, commencing once certain customary conditions are satisfied, including
the filing and effectiveness of a resale registration statement with the SEC with respect to the shares to be sold to Westwood under the
Westwood Purchase Agreement.
Westwood has no right to request the Company to
sell any shares of common stock to Westwood, but Westwood is obligated to make purchases as the Company directs, subject to certain conditions.
Shares will be issued from the Company to Westwood pursuant to the Westwood Purchase Agreement, at a price per share calculated based
on the lowest daily volume weighted average price ("VWAP") over a three consecutive trading day period commencing
on the date of the applicable purchase notice ("VWAP Purchase"), less a fixed 5% discount to the VWAP for such period.
Among other conditions to effectuating a VWAP Purchase, the Company may not effect a VWAP Purchase if the last closing price of a share
of common stock of the Company on the applicable trading market is below the threshold price of $1.00 per share until February 20,
2025 (the "Lock-Up Expiration Date") and $1.50 per share thereafter.
In addition, the Company has agreed to pay Westwood
a commitment fee valued at $1,500,000 in the form of 150,000 shares of common stock (the "Commitment Shares")
or an amount of cash (up to $1,500,000), depending on various factors. The Commitment Shares have been issued to Westwood in a private
transaction as restricted securities subject to a lock-up that expires on the Lock-Up Expiration Date (as defined in the Westwood Purchase
Agreement). If on the trading day immediately preceding the Lock-Up Expiration Date the per share value of the common stock of the Company
is less than $10.00 per share (subject to adjustment for any stock dividend, stock split, stock combination, recapitalization or other
similar transaction), the Company shall pay to Westwood an additional cash amount per Commitment Share equal to the difference between
such determined actual value and $10.00 (subject to adjustment for any stock dividend, stock split, stock combination, recapitalization
or other similar transaction).
86
PRINCIPAL SECURITYHOLDERS
The following table and accompanying footnotes
set forth information known to the Company regarding the beneficial ownership of shares of Common Stock by:
●
each person who is, or is expected to be, the beneficial owner of more than 5% of the outstanding shares of the Common Stock of the Company;
●
each of the Company's current directors and executive officers; and
●
all directors and officers of the Company, as a group.
Beneficial ownership is determined according to
the rules of the SEC, which generally provide that a person has beneficial ownership of a security if he, she or it possesses sole or
shared voting or investment power over that security, including options and warrants that are currently exercisable or exercisable within
sixty (60) days.
The beneficial ownership percentages set forth
in the table below are based on 70,716,094 shares of Common Stock issued and outstanding as of Octo
ber
18, 2024 and do not take into account (i) the issuance of any shares of Common Stock upon the exercise of Public Warrants or Sponsor
Warrants, (ii)  any issuable but unissued Earn Out Shares, and (iii) any issuable but unissued shares of Common Stock pursuant to
the Common Stock Purchase Agreement with Westwood. In computing the number of shares of Common Stoc
k beneficially owned by a person,
we deemed to be outstanding all shares of Common Stock subject to warrants and convertible notes held by the person that are currently
exercisable or convertible or may be exercised or converted within 60 days of October 18, 2024. The Company did not deem these shares
outstanding, however, for purpose of computing the percentage of ownership of any other person. Unless otherwise noted in the footnotes
to the following table, and subject to applicable community property laws, the persons and entities named in the table have sole voting
and investment power with respect to their beneficially owned Common Stock.
Name and Address of Beneficial Owner(1)
Number of
Shares
Percent
Directors and Named Executive Officers:
Christopher Nicoll
—
—
Coleman Bradley
26,964
*
Mingchih Chen
30,000
*
Thomas Hollihan
30,000
*
Kevin Vassily
50,000
*
Pok Ho Man
64,200
*
All directors and officers as a group (5 individuals)
174,200
*
Five Percent Holders
Wellen Sham
(2)
34,249,740
48.4
%
Lu Cai-Ni
2,396,821
43.39
%
Individuals and entities affiliated with Feutune Light Sponsor LLC
(3)
2,831,112
4.0
%
Entities affiliated with Meteora Capital, LLC
(4)
3,706,461
5.24
%
*
Less than one percent.
(1)
Unless otherwise indicated, the business address of each of the following entities or individuals is 221 W 9th St #848, Wilmington, DE 19801.
87
(2)
Includes:
(a)
4,129,066 shares of Common Stock held of record by Gen A Holdings LLC, a Delaware limited liability company, of which the AS Family Trust is the sole member. Mr. Sham is the investment trust advisor for the AS Family Trust and in such capacity has the voting and dispositive power over the shares of Common Stock owned by such trust. Accordingly, Mr. Sham may be deemed to have or share the beneficial ownership of the shares of Common Stock held directly by Gen A Holdings LLC. The principal place of business of Gen A Holdings LLC is 108 W 13th St, Ste. 100, Wilmington DE 19801.
(b)
4,129,066 shares of Common Stock held of record by Gen M Holdings LLC, a Delaware limited liability company, of which the MS Family Trust is the sole member. Mr. Sham is the investment trust advisor for the MS Family Trust and in such capacity has the voting and dispositive power over the shares of Common Stock owned by such trust. Accordingly, Mr. Sham may be deemed to have or share the beneficial ownership of the shares of Common Stock held directly by Gen M Holdings LLC. The principal place of business of Gen M Holdings LLC is 108 W 13th St, Ste. 100, Wilmington DE 19801.
(c)
8,258,133 shares of Common Stock held of record by Gen J Holdings LLC, a Delaware limited liability company, of which the JS Family Trust is the sole member. Mr. Sham is the investment trust advisor for the JS Family Trust and in such capacity has the voting and dispositive power over the shares of Common Stock owned by such trust. Accordingly, Mr. Sham may be deemed to have or share the beneficial ownership of the shares of Common Stock held directly by Gen J Holdings LLC. The principal place of business of Gen J Holdings LLC is 108 W 13th St, Ste. 100, Wilmington DE 19801.
(d)
10,834,898 shares of Common Stock held of record by Electric Power Technology Ltd, a Taiwanese public company listed in Taiwan (Taiwan List Co. 4529), of which Mr. Sham is a chairperson. Mr. Sham and Ling Houng Sham have a 19.36% interest in the ordinary shares of Electric Power Technology Ltd, and companies with which Mr. Sham is affiliated with have a 20.31% interest in the ordinary shares of Electric Power Technology Ltd. Accordingly, Mr. Sham may be deemed to have or share the beneficial ownership of the shares of Common Stock held directly by Electric Power Technology Ltd. Mr. Sham and Ling Houng Sham disclaim beneficial ownership of the shares held of record by Electric Power Technology Ltd. The principal business address of Electric Power Technology Ltd is 4F, No. 632 Guangfu South Road, Da'an District, Taipei Taiwan.
(e)
4,129,066 shares of Common Stock held of record by Old Gen Holdings LLC, a Delaware limited liability company, of which Mr. Sham is the primary beneficiary. Accordingly, Mr. Sham may be deemed to have or share the beneficial ownership of the shares of Common Stock held directly by Old Gen Holdings LLC. The principal place of business of Old Gen Holdings LLC is 108 W 13th St, Ste. 100, Wilmington DE 19801.
(f)
585,624 shares of Common Stock held of record by Ling Houng Sham, wife of Mr. Sham.
(g)
2,183,887 shares of Common Stock held of record by Mr. Wellen Sham, former Chief Executive Officer of TPHL prior to consummation of the Business Combination.
(3)
Represents shares directly held by individuals and entities affiliated with Feutune Light Sponsor LLC, the sponsor of FLFV's initial public offering: (i) 488,076 shares of Common Stock held directly by Verakin JX (U.S.), Inc., (ii) 1,171,518 shares of Common Stock held directly by Sau Fong Yeung (an individual), and (iii) 1,171,518 shares of Common Stock held directly by Sam Yu (an individual).
(4)
Represents (i) 2,047,541 shares of Common Stock held directly by MSTO, (ii) 1,285,022 shares of Common Stock held directly by MCP, and (iii) 373,898 shares of Common Stock held directly by MSC. Voting and investment power over the securities held by these entities resides with its investment manager, Meteora Capital, LLC. Mr. Vikas Mittal serves as the managing member of Meteora Capital, LLC and may be deemed to be the beneficial owner of the securities held by such entities. Mr. Mittal disclaims any beneficial ownership over such securities except to the extent of his pecuniary interest therein. The business address of the Meteora Entities is 1200 N Federal Hwy, Ste 200, Boca Raton, FL 33432.
88
SELLING SECURITYHOLDERS
The Selling Securityholders may from time to time offer and sell any
or all of the shares of Common Stock set forth below pursuant to this prospectus. When we refer to the "Selling Securityholder"
in this prospectus, we refer to Westwood and Benjamin and their permitted transferees that hold any interest in the shares of Common Stock
after the date of this prospectus.
The shares offered by Westwood will be acquired
at a 5% discount to market prices. As a result, Westwood may receive a higher rate of return on sales than public stockholders who purchase
shares at market prices.
The following table sets forth information concerning the shares of
Common Stock that may be offered by the Selling Securityholders. The amounts shown assume that all shares offered under this prospectus
will be sold. However, we cannot predict whether the Selling Securityholders will in fact sell any or all of such shares. Additionally,
the Selling Securityholders may have sold, transferred or otherwise disposed of some or all of their shares since the date on which the
information was provided to us. Any changed information will be set forth in a prospectus supplement or amendments to the registration
statement of which this prospectus is a part, if and when necessary.
Our registration of the shares does not necessarily
mean that the Selling Securityholders will sell all or any of the Common Stock. The following table sets forth certain information provided
by or on behalf of the Selling Securityholders as of January 13, 2025. The Selling Securityholders may sell all, some or none of such securities
in this offering. Unless otherwise indicated, to our knowledge, Westwood has sole voting and sole investment power with respect to all
securities that it beneficially owns.
Shares
Beneficially
Owned Prior to
the Offering
Shares Being
Registered for Sale Hereby
Shares
Beneficially
Owned After the
Offering
Name of Selling Securityholder
Shares
%
(1)
Shares
%
Westwood Capital Group LLC
(2)
0
*
(4
)
—
—
Benjamin Securities, Inc.
(3)
8,570
*
8,570
—
—
*
Less than one percent.
(1)
Based on the total of 70,724,664 shares of Common Stock outstanding
as of January 13, 2025.
(2)
The address of Westwood Capital Group LLC is 961 Broadway Woodmere, NY 11598.
(3)
The address of Benjamin Securities, Inc. is 3 West Garden Street Suite 407, Pensacola, FL 32502.
(4)
Up to such number of shares of Common Stock having an aggregate offering
price of $100 million.
89
DESCRIPTION OF SECURITIES
The following summary of certain material provisions
of the Company's securities does not purport to be complete and is subject to the provisions of the Charter, the Bylaws and applicable
law. The applicable provisions of the Charter and the Bylaws that are filed with the Registration Statement of which this prospectus forms
a part should be read carefully and in their entirety.
Authorized and Outstanding Stock
The Charter authorizes the issuance of 1,100,000,000
shares, consisting of 1,000,000,000 shares of Common Stock and 100,000,000 shares of preferred stock. As of June 21, 2024, upon consummation
of the Business Combination, there were 45,880,057 shares of Common Stock (without taking into account the Earnout Shares) and no shares
of preferred stock outstanding. As of the date of this Prospectus, there are 50,716,094 shares of Common Stock (without taking into account
the Earnout Shares) and 0 shares of preferred stock outstanding.
Common Stock
Voting rights
. Except as otherwise
provided herein or expressly required by law, each holder of Common Stock is entitled to one vote per share on matters to be voted on
by stockholders. The holders of Common Stock possess all voting power for the election of our directors and all other matters requiring
stockholder action.
Dividend rights
. Subject to applicable
law and the rights and preferences of any holders of any outstanding series of preferred stock, holders of Common Stock are entitled to
receive dividends when, as, and if declared by the Board in accordance with applicable law, in its discretion, out of funds legally available
therefor. We have not historically paid any cash dividends on the Common Stock and do not intend to pay cash dividends in the foreseeable
future.
Rights upon liquidation, dissolution, and
winding up
. Subject to applicable law, the rights, if any, of the holders of any outstanding series of the preferred stock, in
the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, after payment or provision for payment
of the debts and other liabilities of the Company, the holders of the shares of Common Stock shall be entitled to receive all the remaining
assets of the Company available for distribution to its stockholders
pro rata
in accordance with the number of shares of Common
Stock held by them.
Preemptive or other rights
. There
are no preemptive rights or sinking fund provisions applicable to Common Stock.
Preferred Stock
The Charter provides that shares of preferred
stock may be issued from time to time in one or more series. The Board is authorized to fix designations, powers, including voting powers,
full or limited, or no voting powers, preferences, and the relative participating, optional or other special rights of the shares of each
series of preferred stock and any qualifications, limitations, and restrictions thereof, including without limitation, dividend rights,
conversion rights, redemption privileges and liquidation preferences, and to increase or decrease (but not below the number of shares
of such series then outstanding) the number of shares of any series as shall be stated and expressed in the resolutions of the Board,
to the fullest extent permitted by the General Corporation Law of the State of Delaware ("DGCL"). The Board may, without stockholder
approval, issue preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders
of Common Stock and could have anti-takeover effects. The ability of the Board to issue preferred stock without stockholder approval could
have the effect of delaying, deferring, or preventing a change of control or the removal of management. The Company currently has no shares
of preferred stock outstanding.
Warrants
Public Stockholder Warrants
There are currently outstanding an aggregate of
10,537,475 Public Warrants, which will entitle the holder to acquire shares of our Common Stock.
Each whole Warrant will entitle the registered
holder to purchase one share of our Common Stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time
commencing 30 days after June 21, 2024, provided that we have an effective registration statement under the Securities Act covering the
shares of our Common Stock issuable upon exercise of the Warrants and a current prospectus relating to them is available (or we permit
holders to exercise their Warrants on a cashless basis under the circumstances specified in the Warrant Agreement) and such shares are
registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of holder. Pursuant
to the Warrant Agreement, a warrant holder may exercise its Warrants only for a whole number of shares of our Common Stock. This means
only a whole Warrant may be exercised at a given time by a warrant holder. The Warrants will expire five years after June 21, 2024, at
5:00 p.m., New York City time, or earlier upon redemption or liquidation.
90
Thunder Power will not be obligated to deliver
any of our Common Stock pursuant to the exercise of a Warrant and will have no obligation to settle such Warrant exercise unless a registration
statement under the Securities Act with respect to the Thunder Power Common Stock underlying the Warrants is then effective and a prospectus
relating thereto is current, subject to Thunder Power satisfying its obligations described below with respect to registration. No Warrant
will be exercisable and we will not be obligated to issue a share of Thunder Power Common Stock upon exercise of a Warrant unless the
share of Thunder Power Common Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt under the
securities laws of the state of residence of the registered holder of the Warrants. In the event that the conditions in the two immediately
preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant will not be entitled to exercise such Warrant
and such Warrant may have no value and expire worthless. In no event will Thunder Power be required to net cash settle any Warrant. In
the event that a registration statement is not effective for the exercised Warrants, the purchaser of a unit containing such Warrant will
have paid the full purchase price for the unit solely for the share of Thunder Power Common Stock underlying such unit.
Thunder Power has agreed that as soon as practicable,
but in no event later than 30 business days after the Closing, it will use its reasonable best efforts to file with the SEC a registration
statement for the registration, under the Securities Act, of the Thunder Power Common Stock issuable upon exercise of the Warrants. We
will use our best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and
a current prospectus relating thereto, until the expiration of the Warrants in accordance with the provisions of the Warrant Agreement.
If a registration statement covering the shares of Thunder Power Common Stock issuable upon exercise of the Warrants is not effective
by 60th business day after the Closing, warrant holders may, until such time as there is an effective registration statement and during
any period when we will have failed to maintain an effective registration statement, exercise Warrants on a "cashless basis"
in accordance with Section 3(a)(9) of the Securities Act or another exemption. As of the date hereof, the Warrants may be exercised on
a "cashless basis." Notwithstanding the above, if Thunder Power Common Stock are at the time of any exercise of a Warrant
not listed on a national securities exchange such that they satisfy the definition of a "covered security" under Section 18(b)(1)
of the Securities Act, we may, at our option, require holders of Public Warrants who exercise their Warrants to do so on a "cashless
basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or
maintain in effect a registration statement, and in the event we do not so elect, we will use our best efforts to register or qualify
the shares under applicable blue sky laws to the extent an exemption is not available.
Redemption of Public Warrants when the price per share of Common
Stock equals or exceeds $16.50.
Once the Public Warrants become exercisable, the
Company may call the outstanding Public Warrants for redemption:
●
in whole and not in part;
●
at a price of $0.01 per Public Warrant;
●
upon a minimum of 30 days' prior written notice of redemption to each warrant holder; and
●
if, and only if, the closing price per share of Common Stock equals or exceeds $16.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders.
If and when the Warrants become redeemable by
Thunder Power for cash, Thunder Power may exercise its redemption right even if Thunder Power is unable to register or qualify the underlying
securities for sale under all applicable state securities laws.
Thunder Power has established the last of the
redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the
Warrant exercise price. If the foregoing conditions are satisfied and Thunder Power issues a notice of redemption of the Warrants, each
warrant holder will be entitled to exercise his, her or its Warrant prior to the scheduled redemption date. However, the price of the
Thunder Power Common Stock may fall below the $16.50 redemption trigger price (as adjusted for stock splits, stock capitalizations, reorganizations,
recapitalizations and the like) as well as the $11.50 Warrant exercise price after the redemption notice is issued.
91
If Thunder Powers calls the Warrants for redemption
as described above, our management will have the option to require any holder that wishes to exercise his, her or its warrant to do so
on a "cashless basis." In determining whether to require all holders to exercise their warrants on a "cashless basis,"
our management will consider, among other factors, our cash position, the number of Warrants that are outstanding and the dilutive effect
on our stockholders of issuing the maximum number of shares of Thunder Power Common Stock issuable upon the exercise of our warrants.
If our management takes advantage of this option, all holders of Warrants would pay the exercise price by surrendering their Warrants
for that number of shares of Thunder Power Common Stock equal to the quotient obtained by dividing (x) the product of the number of Thunder
Power Common Stock underlying the warrants, multiplied by the excess of the "fair market value" of our Thunder Power Common
Stock (defined below) over the exercise price of the Warrants by (y) the fair market value. The "fair market value" will mean
the average closing price of the Thunder Power Common Stock for the ten trading days ending on the third trading day prior to the date
on which the notice of redemption is sent to the holders of Warrants. If our management takes advantage of this option, the notice of
redemption will contain the information necessary to calculate the number of shares of Thunder Power Common Stock to be received upon
exercise of the Warrants, including the "fair market value" in such case. Requiring a cashless exercise in this manner will
reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an
attractive option to us if we do not need the cash from the exercise of the Warrants after our initial Business Combination. If we call
our Warrants for redemption and our management does not take advantage of this option, the holders of the private placement warrants and
their permitted transferees would still be entitled to exercise their private placement warrants for cash or on a cashless basis using
the same formula described above that other warrant holders would have been required to use had all warrant holders been required to exercise
their warrants on a cashless basis, as described in more detail below.
A holder of a Warrant may notify us in writing
in the event it elects to be subject to a requirement that such holder will not have the right to exercise such Warrant, to the extent
that after giving effect to such exercise, such person (together with such person's affiliates), to the warrant agent's actual
knowledge, would beneficially own in excess of 9.8% (or such other amount as specified by the holder) of the Thunder Power Common Stock
outstanding immediately after giving effect to such exercise.
If the number of outstanding shares of Thunder
Power Common Stock is increased by a stock dividend payable in shares of Thunder Power Common Stock, or by a split-up of common stock
or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Thunder
Power Common Stock issuable on exercise of each Warrant will be increased in proportion to such increase in the outstanding shares of
Common Stock. A rights offering to holders of Common Stock entitling holders to purchase Thunder Power Common Stock at a price less than
the fair market value will be deemed a stock dividend of a number of shares of Thunder Power Common Stock equal to the product of (i)
the number of shares of Thunder Power Common Stock actually sold in such rights offering (or issuable under any other equity securities
sold in such rights offering that are convertible into or exercisable for Thunder Power Common Stock) and (ii) the quotient of (x) the
price per share Thunder Power Common Stock paid in such rights offering and (y) the fair market value. For these purposes (i) if the rights
offering is for securities convertible into or exercisable for shares of Thunder Power Common Stock, in determining the price payable
for Thunder Power Common Stock, there will be taken into account any consideration received for such rights, as well as any additional
amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of shares of Thunder Power
Common Stock as reported during the ten trading-day period ending on the trading day prior to the first date on which the Thunder Power
Common Stock trades on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.
In addition, if we, at any time while the warrants
are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Thunder Power
Common Stock on account of such Thunder Power Common Stock (or other securities into which the warrants are convertible), other than (a)
as described above, (b) certain ordinary cash dividends, (c) to satisfy the rights of the holders of Thunder Power Common Stock in connection
with a proposed initial Business Combination, or (d) in connection with the redemption of our public shares upon our failure to complete
our initial business combination, then the warrant exercise price will be decreased, effective immediately after the effective date of
such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share of Thunder Power Common
Stock in respect of such event.
If the number of outstanding shares of Thunder
Power Common Stock is decreased by a consolidation, combination, reverse share split or reclassification of Thunder Power Common Stock
or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar
event, the number of shares of Thunder Power Common Stock issuable on exercise of each warrant will be decreased in proportion to such
decrease in outstanding share of Thunder Power Common Stock.
92
Whenever the number of shares of Thunder Power
Common Stock purchasable upon the exercise of the Warrants is adjusted, as described above, the Warrant exercise price will be adjusted
by multiplying the Warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number
of shares of Thunder Power Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the
denominator of which will be the number of shares of Thunder Power Common Stock so purchasable immediately thereafter.
In addition, if (x) we issue additional shares
of Thunder Power Common Stock or equity-linked securities for capital raising purposes in connection with the closing of our initial Business
Combination at an issue price or effective issue price of less than $9.20 per share of Thunder Power Common Stock (with such issue price
or effective issue price to be determined in good faith by our Board and, in the case of any such issuance to our initial stockholders
or their affiliates, without taking into account any founder shares held by our initial stockholders or such affiliates, as applicable,
prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and
interest thereon, available for the funding of our initial Business Combination on the date of the consummation of our initial Business
Combination (net of redemptions), and (z) the volume weighted average trading price of Thunder Power Common Stock during the 20 trading-day
period starting on the trading day after the day on which we consummate our initial business combination is below $9.20 per share, the
exercise price of the Warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly
Issued Price, and the $16.50 per share redemption trigger price described above under "
— Redemption of warrants when the
price per share of common stock equals or exceeds $16.50
" will be adjusted (to the nearest cent) to be equal to 180% of the
higher of the Market Value and the Newly Issued Price.
In case of any reclassification or reorganization
of the outstanding Thunder Power Common Stock (other than those described above or that solely affects the par value of such Thunder Power
Common Stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger
in which we are the continuing corporation and that does not result in any reclassification or reorganization of outstanding Thunder Power
Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety
or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right
to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the Thunder Power Common
Stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares
of Thunder Power Common Stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received
if such holder had exercised their warrants immediately prior to such event.
The warrants will be issued in registered form
under a warrant agreement between Continental, as warrant agent, and us. The warrant agreement provides that the terms of the warrants
may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, and that all other modifications
or amendments will require the vote or written consent of the holders of at least 50% of the then outstanding public warrants, and, solely
with respect to any amendment to the terms of the private placement warrants, at least 50% of the then outstanding private placement warrants.
You should review a copy of the warrant agreement, which has been filed as an exhibit to FLFV's Annual Report on Form 10-K for the
fiscal year ended December 31, 2023, and the amendment to such warrant agreement, as disclosed on June 21, 2024 in FLFV's Current
Report on Form 8-K filed with the SEC on June 27, 2024, for a complete description of the terms and conditions applicable to the warrants.
The warrants may be exercised upon surrender of
the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse
side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless
basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised. The warrant holders
do not have the rights or privileges of holders of common stock and any voting rights until they exercise their warrants and receive Thunder
Power Common Stock. After the issuance of Thunder Power Common Stock upon exercise of the warrants, each holder will be entitled to one
vote for each share held of record on all matters to be voted on by stockholders.
No fractional shares will be issued upon exercise
of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon
exercise, round down to the nearest whole number the number of shares of Thunder Power Common Stock to be issued to the warrant holder.
93
We have agreed that, subject to applicable law,
any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement will be brought and enforced
in the courts of the State of New York or the United States District Court for the Southern District of New York, and we irrevocably submit
to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding or claim. See "
Risk Factors
— The Warrant Agreement designates the courts of the State of New York or the United States District Court for the Southern District
of New York as the exclusive forum for certain types of actions and proceedings that may be initiated by holders of the warrants
"
for more information. This provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act or
any claim for which the federal district courts of the United States of America are the sole and exclusive forum.
Private Warrants
The private placement warrants (including the
Thunder Power Common Stock issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable until
30 days after the Closing of FLFV's initial Business Combination (except in limited circumstances). The private placement warrants
have terms and provisions that are identical to those of the warrants sold as part of the units in the IPO, including as to exercise price,
exercisability and exercise period.
Anti-Takeover Effects of Provisions of the Second Amended and Restated
Charter, the Bylaws and Applicable Delaware Law
Certain provision of our Charter, Bylaws and the
laws of the State of Delaware, where Thunder Power is incorporated, may discourage or make more difficult a takeover attempt that a stockholder
might consider in his or her best interest. These provisions may also adversely affect prevailing market prices of our Common Stock. Thunder
Power believes that the benefits of increased protection give Thunder Power the potential ability to negotiate with the proponent of an
unsolicited proposal to acquire or restructure Thunder Power and outweigh the disadvantage of discouraging those proposals because negotiation
of the proposals could result in an improvement of their terms.
Authorized but Unissued Shares
Delaware law does not require stockholder approval
for any issuance of authorized shares. However, the listing requirements of Nasdaq, which would apply if and so long as the Thunder Power
Common Stock remains listed on Nasdaq require stockholder approval of certain issuances equal to or exceeding 20% of the then outstanding
voting power or the then outstanding number of shares of Common Stock. Additional shares that may be used in the future may be issued
for a variety of corporate purposes, including future public offerings, to raise additional capital, or to facilitate acquisitions. The
existence of authorized but unissued and unreserved common stock and preferred stock could make more difficult or discourage an attempt
to obtain control of Thunder Power by means of a proxy contest, tender offer, merger, or otherwise.
Number of Directors
The Second Amended and Restated Charter and the
Thunder Power Bylaws provide that, subject to any rights of holders of preferred stock to elect additional directors under specified circumstances,
the number of directors may be fixed from time to time pursuant to a resolution adopted by the Thunder Power Board. The initial number
of directors was set at five.
Requirements for Advance Notification of Stockholder
Meetings, Nominations and Proposals
The Bylaws establish advance notice procedures
with respect to stockholder proposals and nomination of candidates for election as directors, other than nominations made by or at the
direction of the Thunder Power Board or a committee of the Thunder Power Board. In order to be "properly brought" before
a meeting, a stockholder will have to comply with advance notice requirements and provide Thunder Power with certain information. Generally,
to be timely, a stockholder's notice must be received at Thunder Power's principal executive offices not less than 90 days
nor more than 120 days prior to the first anniversary of the immediately preceding annual meeting of stockholders. The Bylaws also
specify requirements as to the form and content of a stockholder's notice. The Bylaws allow the chairman of the meeting at a meeting
of the stockholders to adopt rules and regulations for the conduct of meetings which may have the effect of precluding the conduct of
certain business at a meeting if the rules and regulations are not followed. These provisions may also defer, delay, or discourage a
potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting
to influence or obtain control of Thunder Power.
94
Stockholder Action by Written Consent
The Second Amended and Restated Charter provides
that, subject to the terms of any series of Thunder Power preferred stock and the applicable provisions of DGCL, any actions required
to be taken or permitted to be taken at any annual or special meeting of the stockholders of Thunder Power may be taken without a meeting,
without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, are signed by the holders
of the outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at
a meeting at which all shares entitled to vote thereon were present and voted.
Cumulative Voting
Under Delaware law, a corporation may grant stockholders
cumulative voting rights for the election of directors in its certificate of incorporation. . The Second Amended and Restated Charter
does not authorize cumulative voting.
Limitations on Liability and Indemnification
of Officers and Directors
The DGCL authorizes corporations to limit or eliminate
the personal liability of directors and officers of corporations and their stockholders for monetary damages for breaches of directors'
and officers' fiduciary duties, subject to certain exceptions. Thunder Power's Second Amended and Restated Charter includes
a provision that eliminates the personal liability of directors and officers for damages for any breach of fiduciary duty as a director
or officer except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL as the same exists
or may hereafter be amended.
The Bylaws provide that Thunder Power shall indemnify
and advance expenses to Thunder Power's directors and officers to the fullest extent authorized by the DGCL. Thunder Power's
Bylaws also is expressly authorize Thunder Power to carry directors' and officers' liability insurance providing indemnification
for Thunder Power's directors, officers, and certain employees for some liabilities. Thunder Power believes that these indemnification
and advancement provisions and insurance are useful to attract and retain qualified directors and executive officers.
The limitation of liability, advancement and indemnification
provisions in the Second Amended and Restated Charter and the Thunder Power Bylaws may discourage stockholders from bringing lawsuit against
directors or officers for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative
litigation against directors and officers, even though such an action, if successful, might otherwise benefit Thunder Power and its stockholders.
In addition, your investment may be adversely affected to the extent Thunder Power pays the costs of settlement and damage awards against
directors and officer pursuant to these indemnification provisions.
There is currently no pending material litigation
or proceeding involving any of Thunder Power's directors, officers, or employees for which indemnification is sought.
Dissenters' Rights of Appraisal and Payment
Under the DGCL, the Company's stockholders
will not have appraisal rights in connection with a merger or consolidation of the Company while Thunder Power's Common Stock is
either listed on a national securities exchange or held of record by more than 2,000 holders, subject to certain exceptions.
Stockholders' Derivative Actions
Under the DGCL, any Company stockholder may bring
an action in the Company's name to procure a judgment in Thunder Power's favor, also known as a derivative action, provided
that the stockholder bringing the action is a holder of the Company's shares at the time of the transaction to which the action
relates or such stockholder's stock thereafter devolved by operation of law.
Transfer Agent and Warrant Agent
The transfer agent, registrar for the Common Stock
and warrant agent is Continental Transfer & Trust Company, LLC.
Rule 144
Pursuant to Rule 144, a person who has beneficially
owned restricted shares or warrants of Thunder Power for at least six months would be entitled to sell their securities provided that
(i) such person is not deemed to have been an affiliate of Thunder Power at the time of, or at any time during the three months preceding,
a sale and (ii) Thunder Power is subject to the Exchange Act periodic reporting requirements for at least three months before the sale
and have filed all required reports under Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as we
were required to file reports) preceding the sale.
95
Persons who have beneficially owned restricted
shares or warrants of Thunder Power for at least six months but who are affiliates of Thunder Power at the time of, or at any time during
the three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within
any three-month period only a number of securities that does not exceed the greater of:
●
1% of the total number of shares of Thunder Power Common Stock then outstanding; or
●
the average weekly reported trading volume of the Thunder Power Common Stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.
Sales by Thunder Power affiliates under Rule 144
are also limited by manner of sale provisions and notice requirements and to the availability of current public information about Thunder
Power.
Restrictions on the Use of Rule 144
by Shell Companies or Former Shell Companies
Rule 144 is not available for the resale
of securities initially issued by shell companies (other than business combination related shell companies) or issuers that have been
at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition if the following
conditions are met:
●
the issuer of the securities that was formerly a shell company has ceased to be a shell company;
●
the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;
●
the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and
●
at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.
As a result, the Sponsor, Thunder Power's
officers, directors and other affiliates will be able to sell the Thunder Power Common Stock they receive upon conversion of their founder
shares and private placement warrants, as applicable, pursuant to Rule 144 without registration one year after the Company has filed
current Form 10 information with the SEC reflecting the loss of its shell company status.
Following the Closing, Thunder Power is no longer
be a shell company, and so, once the conditions listed above are satisfied, Rule 144 will become available for the resale of the
above-noted restricted securities.
Listing of Common Stock and Public Warrants
The Common Stock are listed on Nasdaq under the
symbol "AIEV."
96
MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
The following is a discussion of certain U.S.
federal income tax considerations relating to the ownership and disposition of our common stock or warrants. This discussion is limited
to holders that hold our common stock or warrants as "capital assets" for U.S. federal income tax purposes (generally, property
held for investment). This summary is based on the provisions of the Internal Revenue Code (the "Code"), final, temporary,
and proposed treasury regulations promulgated under the Code (the "Treasury Regulations"), administrative pronouncements,
and judicial decisions, all as in effect on the date hereof. These authorities may change or be subject to differing interpretations.
Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect holders to which this
section applies. We have not sought and will not seek any rulings from the Internal Revenue Service (the "IRS") or opinion
from counsel with respect to the statements made and the conclusions reached in the following discussion, and there can be no assurance
that the IRS or a court will agree with such statements and conclusions.
This discussion does not purport to be a complete
analysis of all potential tax considerations relating to the ownership and disposition of our common stock or warrants, and this discussion
does not address all aspects of U.S. federal income taxation that may be relevant to particular holders in light of their personal circumstances.
In addition, this summary does not address the Medicare tax on certain investment income, U.S. federal estate or gift tax laws, any state,
local or non-U.S. tax laws, or any tax treaties. This summary also does not address tax considerations applicable to investors that may
be subject to special treatment under the U.S. federal income tax laws, including but not limited to:
●
a bank, a financial institution, or a financial service entity;
●
a tax-exempt organization;
●
a real estate investment trust;
●
an S corporation, partnership or pass-through entity (or an investor in an S corporation or other pass-through entity);
●
an insurance company;
●
a regulated investment company or a mutual fund;
●
pension plans;
●
a "controlled foreign corporation" or a "passive foreign investment company;"
●
a dealer or broker in stocks and securities, or currencies;
●
a trader in securities that elects mark-to-market treatment;
●
a holder that is liable for the alternative minimum tax;
●
a holder that received our common stock or warrants through the exercise of an employee stock option, through a tax qualified retirement plan, or otherwise as compensation;
●
a U.S. Holder (as defined below) that has a functional currency other than the U.S. dollar;
●
a holder that holds our common stock or warrants as part of a hedge, straddle, constructive sale, conversion or other integrated transaction;
●
a person required to accelerate the recognition of any item of gross income with respect to our common stock or warrants as a result of such income being recognized on an applicable financial statement; or
●
a U.S. expatriate.
For purposes of this discussion, the term "U.S.
Holder" means a holder of our common stock or warrants that is for U.S. federal income tax purposes (1) an individual citizen or
resident of the United States, (2) a corporation (or any other entity treated as a corporation for U.S. federal income tax purposes) organized
in or under the laws of the United States or any state thereof or the District of Columbia, (3) a trust if (a) a court within the United
States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to
control all substantial decisions of the trust or (b) such trust has made a valid election to be treated as a U.S. person for U.S. federal
income tax purposes or (4) an estate, the income of which is includible in gross income for U.S. federal income tax purposes regardless
of its source. A "Non-U.S. Holder" means a holder of our common stock or warrants (other than a partnership or other entity
or arrangement classified as a partnership for U.S. federal income tax purposes) that is not a U.S. Holder.
If an entity or an arrangement treated as a partnership
for U.S. federal income tax purposes holds our common stock or warrants, the U.S. federal income tax considerations relating to the ownership
and disposition of our common stock or warrants and the purchase, exercise, disposition and lapse of our warrants to a partner in such
partnership (or owner of such entity) generally will depend on the status of the partner and the activities of the partnership (or entity).
Any entity or arrangement treated as a partnership for U.S. federal income tax purposes that holds our common stock or warrants, and
any partners in such partnership, are urged to consult their own tax advisors with respect to the applicable tax consideration in light
of their specific circumstances.
97
The tax considerations relating to the ownership
and disposition of our common stock or warrants will depend on your specific situation. You should consult with your own tax advisor as
to the tax considerations relating to the ownership and disposition of our common stock or warrants and the purchase, exercise, disposition
and lapse of our warrants in your particular circumstances, including the applicability and effect of any applicable alternative minimum
tax and any state, local, foreign, or other tax laws, and of changes in those laws.
THIS DISCUSSION OF U.S. FEDERAL INCOME TAX CONSIDERATIONS
IS FOR GENERAL INFORMATION PURPOSES ONLY AND IS NOT TAX ADVICE. PROSPECTIVE HOLDERS SHOULD CONSULT THEIR TAX ADVISORS CONCERNING THE U.S.
FEDERAL INCOME TAX CONSIDERATIONS RELEVANT TO THEM OF OWNING AND DISPOSING OF OUR SECURITIES, AS WELL AS THE APPLICATION OF ANY, STATE,
LOCAL AND NON-U.S. INCOME, ESTATE AND OTHER TAX CONSIDERATIONS. IN ADDITION, PROSPECTIVE HOLDERS SHOULD CONSULT WITH THEIR TAX ADVISORS
WITH RESPECT TO POTENTIAL CHANGES IN UNITED STATES FEDERAL TAX LAW AS WELL AS POTENTIAL CHANGES IN STATE, LOCAL OR NON-U.S. TAX LAWS.
Tax Considerations for U.S. Holders
Taxation of Distributions
If we pay distributions in cash or other property
(other than certain distributions of our stock or rights to acquire our stock) to U.S. Holders of shares of our common stock, such distributions
generally will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and
profits, as determined under U.S. federal income tax principles. Distributions in excess of current and accumulated earnings and profits
will constitute a return of capital that will be applied against and reduce (but not below zero) the U.S. Holder's adjusted tax
basis in our common stock. Any remaining excess will be treated as gain realized on the sale or other disposition of the common stock
and will be treated as described under the section of this prospectus titled "
Tax Considerations for U.S. Holders—Gain
or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock or Warrants
" below.
Dividends that we pay to a U.S. Holder that is
a corporation generally will qualify for the dividends received deduction (at varying percentages based upon such U.S. Holder's
ownership percentage in the Company) if the requisite holding period is satisfied. Dividends that exceed certain thresholds in relation
to a corporate U.S. holder's tax basis in the stock could be characterized as an "extraordinary dividend" (as defined
in Section 1059 of the Code) subject to special rules. With certain exceptions (including, but not limited to, dividends treated as investment
income for purposes of investment interest deduction limitations), and provided certain holding period requirements are met, dividends
that we pay to a non-corporate U.S. Holder will generally constitute "qualified dividends" that will be subject to tax at
the maximum tax rate accorded to long-term capital gains. If the applicable holding period and other applicable requirements are not satisfied,
then a corporation may not be able to qualify for the dividends received deduction and would have taxable income equal to the entire dividend
amount. Likewise, if the applicable holding period and other applicable requirements are not satisfied, then non-corporate U.S. Holders
may be subject to tax on such dividend at regular ordinary income tax rates instead of the preferential rate that applies to qualified
dividend income.
Gain or Loss on Sale, Taxable Exchange or Other Taxable
Disposition of Common Stock or Warrants
A U.S. Holder generally will recognize gain or
loss on the sale, taxable exchange or other taxable disposition of our common stock or warrants. Any such gain or loss will be capital
gain or loss and will be long-term capital gain or loss if the U.S. Holder's holding period for our common stock or warrants so
disposed of exceeds one year. Long-term capital gains recognized by non-corporate U.S. Holders generally will be eligible for taxation
at reduced rates. The amount of capital gain or loss recognized will generally be equal to the difference between (1) the sum of the amount
of cash and the fair market value of any property received in such disposition and (2) the U.S. Holder's adjusted tax basis in its
common stock or warrants so disposed of. A U.S. Holder's adjusted tax basis in its common stock or warrants generally will equal
the U.S. Holder's acquisition cost less any prior distributions treated as a return of capital. The deductibility of capital losses
is subject to limitations.
Exercise or Lapse of a Warrant
Except as discussed below with respect to the
cashless exercise of a warrant, a U.S. Holder generally will not recognize taxable gain or loss from the acquisition of common stock upon
exercise of a warrant for cash. A U.S. Holder's tax basis in the common stock received upon exercise of a warrant generally will
be an amount equal to the sum of the U.S. Holder's initial investment in the warrant and the exercise price. It is unclear whether
a U.S. Holder's holding period for the shares of common stock received upon exercise of the warrants will commence on the date of
exercise of the warrant or the day following the date of exercise of the warrants. In either case, the holding period of shares of common
stock received upon exercise of a warrant will not include the period during which the U.S. Holder held the warrants. If a warrant is
allowed to lapse unexercised, a U.S. Holder generally will recognize a capital loss equal to such holder's tax basis in the warrant.
The tax consequences of a cashless exercise of
a warrant are not clear under current tax law. A cashless exercise may be tax-free, either because the exercise is not a realization event
or because the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either situation, a U.S. Holder's
tax basis in the common stock received would equal the U.S. Holder's basis in the warrant. If the cashless exercise were treated
as not being a realization event, it is unclear whether a U.S. holder's holding period for the common stock received would be treated
as commencing on the date of exercise of the warrant or on the day following the date of exercise of the warrant. If the cashless exercise
were treated as a recapitalization, the holding period of the common stock received would include the holding period of the warrant.
It is also possible that a cashless exercise
could be treated in part as a taxable exchange in which a gain or loss would be recognized. In such event, a U.S. Holder could be deemed
to have surrendered warrants equal to the number of common stock shares having a value equal to the exercise price for the total number
of warrants to be exercised. A U.S. Holder would recognize capital gain or loss in an amount equal to the difference between the fair
market value of the warrants deemed surrendered and the U.S. Holder's tax basis in the warrants deemed surrendered. In this case,
a U.S. Holder's tax basis in the common stock received would equal the sum of the fair market value of the warrants deemed surrendered
and the U.S. Holder's tax basis in the warrants exercised. It is unclear whether a U.S. Holder's holding period for the common
stock received would commence on the date of exercise of the warrant or the day following the date of exercise of the warrant.
98
Due to the absence of authority on the U.S. federal
income tax treatment of a cashless exercise, there can be no assurance which, if any, of the alternative tax consequences and holding
periods described above would be adopted by the IRS or a court of law. Accordingly, U.S. Holders should consult their tax advisors regarding
the tax consequences of a cashless exercise.
Possible Constructive Distributions
The terms of each warrant provide for an adjustment
to the number of shares of our common stock for which the warrant may be exercised or to the exercise price of the warrant in certain
events. An adjustment which has the effect of preventing dilution generally is not taxable. The U.S. Holders of the warrants would, however,
be treated as receiving a constructive distribution from us if, for example, the adjustment increases the warrant holders' proportionate
interest in our assets or earnings and profits (e.g., through an increase in the number of shares of our common stock that would be obtained
upon exercise) as a result of a distribution of cash to the holders of shares of our common stock which is taxable to the U.S. Holders
of such shares. For example, if the exercise price of the warrants is decreased as a result of certain taxable dividends paid to holders
of our common stock (as contemplated by the terms of the warrant in certain circumstances), then the amount by which such exercise price
was decreased could be considered an increase in the warrant holder's proportionate interest in our assets or earnings and profits,
which may result in a constructive distribution to holders of the warrants. Such constructive distribution would be subject to tax as
described "
Tax Considerations for U.S. Holders—Taxation of Distributions
" above in the same manner as if the
U.S. Holders of the warrants received a cash distribution from us equal to the fair market value of such increased interest. For certain
information reporting purposes, we are required to determine the date and amount of any such constructive distributions. Recently proposed
Treasury regulations, which we may rely on prior to the issuance of final regulations, specify how the date and amount of constructive
distributions are determined.
Tax Considerations for Non-U.S. Holders
Taxation of Distributions
In general, any distributions (other than certain
distributions of our stock or rights to acquire our stock) that we make to a Non-U.S. Holder of shares of common stock, to the extent
paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles), will constitute
dividends for U.S. federal income tax purposes and, provided such dividends are not effectively connected with the Non-U.S. Holder's
conduct of a trade or business within the United States (or, if a tax treaty applies, are attributable to a U.S. permanent establishment
or fixed base maintained by the Non-U.S. Holder), we will be required to withhold tax from the gross amount of the dividend at a rate
of 30%, unless such Non-U.S. Holder is eligible for a reduced rate of withholding tax under an applicable income tax treaty and provides
proper certification of its eligibility for such reduced rate (usually on an IRS Form W-8BEN or W-8BEN-E). Any distribution not constituting
a dividend will be treated first as reducing (but not below zero) the Non-U.S. Holder's adjusted tax basis in its shares of common
stock and, to the extent such distribution exceeds the Non-U.S. Holder's adjusted tax basis, as gain realized from the sale or other
disposition of the common stock, which will be treated as described under the section of this prospectus titled "
Tax Considerations
for Non-U.S. Holders—Gain on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock or Warrants
" below.
The withholding tax generally does not apply to
dividends paid to a Non-U.S. Holder who provides an IRS Form W-8ECI, certifying that the dividends are effectively connected with the
Non-U.S. Holder's conduct of a trade or business within the United States. Instead, the effectively connected dividends will be
subject to regular U.S. federal income tax as if the Non-U.S. Holder were a U.S. resident, subject to an applicable income tax treaty
providing otherwise. A corporate Non-U.S. Holder receiving effectively connected dividends may also be subject to an additional "branch
profits tax" imposed at a rate of 30% (or a lower applicable income tax treaty rate).
Exercise or Lapse of a Warrant
The U.S. federal income tax treatment of the exercise
or lapse of a warrant held by a Non-U.S. Holder generally will correspond to the characterization described above under "
Tax
Considerations for U.S. Holders – Exercise or Lapse of a Warrant
", although to the extent a cashless exercise results
in a taxable exchange, the tax consequences to the non-U.S. Holder would be the same as those described below under "
Tax Considerations
for Non-U.S. Holders—Gain on Sale, Exchange or Other Taxable Disposition of Common Stock or Warrants
."
Gain on Sale, Exchange, or Other Taxable Disposition
of Common Stock or Warrants
A Non-U.S. Holder will generally not be subject
to U.S. federal income or withholding tax in respect of gain recognized on a sale, exchange or other taxable disposition of common stock
or a sale, taxable exchange, expiration, redemption or other taxable disposition of our common stock or warrants, unless:
●
the gain is effectively connected with the conduct of a trade or business by the Non-U.S. Holder within the United States (and, if an applicable tax treaty so requires, is attributable to a U.S. permanent establishment or fixed base maintained by the Non-U.S. Holder); or
●
we are or have been a "United States real property holding corporation" (a "USRPHC") for U.S. federal income tax purposes at any time during the shorter of the five-year period ending on the date of disposition or the Non-U.S. Holder's holding period and either (i) the shares of our common stock have ceased to be "regularly traded on an established securities market" within the meaning of the Treasury Regulations or (ii) the Non-U.S. Holder has owned or is deemed to have owned, at any time within the five-year period preceding the disposition or the Non-U.S. Holder's holding period, whichever period is shorter, more than 5% of our common stock.
99
Unless an applicable income tax treaty applies,
gain described in the first bullet point above will be subject to tax at generally applicable U.S. federal income tax rates. Any gains
described in the first bullet point above of a Non-U.S. Holder that is a foreign corporation also may be subject to an additional "branch
profits tax" at a 30% rate (or lower applicable treaty rate).
If the second bullet point above applies to a
Non-U.S. Holder, gain recognized by such holder generally will be subject to a tax at applicable U.S. federal income tax rates. In addition,
a buyer of such common stock from a Non-U.S. Holder may be required to withhold U.S. income tax at a rate of 15% of the amount realized
upon such disposition. We will be classified as a USRPHC if the fair market value of our "United States real property interests"
equals or exceeds 50% of the sum of the fair market value of our worldwide real property interests plus our other assets used or held
for use in a trade or business, as determined for U.S. federal income tax purposes. We do not believe we currently are or will become
a USRPHC; however there can be no assurance in this regard. Non-U.S. Holders are urged to consult their tax advisors regarding the application
of these rules.
Possible Constructive Distributions.
The terms of each warrant provide for an adjustment
to the number of shares of our common stock for which the warrant may be exercised or to the exercise price of the warrant in certain
events. An adjustment which has the effect of preventing dilution generally is not taxable. Non-U.S. Holders of the warrants would, however,
be treated as receiving a constructive distribution from us if, for example, the adjustment increases the warrant holders' proportionate
interest in our assets or earnings and profits (e.g., through an increase in the number of shares of our common stock that would be obtained
upon exercise) as a result of a distribution of cash to the holders of shares of our common stock which is taxable to the Non-U.S. Holders
of such shares. For example, if the exercise price of the warrants is decreased as a result of certain taxable dividends paid to holders
of our common stock (as contemplated by the terms of the warrant in certain circumstances), then the amount by which such exercise price
was decreased could be considered an increase in the warrant holder's proportionate interest in our assets or earnings and profits,
which may result in a constructive distribution to holders of the warrants. Such constructive distribution would be subject to tax as
described "
Tax Considerations for Non-U.S. Holders—Taxation of Distributions
" above in the same manner as if
the Non-U.S. Holders of the warrants received a cash distribution from us equal to the fair market value of such increased interest. For
certain information reporting purposes, we are required to determine the date and amount of any such constructive distributions. Recently
proposed Treasury Regulations, which we may rely on prior to the issuance of final Treasury Regulations, specify how the date and amount
of constructive distributions are determined.
Foreign Account Tax Compliance Act
Sections 1471 through 1474 of the Code, and the
Treasury Regulations and administrative guidance issued thereunder ("FATCA"), impose a 30% withholding tax on any dividends
paid on our common stock, and subject to the discussion of certain proposed Treasury Regulations below, on the gross proceeds from a disposition
of our common stock, in each case if paid to a "foreign financial institution" or a "non-financial foreign entity"
(each as defined in the Code) (including, in some cases, when such foreign financial institution or non-financial foreign entity is acting
as an intermediary), unless (i) in the case of a foreign financial institution, such institution enters into an agreement with the U.S.
government to withhold on certain payments, and to collect and provide to the U.S. tax authorities substantial information regarding U.S.
account holders of such institution (which includes certain equity and debt holders of such institution, as well as certain account holders
that are non-U.S. entities with U.S. owners), (ii) in the case of a non-financial foreign entity, such entity certifies that it does not
have any "substantial United States owners" (as defined in the Code) or provides the applicable withholding agent with a certification
identifying the direct and indirect substantial United States owners of the entity, or (iii) the foreign financial institution or non-financial
foreign entity otherwise qualifies for an exemption from these rules and provides appropriate documentation. Foreign financial institutions
located in jurisdictions that have an intergovernmental agreement with the United States governing these rules may be subject to different
rules. Under certain circumstances, a holder might be eligible for refunds or credits of such taxes.
Proposed Treasury Regulations, if finalized in
their present form, would eliminate the federal withholding tax of 30% applicable to the gross proceeds of a sale or other disposition
of our common stock. The preamble to such proposed Treasury Regulations provides that taxpayers may generally rely on the proposed regulations
until final regulations are issued.
Non-U.S. holders are encouraged to consult their
own tax advisors regarding the possible implications of FATCA to them.
Information Reporting and Backup Withholding
Proceeds received in connection with the sale,
exchange or other taxable disposition of our securities may be subject to information reporting to the IRS and U.S. backup withholding.
Backup withholding generally will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes
other required certifications, or who is otherwise exempt from backup withholding and establishes such exempt status. A Non-U.S. Holder
generally will eliminate the requirement for information reporting and backup withholding by providing certification of its foreign status,
under penalties of perjury, on a duly executed applicable IRS Form W-8 or by otherwise establishing an exemption.
Backup withholding is not an additional tax. Amounts
withheld as backup withholding may be credited against a holder's U.S. federal income tax liability, and a holder generally may
claim a refund of any excess amounts withheld under the backup withholding rules by timely filing the appropriate claim for refund with
the IRS and furnishing any required information.
100
PLAN OF DISTRIBUTION
We are registering Common Stock for possible sale
by the Selling Securityholders from time to time, consisting of up to such number of shares of Common Stock having an aggregate offering
price of $100 million that may be issued to Westwood pursuant to the Purchase Agreement, and 8,570 shares of Common Stock issued to Benjamin
pursuant to the Advisory Agreement. We are required to pay all fees and expenses incidental to the registration of these shares, except
that the Selling Securityholders will bear all commissions and discounts attributable to their sale of shares.
We will not receive any proceeds from sales by
the Selling Securityholders, but we will receive proceeds from any sales of Common Stock to Westwood under the Purchase Agreement. The
aggregate proceeds to Westwood will be the purchase price of the securities less any discounts and commissions. We estimate that the total
expenses for the offering will be approximately $20,000.
The shares of Common Stock beneficially owned by the Selling Securityholders
covered by this prospectus may be offered and sold from time to time by the Selling Securityholders. The term "Selling Securityholders"
includes donees, pledgees, transferees or other successors-in-interest selling shares of Common Stock received after the date of this
prospectus from the Selling Securityholders as a gift, pledge, partnership distribution or other transfer. The Selling Securityholders
will act independently from us in making decisions with respect to the timing, manner and size of each sale. Such sales may be made on
one or more exchanges or in the over-the-counter market or otherwise, at prices and under terms then prevailing or at prices related to
the then current market prices or in negotiated transactions.
Each of the Selling Securityholders may sell its shares of Common Stock
by one or more of, or a combination of, the following methods:
●
purchases by a broker-dealer as principal and resale by such broker-dealer for its own account pursuant to this prospectus;
●
ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;
●
block trades in which the broker-dealer so engaged will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;
●
an over-the-counter distribution in accordance with the rules of the applicable exchange;
●
privately negotiated transactions;
●
through trading plans entered into by the Selling Securityholder pursuant to Rule 10b5-1 under the Exchange Act, that are in place at the time of an offering pursuant to this prospectus and any applicable prospectus supplement hereto that provide for periodic sales of its securities on the basis of parameters described in such trading plans;
●
through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;
●
broker-dealers may agree with the Selling Securityholder to sell a specified number of such shares at a stipulated price per share;
●
in "at the market" offerings, as defined in Rule 415 under the Securities Act, at negotiated prices, at prices prevailing at the time of sale or at prices related to such prevailing market prices, including sales made directly on a national securities exchange or sales made through a market maker other than on an exchange or other similar offerings through sales agents;
●
a combination of any such methods of sale; and
●
any other method permitted by applicable law, or any combination of the foregoing.
Additionally, any shares that qualify for sale
pursuant to Rule 144 may be sold under Rule 144, rather than pursuant to this prospectus.
101
To the extent required, this prospectus may be
amended or supplemented from time to time to describe a specific plan of distribution. In connection with distributions of the shares
or otherwise, the Selling Securityholders may enter into hedging transactions with broker-dealers or other financial institutions. In
connection with such transactions, broker-dealers or other financial institutions may engage in short sales of shares of Common Stock
(with any such short sales to be made only after effectiveness of the registration statement of which this prospectus forms a part) in
the course of hedging transactions, broker-dealers or other financial institutions may engage in short sales of shares of Common Stock
in the course of hedging the positions they assume with Selling Securityholders. The Selling Securityholders may also sell shares of Common
Stock short and redeliver the shares to close out such short positions. The Selling Securityholders may also enter into option or other
transactions with broker-dealers or other financial institutions which require the delivery to such broker-dealer or other financial institution
of shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus
(as supplemented or amended to reflect such transaction). The Selling Securityholders may also pledge shares to a broker-dealer or other
financial institution, and, upon a default, such broker-dealer or other financial institution, may effect sales of the pledged shares
pursuant to this prospectus (as supplemented or amended to reflect such transaction).
The Selling Securityholders may enter into derivative transactions
with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable
prospectus supplement indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus
and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities pledged by any
Selling Securityholders or borrowed from any Selling Securityholders or others to settle those sales or to close out any related open
borrowings of stock, and may use securities received from any Selling Securityholders in settlement of those derivatives to close out
any related open borrowings of stock. The third party in such sale transactions will be an underwriter and will be identified in the applicable
prospectus supplement (or a post-effective amendment). In addition, any Selling Securityholders may otherwise loan or pledge securities
to a financial institution or other third party that in turn may sell the securities short using this prospectus. Such financial institution
or other third party may transfer its economic short position to investors in our securities or in connection with a concurrent offering
of other securities.
In effecting sales, broker-dealers or agents engaged by the Selling
Securityholders may arrange for other broker-dealers to participate. Broker-dealers or agents may receive commissions, discounts
or concessions from the Selling Securityholders in amounts to be negotiated immediately prior to the sale.
In offering the shares covered by this prospectus, the Selling Securityholders
and any broker-dealers who execute sales for the Selling Securityholders may be deemed to be "underwriters" within the
meaning of the Securities Act in connection with such sales. Any profits realized by the Selling Securityholders and the compensation
of any broker-dealer may be deemed to be underwriting discounts and commissions.
In order to comply with the securities laws of
certain states, if applicable, the shares must be sold in such jurisdictions only through registered or licensed brokers or dealers. In
addition, in certain states the shares may not be sold unless they have been registered or qualified for sale in the applicable state
or an exemption from the registration or qualification requirement is available and is complied with.
We have advised the Selling Securityholders that the anti-manipulation rules
of Regulation M under the Exchange Act may apply to sales of shares in the market and to the activities of the Selling Securityholders
and its affiliates. In addition, we will make copies of this prospectus available to the Selling Securityholders for the purpose of satisfying
the prospectus delivery requirements of the Securities Act. The Selling Securityholders may indemnify any broker-dealer that participates
in transactions involving the sale of the shares against certain liabilities, including liabilities arising under the Securities Act.
We have agreed to indemnify Westwood against liabilities, including
liabilities under the Securities Act and state securities laws, relating to the registration of the shares offered by this prospectus.
We have agreed with Westwood to keep the registration statement of
which this prospectus constitutes a part effective until all of the shares covered by this prospectus have been disposed of pursuant to
and in accordance with the registration statement or the securities have been withdrawn.
102
LEGAL MATTERS
The validity of any securities offered by this
prospectus will be passed upon for us by Pryor Cashman LLP, New York, New York. If the validity of any securities is also passed upon
by counsel for the underwriters, dealers or agent of an offering of those securities, that counsel will be named in the applicable prospectus
supplement.
EXPERTS
The consolidated financial statements of Thunder
Power Holdings Limited as of December 31, 2023 and 2022, and for each of the two years in the period ended December 31, 2023,
included in this prospectus, have been so included in reliance on the report of Assentsure PAC, an independent registered public accounting
firm, given on the authority of said firm as experts in auditing and accounting.
WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement
on Form S-1 under the Securities Act with respect to the securities offered by this prospectus. This prospectus, which
forms a part of such registration statement, does not contain all of the information included in the registration statement. For further
information pertaining to us and our securities, you should refer to the registration statement and to its exhibits. The registration
statement has been filed electronically and may be obtained in any manner listed below. Whenever we make reference in this prospectus
to any of our contracts, agreements or other documents, the references are not necessarily complete. If a contract or document has been
filed as an exhibit to the registration statement or a report we file under the Exchange Act, you should refer to the copy of the
contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit to
a registration statement or report is qualified in all respects by the filed exhibit.
We file annual, quarterly and current reports,
proxy statements and other information with the SEC . Our filings with the SEC are available to the public over the Internet at the SEC's
website at
www.sec.gov
and on our website, free of charge, at
www.aiev.ai/en
. The information contained on, or that may
be accessed from or that is hyperlinked to, our website is not a part of, and is not incorporated into, this prospectus.
103
PART II
Information Not Required in Prospectus
Item 13.
Other Expenses of Issuance and Distribution.
The following is an estimate of the expenses (all
of which are to be paid by the registrant) that we may incur in connection with the securities being registered hereby.
Amount
SEC registration fee
$
900.55
Legal fees and expenses
*
Accounting fees and expenses
*
Miscellaneous
*
Total
$
*
*
These fees are calculated based on the securities offered and the number of issuances and accordingly cannot be determined at this time.
We will bear all costs, expenses and fees in connection with the registration
of the securities, including with regard to compliance with state securities or "blue sky" laws. The Selling Securityholders,
however, will bear all underwriting commissions and discounts, if any, attributable to their sale of the securities. All amounts are estimates
except the SEC registration fee and the FINRA filing fee.
Item 14.
Indemnification of Directors and Officers.
Section 145 of the DGCL provides, generally, that
a corporation shall have the power to indemnify any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or
in the right of the corporation) by reason of the fact that such person is or was a director, officer, employee or agent of the corporation
against all expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with
such action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed
to the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe his
or her conduct was unlawful. A corporation may similarly indemnify such person for expenses actually and reasonably incurred by such person
in connection with the defense or settlement of any action or suit by or in the right of the corporation, provided that such person acted
in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, in
the case of claims, issues and matters as to which such person shall have been adjudged liable to the corporation, provided that a court
shall have determined, upon application, that, despite the adjudication of liability but in view of all of the circumstances of the case,
such person is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper.
In accordance with Section 102(b)(7) of the DGCL,
our Charter provides that a director will not be personally liable to us or our stockholders for monetary damages for breach of fiduciary
duty as a director, except for liability (i) for any breach of the director's duty of loyalty to us or our stockholders, (ii) for
acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of
the DGCL, or (iv) for any transaction from which the director derived an improper personal benefit. No such provision shall eliminate
or limit the liability of a director for any act or omission occurring prior to the date when such provision became effective. Accordingly,
these provisions will have no effect on the availability of equitable remedies such as an injunction or rescission based on a director's
breach of his or her duty of care.
The Charter provides that we will indemnify the
present and former directors and officers to the maximum extent permitted by the DGCL and that such indemnification will not be exclusive
of any other rights to which those seeking indemnification may be entitled under any bylaw provision, agreement, vote of stockholders
or disinterested directors or otherwise.
We have entered into indemnification agreements
with each of our current directors and executive officers. These agreements require us to indemnify these individuals to the fullest extent
permitted under Delaware law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as
a result of any proceeding against them as to which they could be indemnified. We also intend to enter into indemnification agreements
with future directors and executive officers.
Any repeal or amendment of provisions of our Charter
affecting indemnification rights, whether by our stockholders or by changes in law, or the adoption of any other provisions inconsistent
therewith, will (unless otherwise required by law) be prospective only, except to the extent such amendment or change in law permits us
to provide broader indemnification rights on a retroactive basis, and will not in any way diminish or adversely affect any right or protection
existing at the time of such repeal or amendment or adoption of such inconsistent provision with respect to any act or omission occurring
prior to such repeal or amendment or adoption of such inconsistent provision.
Our Bylaws include the provisions relating to
advancement of expenses and indemnification rights consistent with those which are set forth in our Charter. In addition, our Bylaws provide
for a right of indemnity to bring a suit in the event a claim for indemnification or advancement of expenses is not paid in full by us
within a specified period of time. Our Bylaws also permit us to purchase and maintain insurance, at our expense, to protect us and/or
any director, officer, employee or agent of our corporation or another entity, trust, or other enterprise against any expense, liability,
or loss, whether or not we would have the power to indemnify such person against such expense, liability, or loss under the DGCL.
II-
1
Any repeal or amendment of provisions of our Bylaws
affecting indemnification rights, whether by our board of directors, stockholders or by changes in applicable law, or the adoption of
any other provisions inconsistent therewith, will (unless otherwise required by law) be prospective only, except to the extent such amendment
or change in law permits us to provide broader indemnification rights on a retroactive basis, and will not in any way diminish or adversely
affect any right or protection existing thereunder with respect to any act or omission occurring prior to such repeal or amendment or
adoption of such inconsistent provision.
We have entered into indemnification agreements
with each of our officers and directors. These agreements require us to indemnify these individuals to the fullest extent permitted under
Delaware law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any
proceeding against them as to which they could be indemnified.
Item 15.
Recent Sales of Unregistered Securities.
Subscription Agreement
In connection with entering the FPA, on June 11,
2024, the Company entered into a subscription agreement (the "FPA Funding Amount PIPE Subscription Agreement", or "Meteora
Agreements") with (i) Meteora Capital Partners, LP ("MCP"), (ii) Meteora Select Trading Opportunities Master, LP ("MSTO"),
and (iii) Meteora Strategic Capital, LLC ("MSC" and, collectively with MCP and MSTO, the "Seller"). Pursuant to
the FPA Funding PIPE Subscription Agreement, Seller agreed to subscribe for and purchase, and the Company agreed to issue and sell to
Seller an aggregate of up to 4,900,000 shares of Common Stock, less certain shares, at the Initial Price (as defined in the FPA) per share.
On the Closing of the Business Combination, all outstanding shares of FLFV Shares (including shares issued pursuant to the Subscription
Agreement) were exchanged for newly issued Common Stock, in accordance with the terms of the Merger Agreement. The issuance was made in
a transaction not involving a public offering pursuant to an exemption from the registration requirements of the Securities Act of 1933
(the "1933 Act"), in reliance upon Section 4(a)(2) of the 1933 Act and Rule 506(b) of Regulation D ("Regulation D")
as promulgated by the U.S. Securities and Exchange Commission under the 1933 Act.
Pursuant to the Meteora Agreements, on July 10,
2024, we issued an aggregate of 3,706,461 shares of our common stock to Meteora Entities. Such issuance was not registered under the Securities
Act in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D as
promulgated by the SEC under the Securities Act. A total of 100,000 shares were paid by the Company as commission in connection with such
issuance.
Letter Agreement for the Settlement of All Outstanding Notes and Waiver of Claims
Pursuant to Feutune Light Acquisition Corporation's
registration statement on Form S-1 (File No. 333-264221) relating to its initial public offering (the "IPO"), which was declared
effective by the SEC on June 14, 2022, the Sponsor, and its designees or affiliates, may but were not required to provide working capital
loans (the "Working Capital Loans") to the Company, up to $3,000,000 of which may be converted into working capital units
(the "Working Capital Units"), at the price of $10.00 per unit at the option of the lender, upon the consummation of the initial
business combination of the Company, and such Working Capital Units would be identical to the private units sold in the private placement
consummated simultaneously with the IPO.
As of June 21, 2024, the Sponsor had provided
a total of $2,636,000 in Working Capital Loans and had elected to convert all such Working Capital Loans into 263,600 Working Capital
Units, which include 263,600 shares of Class A common stock, par value $0.0001 per share (the "Working Capital Shares"), 263,600
warrants, each of which may be exercised into one share of Class A common stock of the Company (the "Working Capital Warrants"),
and 263,600 rights, each of which entitles the holder to receive one-tenth of one Class A common stock of the Company at the closing of
a business combination (the "Working Capital Rights").
On June 21, 2024, the Company, the Sponsor and
all members of the Sponsor entered into a letter agreement (the "Letter Agreement") to convert all Working Capital Loans into
263,600 Working Capital Units, which, upon Closing (as defined below) of the Company's business combination, would entitle the Sponsor
to: (x) receive 263,600 common stock of the Company converted, on a one-for-one basis, from the 263,600 Working Capital Shares; (y) 263,600
warrants of the Company, whose terms are set forth in the Amended Warrant Agreement, converted, on a one-for-one basis, from 263,600 warrants
of the Company under the Warrant Agreement; and (z) 26,360 shares of common stock of the Company converted, on a ten-for-one basis, from
the 263,600 Working Capital Rights. All securities issued pursuant to the letter agreement were issued pursuant to the exemption from
registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended, and are subject to such transfer restrictions and
lock-up terms as set forth in a certain Private Unit Subscription Agreement, dated June 15, 2022, by and between the Company and the Sponsor,
and the Lock-Up Agreement provided above.
In exchange for the foregoing, the Sponsor and
its members agreed that all the balances and obligations associated with the Working Capital Loans have been satisfied and discharged
and the Company and its affiliates are released from all potential claims or obligations from any promissory notes issued for the Working
Capital Loans.
II-
2
Westwood Agreement
On August 20, 2024, the Company entered into Westwood
Purchase Agreement and a registration rights agreement with Westwood, pursuant to which Westwood has committed to purchase, subject to
certain limitations, up to $100 million of the Company's common stock, par value $0.0001 per share (the "Total Commitment").
Under the terms and subject to the conditions
of the Purchase Agreement, the Company has the right, but not the obligation, to sell to Westwood, and Westwood is obligated to purchase,
up to the Total Commitment. Such sales of common stock by the Company, if any, will be subject to certain limitations, and may occur from
time-to-time in the Company's sole discretion, commencing once certain customary conditions are satisfied, including the filing
and effectiveness of a resale registration statement with the SEC with respect to the shares to be sold to Westwood under the Purchase
Agreement.
Westwood has no right to request the Company to
sell any shares of common stock to Westwood, but Westwood is obligated to make purchases as the Company directs, subject to certain conditions.
Shares will be issued from the Company to Westwood pursuant to the Purchase Agreement, at a price per share calculated based on the lowest
daily volume weighted average price ("VWAP") over a three consecutive trading day period commencing on the date of the applicable
purchase notice ("VWAP Purchase"), less a fixed 5% discount to the VWAP for such period. Among other conditions to effectuating
a VWAP Purchase, the Company may not effect a VWAP Purchase if the last closing price of a share of common stock of the Company on the
applicable trading market is below the threshold price of $1.00 per share until February 20, 2025 (the "Lock-Up Expiration Date")
and $1.50 per share thereafter.
On August 20, 2024, the Company has paid Westwood
a commitment fee valued at $1,500,000 in the form of 150,000 shares of common stock (the "Commitment Shares"), subject to
a lock-up that expires on the Lock-Up Expiration Date. If on the trading day immediately preceding the Lock-Up Expiration Date the per
share value of the common stock of the Company is less than $10.00 per share (subject to adjustment for any stock dividend, stock split,
stock combination, recapitalization or other similar transaction), the Company shall pay to Westwood an additional cash amount per Commitment
Share equal to the difference between such determined actual value and $10.00 (subject to adjustment for any stock dividend, stock split,
stock combination, recapitalization or other similar transaction).
Promissory Notes for General Corporate Expenses
On May 22, 2024, the Company issued an unsecured
promissory note of $100,000 (the "GCE Note I") to Ling Houng Sham, the spouse of Wellen Sham, Chief Executive Officer of Thunder
Power, to evidence a loan of $100,000 (the "GCE Loan I") provided by Ling Houng Sham to the Company. On the same date, the
Company issued another unsecured promissory note of $50,000 (the "GCE Note II," together with GCE Note I, the "GCE Notes")
to Rockridge international Inc ("Rockridge"), an entity designated by Feutune Light Sponsor LLC (the "Sponsor"),
the sponsor of the Company, to evidence a loan of $50,000 (the "GCE Loan II," together with GCE Loan I, the "GCE Loans")
provided by Rockridge to the Company. The GCE Loans are expected to be used for payments of the Company's general corporate expenses,
including those related to the consummation of the business combination with Thunder Power.
The GCE Note I bears interest at a rate per annum
equal to 8% of the outstanding principal balance. The GCE Note I is payable in full upon the earlier to occur of (i) the consummation
of the Company's business combination, or (ii) the Maturity Date. Any of the following will constitute an event of default under
the GCE Note I: (i) a failure to pay the principal within five (5) business days of the Maturity Date; (ii) the commencement of a voluntary
or involuntary bankruptcy action, (iii) the breach of any of Company's obligations under the GCE Note I; (iv) any cross defaults;
(v) an enforcement proceeding against the Company; or (vi) it is or becomes unlawful for the Company to perform any of its obligations
under the GCE Note I, or any obligations of the Company under the GCE Note I are not or cease to be legal, valid, binding or enforceable.
Upon the occurrence of an event of default specified in (i) or (iv) above, Ling Houng Sham may, by written notice to the Company, declare
the GCE Note I to be due immediately and payable, whereupon the outstanding principal balance of the GCE Note I, and all other amounts
payable under the GCE Note I, will become immediately due and payable without presentment, demand, protest or other notice of any kind.
Upon the occurrence of an event of default specified in (ii), (iii), (v), (vi) or (vii) above, the outstanding principal balance of the
GCE Note I, and all other sums payable under the GCE Note I, will automatically and immediately become due and payable, in all cases
without any action on the part of Ling Houng Sham.
II-
3
Ling Houng Sham has the right, but not the obligation,
to convert the GCE Note I, in whole or in part, respectively, into the Units of the Company, that are identical to the public units of
the Company, subject to certain exceptions, as described in the Company's Final Prospectus, by providing the Company with written
notice of the intention to convert at least two (2) business days prior to the closing of the business combination. The number of Units
to be received by Ling Houng Sham in connection with such conversion will be an amount determined by dividing (x) the sum of the outstanding
principal amount payable to each Ling Houng Sham by (y) $10.00.
The terms and conditions of the GCE Note II are
substantially identical to the GCE Note I, except that the GCE Note II bears no interest.
The issuances of the GCE Notes were made pursuant
to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.
Promissory Notes for Working Capital Loans
On June 21, 2024, the Company issued (1) an unsecured
promissory note of $300,000 (the "WCL Note I") to Wellen Sham, to evidence a loan of $300,000 provided by Mr. Sham to the
Company, (2) an unsecured promissory note of $70,000 (the "WCL Note II") to Sam Yu, an individual designated by the Sponsor,
to evidence a loan of $70,000 provided by Mr. Yu to the Company, and (3) an unsecured promissory note of $70,000 (the "WCL Note
III," together with the WCL Note I and WCL Note II, the "WCL Notes") to Sau Fong Yeung, an individual designated by
the Sponsor, to evidence a loan of $70,000 provided by Ms. Yeung to the Company.
The WCL Note I bears interest at a rate per annum
equal to 10% of the outstanding principal balance. The WCL Note I is payable in full upon the earlier of (i) 90 days after the consummation
of the Company's business combination, or (ii) the date of the liquidation of the Company (such date, the "Maturity Date").
Any of the following will constitute an event of default under the WCL Note I: (i) a failure to pay the outstanding principal balance
within five (5) business days of the Maturity Date; (ii) the commencement of a voluntary or involuntary bankruptcy action; (iii) the breach
of any of Company's obligations under the WCL Note I; (iv) any cross defaults; (v) an enforcement proceeding against the Company;
or (vi) it is or becomes unlawful for the Company to perform any of its obligations under the WCL Note I, or any obligations of the Company
under the WCL Note I are not or cease to be legal, valid, binding or enforceable. Upon the occurrence of an event of default specified
in (i) or (iii) above, Mr. Sham may, by written notice to the Company, declare the WCL Note I to be due immediately and payable, whereupon
the outstanding principal balance of the WCL Note I, and all other amounts payable under the WCL Note I, will become immediately due and
payable without presentment, demand, protest or other notice of any kind. Upon the occurrence of an event of default specified in (ii),
(iv), (v), or (vi) above, the outstanding principal balance of the WCL Note I, and all other sums payable under the WCL Note I, will automatically
and immediately become due and payable, in all cases without any action on the part of Mr. Sham.
Mr. Sham has the right, but not the obligation,
to convert the WCL Note I, in whole or in part, respectively, into Units (as defined in the WCL Note I) of the Company, that are identical
to the public units of the Company, subject to certain exceptions, as described in the proxy statement/prospectus included in the registration
statement on Form S-4 (File No. 333-275933), initially filed by the Company with the Securities and Exchange Commission (the "SEC")
on December 7, 2023 and declared effective by the SEC on May 10, 2024, by providing the Company with written notice of the intention to
convert at least two (2) business days prior to the closing of the Company's business combination. The number of Units to be received
by Mr. Sham in connection with such conversion will be an amount determined by dividing (x) the sum of the outstanding principal amount
payable to Mr. Sham by (y) $10.00.
The terms and conditions of the WCL Note II and
WCL Note III are substantially identical to the WCL Note I, except, among other things, that (1) the WCL Note II and WCL Note III bear
no interest; and (2) the WCL Note II and WCL Note III are payable in full upon the earlier of (i) 30 days after the consummation of the
Company's business combination, or (ii) the date of the liquidation of the Company.
II-
4
Item 16.
Exhibits and Financial Statement Schedules.
(a)
Exhibits.
Exhibit No.
Description
2.1†
Agreement and Plan of Merger, dated as of October 26, 2023, by and among Feutune Light Acquisition Corp., Feutune Light Merger Sub, Inc., and Thunder Power Holdings Limited (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed with the SEC on October 27, 2023).
2.2
First Amendment to Agreement and Plan of Merger, dated as of March 19, 2024, by and among Feutune Light Acquisition Corporation, Feutune Light Merger Sub, Inc., and Thunder Power Holdings Limited (incorporated by reference to Exhibit 1.1 to the Current Report on Form 8-K filed on March 20, 2024).
3.1
Form of Third Amended and Restated Certificate of Incorporation of Thunder Power Holdings, Inc. (incorporated by reference to Annex C to the Company's Proxy Statement/Prospectus filed with the SEC pursuant to Rule 424(b)(3) (File No. 333-275933) on May 17, 2024).
3.2
Amended and Restated Bylaws of Thunder Power Holdings, Inc. (incorporated by reference to Annex E to the Company's Proxy Statement/Prospectus filed with the SEC pursuant to Rule 424(b)(3) (File No. 333-275933) on May 17, 2024).
4.1
Amended and Restated Warrant Agreement, dated June 21, 2024, by and between Feutune Light Acquisition Corporation and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on June 27, 2024).
5.1*
Opinion of Pryor Cashman LLP.
10.1
Letter Agreement, dated June 15, 2022, among Feutune Light Acquisition Corporation and certain stockholders (incorporated by reference to Exhibit 10.1 to Feutune Light Acquisition Corporation's Current Report on Form 8-K filed with the SEC on June 21, 2022).
10.2
Promissory Note, dated May 20, 2024, issued by Feutune Light Acquisition Corporation to Thunder Power Holdings Limited (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on May 22, 2024).
10.3
Promissory Note, dated May 22, 2024, issued by Feutune Light Acquisition Corporation to Ling Houng Sham (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the SEC on May 22, 2024).
10.4
Promissory Note, dated May 22, 2024, issued by Feutune Light Acquisition Corporation to Rockridge International Inc. (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed with the SEC on May 22, 2024).
II-
5
10.5
Promissory Note, dated June 21, 2024, issued by Feutune Light Acquisition Corporation to Wellen Sham (incorporated by reference to Exhibit 10.6 to the Current Report on Form 8-K filed with the SEC on June 27, 2024).
10.6
Promissory Note, dated June 21, 2024, issued by Feutune Light Acquisition Corporation to Sam Yu (incorporated by reference to Exhibit 10.7 to the Current Report on Form 8-K filed with the SEC on June 27, 2024).
10.7
Promissory Note, dated June 21, 2024, issued by Feutune Light Acquisition Corporation to Sau Fong Yeung (incorporated by reference to Exhibit 10.8 to the Current Report on Form 8-K filed with the SEC on June 27, 2024).
10.8
Forward Purchase Agreement, dated June 11, 2024, by and among Feutune Light Acquisition Corporation, Thunder Power Holdings Limited, Meteora Select Trading Opportunities Master, LP, Meteora Capital Partners, LP and Meteora Strategic Capital, LLC (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on June 12, 2024).
10.9
Subscription Agreement, dated June 11, 2024, by and among Feutune Light Acquisition Corporation, Meteora Select Trading Opportunities Master, LP, Meteora Capital Partners, LP and Meteora Strategic Capital, LLC (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the SEC on June 12, 2024).
10.10
Escrow Agreement, dated June 21, 2024, by and between Feutune Light Acquisition Corporation, Wellen Sham, Yuanmei Ma and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the SEC on June 27, 2024).
10.11
Promissory Note Settlement Agreement, dated June 21, 2024, by and between Feutune Light Acquisition Corporation and certain promissory noteholders (incorporated by reference to Exhibit 10.9 to the Current Report on Form 8-K filed with the SEC on June 27, 2024).
10.12
Form of Non-Competition Agreement (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed with the SEC on June 27, 2024).
10.13
Form of Lock-up Agreement (incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K filed with the SEC on June 27, 2024).
10.14#
Form of Indemnification Agreement (incorporated by reference to Exhibit 10.5 to the Current Report on Form 8-K filed with the SEC on June 27, 2024).
10.15
Letter Agreement date June 21, 2024, among Feutune Light Acquisition Corporation and certain stockholders (incorporated by reference to Exhibit 10.9 to Feutune Light Acquisition Corporation's Current Report on Form 8-K filed with the SEC on June 27, 2024).
10.16#
2024 Omnibus Equity Incentive Plan (incorporated by reference to Annex D to the Company's Proxy Statement/Prospectus filed with the SEC pursuant to Rule 424(b)(3) (File No. 333-275933) on May 17, 2024).
10.17
Common Stock Purchase Agreement, dated August 20, 2024, by and between Thunder Power Holdings, Inc. and Westwood Capital Group LLC (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on August 21, 2024).
10.18
Registration Rights Agreement, dated August 20, 2024, by and between Thunder Power holdings, Inc. and Westwood Capital Group LLC (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the SEC on August 21, 2024).
10.19
Promissory Note, dated October 10, 2024, issued by Thunder Power Holdings, Inc. to Wellen Sham (incorporated by reference to Exhibit 10.19 to Thunder Power Holdings, Inc.'s Registration Statement on Form S-1 filed with the SEC on November 6, 2024).
10.20#
Employment Agreement with Ho Pok Man (incorporated by reference to Exhibit 10.20 to Thunder Power Holdings, Inc.'s Registration Statement on Form S-1 filed with the SEC on November 6, 2024).
10.21#
Employment Agreement with Christopher Nicoll (incorporated by reference to Exhibit 10.21 to Thunder Power Holdings, Inc.'s Registration Statement on Form S-1 filed with the SEC on November 6, 2024).
10.22**
Promissory Note, dated September 11, 2024, issued by Thunder Power Holdings, Inc. to Wellen Sham
10.23**
Promissory Note, dated October 16, 2024, issued by Thunder Power Holdings, Inc. to Wellen Sham
10.24**
Promissory Note, dated November 13, 2024, issued by Thunder Power Holdings, Inc. to Wellen Sham
10.25**
Promissory Note, dated December 10, 2024, issued by Thunder Power Holdings, Inc. to Wellen Sham
II-
6
10.26**
Capital Markets Advisory Agreement, dated May 15, 2024, by and between Thunder Power Holdings, Inc. and Benjamin Securities, Inc.
10.27**
First Amendment to Capital Markets Advisory Agreement, dated June 21, 2024, by and between Thunder Power Holdings, Inc. and Benjamin Securities, Inc.
14
Code of Business Conduct (incorporated by reference to Exhibit 14 to Thunder Power Holdings, Inc.'s Registration Statement on Form S-1 filed with the SEC on November 6, 2024).
21.1
List of Subsidiaries of Thunder Power Holdings, Inc (incorporated by reference to Exhibit 21.1 to Thunder Power Holdings, Inc.'s Registration Statement on Form S-1 filed with the SEC on November 6, 2024).
23.1*
Consent of Assentsure PAC, independent registered public accounting firm for Thunder Power Holdings, Inc.
23.2*
Consent of Pryor Cashman LLP (included in Exhibit 5.1).
24**
Power of Attorney (included on signature page to initial filing of this Registration Statement).
99.1
Audit Committee Charter (incorporated by reference to Exhibit 99.1 to Thunder Power Holdings, Inc.'s Registration Statement on Form S-1 filed with the SEC on November 6, 2024).
99.2
Compensation Committee Charter (incorporated by reference to Exhibit 99.2 to Thunder Power Holdings, Inc.'s Registration Statement on Form S-1 filed with the SEC on November 6, 2024).
99.3
Nominating and Corporate Governance Committee Charter (incorporated by reference to Exhibit 99.3 to Thunder Power Holdings, Inc.'s Registration Statement on Form S-1 filed with the SEC on November 6, 2024).
99.4
Audited Consolidated Financial Statements as of December 31, 2023 of Thunder Power Holdings Limited
(incorporated by reference to Exhibit 99.4 to Thunder Power Holdings, Inc.'s Registration Statement on Form S-1 filed with the SEC on November 6, 2024)
99.5
Unaudited Consolidated Financial Statements as of June 30, 2024 of Thunder Power Holdings Limited
(incorporated by reference to Exhibit 99.5 to Thunder Power Holdings, Inc.'s Registration Statement on Form S-1 filed with the SEC on November 6, 2024)
107**
Filing Fee Table.
*
To be filed by amendment.
**
Filed herewith
†
Certain portions of this exhibit (indicated by "***") have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K because it is not material and is the type of information that the Registrant treats as private or confidential. The Registrant agrees to furnish supplementally a copy of such schedules, or any section thereof, to the SEC upon request.
#
Indicate management contract or compensatory plan or arrangement.
II-
7
Item 17.
Undertakings.
The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers
or sales are being made, a post-effective amendment to this registration statement:
(i) To include any prospectus required
by section 10(a)(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any
facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed
that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the Commission pursuant to Rule 424(b) (§ 230.424(b) of this chapter) if, in the aggregate, the changes
in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Filing
Fee Tables" or "Calculation of Registration Fee" table, as applicable, in the effective registration statement;
(iii) To include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information
in the registration statement.
(2) That, for the purpose of determining any liability
under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the termination of the offering.
(4) To file a post-effective amendment to the registration
statement to include any financial statements required by Item 8.A of Form 20-F (§ 249.220f of this chapter) at the start of any
delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the
Act (15 U.S.C. 77j(a)(3)) need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective
amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information
in the prospectus is at least as current as the date of those financial statements.
(5) That, for the purpose of determining liability
under the Securities Act of 1933 to any purchaser:
(A) Each prospectus filed by the registrant
pursuant to Rule 424(b)(3) (§ 230.424(b)(3) of this chapter) shall be deemed to be part of the registration statement as of the date
the filed prospectus was deemed part of and included in the registration statement; and
(B) Each prospectus required to be
filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) (§ 230.424(b)(2), (b)(5), or (b)(7) of this chapter) as part of a registration
statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) (§ 230.415(a)(1)(i),
(vii), or (x) of this chapter) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall
be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used
after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in
Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a
new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates,
and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that
no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated
or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as
to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration
statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.
(6) For the purpose of determining any liability
of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant
undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means
of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or
sell such securities to such purchaser:
(i) Any preliminary prospectus or prospectus
of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;
(ii) Any free writing prospectus relating
to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
(iii) The portion of any other free
writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided
by or on behalf of the undersigned registrant; and
(iv) Any other communication that is
an offer in the offering made by the undersigned registrant to the purchaser.
II-
8
SIGNATURES
Pursuant to the requirements of the Securities
Act of 1933, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly
authorized in the City of Wilmington, State of Delaware, January 14, 2025.
THUNDER POWER HOLDINGS, INC.
/s/ Christopher Nicoll
Name:
Christopher Nicoll
Title:
Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each
of the undersigned constitutes and appoints Christopher Nicoll and Pok Man Ho, and each of them, as his or her true and lawful attorneys-in-fact
and agents, with full powers of substitution and resubstitution, for such person and in his or her name, place and stead, in any and all
capacities, to sign this registration statement on Form S-1 (including any pre-effective and post-effective amendments), and to file the
same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto
said attorney-in-fact and agent, acting alone, full power and authority to do and perform each and every act and thing requisite and necessary
to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying
and confirming that such attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signature
Position
Date
/s/ Christopher Nicoll
Chief Executive Officer
January 14, 2025
Christopher Nicoll
(
Principal Executive Officer
) and Director
/s/ Pok Man Ho
Interim Chief Financial Officer
January 14, 2025
Pok Man Ho
(
Principal Financial Officer
)
/s/ Dr. Chen ChiWen
Director and Chairman of the Board
January 14, 2025
Dr. Chen ChiWen
/s/ Mingchih Chen
Director
January 14, 2025
Mingchih Chen
/s/ Ferdinand Kaiser
Director
January 14, 2025
Ferdinand Kaiser
/s/ Kevin Vassily
Director
January 14, 2025
Kevin Vassily
II-9